New Jersey gambling revenue up 8% in May
Gambling firms operating in New Jersey have experienced an over 8% increase in revenue in May.
New Jersey’s gambling sector generated more than 423 million dollars in May, growing by 8.4% from last year’s revenue figure of 390 million dollars. Most of the total originated from retail gambling companies, which generated 227 million dollars in the period.
This was followed by online gambling, which generated over 160 million dollars in revenue, growing by nearly 19% year-over-year, and sports betting, which made 34 million dollars and experienced an even larger increase of over 60% when compared to the same month in 2022.
Breaking down the figures by company, Borgata generated the most revenue at over 111 million dollars. The firm was followed by Resorts Digital, Golden Nugget, and Hard Rock, which made 60 million, 56 million, and 48 million dollars in revenue respectively. Resorts Digital also experienced the most growth in the month, growing its revenue by nearly 50% year-over-year.
New Jersey collected a total of just under 43 million dollars in tax from local operators, with the state’s 15% internet gross revenue tax making up the largest portion of the figure at just over 24 million dollars, followed by the 8% gross revenue tax at 14 million dollars.
Lastly, the NJDGE’s report also included the results of the state’s local horse racing venues, which generated just under 48 million dollars in May. Combining this figure with the sector’s total brings the latter up to just over 470 million dollars, a 9.4% increase in comparison to the month of May in the year prior.