New Jersey Gambling Industry Grows 8.0% in JulyNew Jersey is a state that has experienced continuous and unrelenting growth in its online gambling industry in recent years. July 2022 was no exception to this trend, with the state witnessing an 8% growth in its gambling industry. We have analyzed the July numbers below.
Highlights & Summary
- DGE announces July 2022 Gaming Revenue Results - Released August 16, 2022.
- According to the latest figures from NJ DGE, the gambling industry has grown by 8.0% since July 2021.
- Sports wagering reflects an 18.1% decrease compared to the previous period.
- Total gaming revenue 6.7% increase compared to July 2021.
- Slot machines see an 5.5% revenue increase YOY.
July 2022 Gaming Revenue Results For New Jersey
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In all of our articles where we explore revenue-related topics, we aim to take a deep dive into the statistics to bring you the following essential details. We think we have some interesting data for you to pore over, and we hope you find these statistics informative when planning your future gambling activities.
Which Product Had the Highest Revenue in July 2022?
Slot machines had the most significant product revenue in July 2022, taking a massive $215,849,568. This is a 5.5% increase on the $204,624,566 earned in the same month in the previous year.
Which Product saw the Biggest Percentage Increase in July 2022?
While slot machines took the award for the highest revenue in July 2022, the product with the most considerable percentage increase in July 2022 was Other Authorized Games, which increased by 16.3%. The second most significant increase was Internet Gaming, with a rise of 15.2%.
How did Sports Wagering Revenue Compare to Online Casino Games?
Online casino games continue to increase their popularity steadily, especially when compared to sports wagering. The data shows that in July 2022, Online Casino Games had over three times the revenue of Sports Wagering. Sports Wagering saw revenue of $45,007,343, while Online Casino Games experienced revenue of $136,701,316. This equates to a remarkable difference of $91,693,973 in revenue.
Did Land-based Casinos Experience a Higher Revenue in July Than Internet Games?
Land-based casinos saw a revenue of $36,993,617 in July 2022, while Internet Games experienced a handle of $494,894,716, beating land-based casinos by $457,901,099. Therefore, Internet Casinos experienced higher revenue in July 2022 than land-based casinos.
Did Retail Sports Wagering Experience a Higher Revenue Than Online?
Overall, Retail Sports Wagering experienced revenue of $507,729,279. Online Sports Wagering experienced revenue of $5,806,036,397, nearly ten times higher than Retail Sports Wagering. This produced total revenue of $6,313,765,676.
Which Sports Categories are Experiencing the Most Betting Activity?
With a variety of different sports to bet on, have you ever wondered which sport experiences the most betting activity? The answer is basketball which to date has experienced the most betting activity of the most popular sports. Baseball comes in second place, with football landing in third place.
Which Casino Licensee Contributed the Most?
The most significant casino licensee contributor was Borgata Casino, with total revenue of $106,575,310. Interestingly, the casino licensee with the second highest contribution is Hard Rock, with a contribution of $55,504,042. It is clear that in New Jersey, Borgata is the casino with the largest contribution in revenue.
What Was the Total Tax Contributed to the State of NJ During July?
Although analyzing the statistics for earned revenue is always exciting and can provide the eagle-eyed gambler with a snapshot of the rise of the online gambling industry, we should also discuss what these figures mean for taxation. Here are the tax amounts earned in some different gambling categories in July 2022 in New Jersey.
- Gross Revenue Tax: $19,596,403
- Sports Wagering Tax: $251,817
- Internet Gross Revenue Tax: $20,527,077
- Internet Sports Wagering Tax: $5,572,318
These figures mean the total tax contributed to the state of New Jersey was $45,947,615. This is a considerable amount of tax to be paid by one sector monthly.
Takeaway on Growth of NJ Gambling Industry in July
The gambling industry in New Jersey is currently very healthy and is growing monthly in most areas of the sector.
With the advent of more and more ways to gamble online, it shows no signs of slowing down or even plateauing.
We can predict this trend will continue for months or years to come. The gambling industry experienced growth across most sectors in July, with the only areas to decrease in revenue being peer-to-peer, with a decline of 25.9%, and Sports Wagering, with a reduction of 18.1%.
This nods to the popularity of online casino gaming this year in New Jersey.
We regularly publish articles about the gambling industry financial numbers, so visit again if you are a fan of online casino games or want to learn more about the industry.
Remember, it is essential to gamble safely and responsibly. If you feel like you are not in a good place with your gambling, there are many places to seek assistance.
Resources and Sources:
- Office of the Attorney General 2021, DGE Announces July 2022 Gaming Revenue Results, Accesses 19 October 2022 <https://www.nj.gov/oag/ge/docs/Financials/PressRelease2022/July2022.pdf>