NJ’s Latest Gaming Revenue Numbers Continue to Grow Year after Year

On Aug 16, 2019

The July 2019 Total Gaming Revenue Results from the New Jersey Division of Gaming Enforcement showed that total revenue from gaming for the state in July was $334.4 million, up 10.7% from July 2018, with online gaming reaping the majority of revenue at $316.5 million, and sports betting totaling $3.8 million. In comparison to last year, online gaming revenue increased 51.8% since July 2018.

Other statistics show that:

• The industry’s total gaming revenue year-to-date was $1.925 billion compared to $1.563 billion in July of 2018, an increase of 23%. The addition of legalized sports betting in New Jersey since mid-2018 has spurred the overall increase.
• Nearly 85% of sports bets were placed by mobile in the state in July.

New Jersey brought in $28 million from gaming taxes in July, and sports betting brought in $4.5 million in taxes.

According to Jeff Ifrah, founder of iDEA Growth, an organization that advocates for states to include a mobile provision to betting and gaming legislation to establish a competitive and regulated market, “As we’ve seen consistently in New Jersey – month-after-month and year-after-year – iGaming continues to be a major revenue driver in the state of New Jersey since its launch in 2013. Offering the full suite of online gaming, including poker, casino and sports betting, is the smartest business move for states to maximize revenue and create jobs. It also provides important consumer protections by offering gamers secure and regulated gaming options.”

To access more business news, visit NJB News Now.

Related Articles: