New Jersey gaming revenue up 13% to $531.6m for August
New Jersey's gaming industry continues to grow, with the Division of Gaming Enforcement (DGE) announcing impressive revenue results for August 2023.
The figures reveal robust growth across various sectors of the state’s gaming market, showcasing the industry’s resilience and ability to adapt to changing dynamics.
Key takeaways:
– Total gaming revenue: $531.6m (+13% year-on-year)
– Casino win: $280.3m (+2%)
– Internet gaming win: $155.3m (+18%)
– Sports wagering gross revenue: $96.0m (+47%)
– Casino investment alternative tax (IAT): $8.2 (August 2023), $58.7m (YTD)
– Economic development tax: $366,679 (August 2023), $3.89m (YTD)
– Sports wagering handle: $725.8m (August 2023), $6.47bn (YTD)
New Jersey’s gaming industry demonstrated continued resilience in August 2023, with growth across all major sectors. Casino win recorded a modest but steady increase, while internet gaming win and sports wagering gross revenue surged to new heights.
This robust growth reinforces the industry’s ability to adapt to changing dynamics, as proven with the Covid-19 pandemic and the legalisation of sports wagering in neighbouring states.
The gaming industry’s success in New Jersey also translates into substantial tax contributions. Casino investment alternative tax and economic development tax obligations reached a combined $8.57m in August 2023, highlighting the industry’s positive impact on the state’s economy.
The sports wagering industry continued to attract a significant amount of wagers, with the total handle reaching $725.8m in August 2023. This figure represents a 47% increase year-over-year, demonstrating the growing popularity of sports wagering in New Jersey.
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