New Jersey continues to see success in its casino and sports betting industry, with the state reporting a nearly $510 million revenue for the month of May. This marks an impressive 8.3% increase compared to the previous month, showcasing the growing popularity and profitability of gambling in the Garden State.
The New Jersey Division of Gaming Enforcement released the latest figures, revealing that the state’s nine casinos and two horse tracks brought in a total of $505.9 million in revenue for the month. This includes a record-breaking $241.1 million from sports betting, which accounted for nearly half of the total revenue.
The Atlantic City casinos experienced a particularly strong month, with their combined revenue reaching $269.3 million. This represents a 9.2% increase from the previous month and a promising sign of recovery for the struggling industry.
The success of the gambling industry in New Jersey can be attributed to a combination of factors, including the state’s early adoption of sports betting and its thriving online gambling market. In fact, online gambling revenue accounted for $231.9 million in May, up 15.3% from the previous month.
“We are thrilled to see such strong numbers coming out of the New Jersey gambling industry,” said State Senator Stephen Sweeney. “Not only does this revenue benefit the state’s economy, but it also provides entertainment and excitement for residents and tourists alike.”
The increase in revenue comes as welcome news for New Jersey, which has been hit hard by the COVID-19 pandemic. The state’s gambling industry suffered significant losses during the height of the pandemic, but has since rebounded thanks to the resumption of in-person gambling and the continued popularity of online betting.
As the industry continues to thrive, experts predict that New Jersey’s gambling revenue will only continue to grow in the coming months. With more and more states legalizing sports betting and online gambling, New Jersey remains a leader in the industry and a prime destination for gamblers looking for excitement and entertainment.
Overall, the latest figures highlight the resilience and prosperity of New Jersey’s gambling industry, as well as its importance to the state’s economy. With record-breaking revenue and promising growth, the future looks bright for the Garden State’s thriving gambling market.