In a stunning turn of events, the state of New Jersey has reported record-breaking revenue numbers for its casinos and sports betting industry in the month of May. According to the latest figures released by the New Jersey Division of Gaming Enforcement, the total revenue generated by casinos and sportsbooks in the Garden State reached an impressive $509.9 million, marking an unprecedented high for the industry.
This substantial increase in revenue can be attributed to a surge in sports betting activity during the month, as well as a strong performance by the state’s casinos. In fact, sports betting revenue alone exceeded $318.9 million in May, with a total handle of $814.3 million. This represents a significant increase from the previous month and demonstrates the growing popularity of sports betting in New Jersey.
The state’s casinos also posted impressive results, with total gaming revenue reaching $191 million for the month. This figure represents a 30% increase from the same period last year, highlighting the industry’s continued growth and profitability.
One of the key drivers of this growth was the return of in-person betting at casinos, following the easing of COVID-19 restrictions. With more customers able to visit their favorite casinos and place bets in person, the industry experienced a significant uptick in activity and revenue.
Additionally, the continued success of online gambling and sports betting in New Jersey has played a crucial role in driving revenue for the industry. The ease and convenience of being able to place bets from the comfort of one’s own home has made online gambling increasingly popular among consumers, contributing to the overall growth of the industry.
Overall, the strong performance of the New Jersey casino and sports betting industry in May bodes well for the future of the state’s gaming sector. With revenue reaching nearly $510 million in a single month, it is clear that the industry is thriving and will continue to be a major driver of economic growth and prosperity in the state.