New Jersey’s gambling industry is on fire, with May revenue up a staggering 8.3% compared to the previous month. This growth is a testament to the state’s thriving gambling market, which has been bolstered by the recent legalization of sports betting.
According to data released by the New Jersey Division of Gaming Enforcement, the state’s casinos and racetracks generated a total of $283.8 million in gambling revenue in May. This represents an increase of $21.7 million compared to April, and highlights the strong momentum that the industry is currently experiencing.
One of the main drivers of this growth has been the popularity of sports betting in New Jersey. Ever since the Supreme Court overturned the federal ban on sports betting in 2018, the state has been at the forefront of this rapidly expanding market. In May, sportsbooks in New Jersey reported a total handle of $814 million, with a revenue of $90.9 million. This represents a significant increase compared to the same period last year, and highlights the growing appetite for sports betting among consumers.
In addition to sports betting, New Jersey’s casinos have also been performing exceptionally well. In May, the state’s nine casinos reported a total gaming revenue of $220.9 million, up 9.2% from April. This strong performance can be attributed to factors such as the reopening of indoor dining and the relaxation of COVID-19 restrictions, which have allowed casinos to operate at full capacity.
Despite the challenges posed by the COVID-19 pandemic, New Jersey’s gambling industry has shown remarkable resilience and adaptability. The state’s casinos and sportsbooks have successfully capitalized on the growing demand for online gambling, and have continued to attract a diverse range of customers with innovative offerings and promotions.
Looking ahead, industry experts expect New Jersey’s gambling market to continue its upward trajectory, fueled by factors such as the upcoming NFL season and the ongoing expansion of sports betting across the state. With a strong foundation in place and a track record of success, New Jersey’s gambling industry is poised for even greater growth in the months and years to come.