Last week the New Jersey Division of Gaming Enforcement released the revenue figures for February 2023, showing a total of $142,592,966 in revenue from online casino games.
New Jersey online casino revenue broke records in December 2022 and again in January 2023, winning over $152 million. While last month accumulated a lower total, it still shows a growth of 10% compared to January 2022, during which casinos generated just south of $138 million.
While growth percentages have decreased compared to 2022, casinos are still growing by an average of 10% in 2023, even with land-based casinos in Atlantic City operating as usual. If the trend continues, we can expect to see a new record-high in March 2023.
iGaming Revenue Growth of 2023 Compared to 2022 and 2021
During the pandemic, online casinos grew incredibly fast with year-on-year percentages commonly exceeding 30%. In the meantime, land-based casinos in AC are working hard to welcome back players with various upgrades and promotions.
While most expected growth to drastically decrease post-pandemic, the revenue figures show that more players choose to play at online casinos each month. As seen in the table below, 2023 already reveals growth of over 10% compared to the same period of 2022. Thus, we can expect another record-breaking total in March 2023.
| Month | 2021 Revenue | 2022 Revenue | 2023 Revenue |
|---|---|---|---|
| January | $103,771,312 | $137,849,716 (+32.84%) | $152,866,817 (+10.89%) |
| February | $93,810,486 | $129,976,091 (+38.55%) | $142,592,966 (+9.71%) |
| March | $113,669,187 | $140,655,053 (+23.74%) | $154,720,558 (Prediction) |
Interestingly, the revenue trend shows February decreasing by a large margin each year, which is followed by a new record in March. If this trend applies to 2023 – based on the average growth percentage of 10% in 2023 – we can expect to see another all-time high.
The current monthly revenue record in New Jersey stands at $152,866,817, generated in January of 2023. As the table indicates, we can expect March revenue to exceed $154 million, unless online casinos fail to grow by the average of 10%. However, a low growth percentage of 8.7% over March 2022 is enough to break the current record.
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