Breaching the $1 billion revenue mark in 2021, analyst considered the incredible growth spree of online casinos in New Jersey to be a result of the pandemic. However, while the growth slowed down, the 2022 report reveals an increase of 21.6% as online casinos collect $1.66 billion.
Combing sports, poker, online casinos, and land-based casinos in the garden state, a total just shy of $5.2 billion was collected in 2022, presenting growth of 9% compared to 2021.
Over 30% Average Growth Since 2017 in Online Casinos
There’s simply no ignoring the fact that just more than half of the $5.2 billion collected in 2022 were from in-person gaming in the state. While land-based casinos have just recovered to pass pre-pandemic numbers, online casinos have continued to grow at impressive rates.
New Jersey legalized online casinos in 2013, presenting a relatively slow start up to 2017, during which $245.6 million was collected in online gaming revenue.
| Year | Revenue | Change |
|---|---|---|
| 2017 to 2018 | $289.7 Million | 15.3% Increase |
| 2018 to 2019 | $482.7 Million | 40% Increase |
| 2019 to 2020 | $970.3 Million | 50.3% Increase |
| 2020 to 2021 | $1.37 Billion | 29.2% Increase |
| 2021 to 2022 | $1.66 Billion | 21.6% Increase |
Due to the pandemic, land-based casinos in Atlantic City was forced to close for long periods, boosting the online casino industry. However, growth patterns prior to the closure in 2019 still shows incredible growth of 40%.
What to Expect in 2023 for Online Casino
In December of 2021, a total of $133.2 million was collected by online casinos, which increased to nearly $138 million in January 2022. While December of 2022 was yet another record breaking total of $151.5 million, it’s possible that the same trend could follow for January of 2023.
Land-based casinos in Atlantic City could soon be faced with a complete smoking ban, which would present yet another increase in online casino revenue.
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