It was a December to remember in New Jersey.
That’s because the more than $109 million in sports betting revenue in December was one of the highest ever.
It also put the Garden State into an elite club. New Jersey joined Ohio and New York as the only states to surpass $1 billion in revenue in 2023.
James Plousis, who is the chair of the New Jersey Casino Control Commission, told Casino.org: “In 2023, Atlantic City achieved its highest total gaming revenue compared to any other year in its history, with positive results in all three components — casino win, internet gaming win, and sports wagering revenue.”
The revenue total is almost 32% higher than the $763 million generated in 2022. In fact, New Jersey had 10 consecutive months of sports betting revenue declines in 2022 compared to the previous year. But the final months in 2023 provided a major bounce back for the state.
Football Fuels Big December for New Jersey Sportsbooks
In the last four months, the operator revenue in New Jersey shot past $100 million twice.
December’s revenue of $6.6 million only trails November’s $114.8 million and roughly $2 million less than September’s $111.1 million. Compared to the previous December, the revenue increased by nearly 25%, and it was more than 14% higher than in November.
During the 2023 calendar year, New Jersey experienced three of its most profitable months ever in terms of sportsbook revenue. The top three months are listed below, which highlights the remarkable financial success of sportsbooks operators:
- November 2021: $114,788,726
- September 2023: $111,145,385
- December 2023: $109,516,484
September is when the full schedule of the NFL and college football starts, and December is lucky to have the NFL season coming to fruition, so it’s safe to say that football betting helped to fuel the big late-year numbers in New Jersey.
More Big Numbers Expected to Come in 2024 in New Jersey
Many are expecting the momentum to carry over into 2024 as well.
New Jersey will come off the big December numbers (and the big year in 2023) with the NFL Playoffs and the Super Bowl generating revenue for sportsbook operators in January and February. But it doesn’t end there.
March is typically a big month for betting in New Jersey. Why? The NCAA Men’s and Women’s College Basketball Tournaments. It is a very popular event among betting sports fans in the Garden State. And they have the numbers to back it up.
In March 2023, New Jersey saw a betting revenue of $93,039,999 from the NCAA Tournament. In March 2022, the revenue was $66,404,370 and in March 2021, it was $60,624,773. These numbers show that March is a very profitable month for sports betting in New Jersey, especially during the NCAA Tournament.
So, New Jersey may be poised to smash its newly set records. We’ll keep monitoring the progress and Bookmakers Review will provide updates when they’re warranted.
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