The New Jersey Casino Control Commission has reported an 8.3% increase in sports betting and casino revenue.
The number reached 510 million dollars in May 2024 via horse tracks, sports books, casinos, and online partners. James Plousis, the Commission Chair, also commented on the situation.
Plousis attributes the increase in gambling activity to a surge in customer interest. The Chair said that May offered a promising start, and the market has been building a positive momentum.
Customer interest is strong, and it has been driven by unique investments made in casinos, added Plousis.
New Jersey boasts one of the best sports betting sites USA, making it simple for the state to accumulate such numbers. Since third parties and partners share online revenue, casinos primarily earn profits from in-person players.
It is unfortunate that only three casinos were able to make a higher in-person profit in May 2024 than in May 2023. Borgata is one of these casinos that has seen a 1.5% increase to 61.4 million dollars per year.
Similarly, Hard Rock’s in-person gambling revenue also hit 50 million dollars, registering a hike of 28.6%. Ocean ranks third on the list, with 32 million dollars in revenue, indicating a 7.5% growth.
An uptick in in-person gambling can cause a dip in online demand. Besides Hard Rock, Ocean, and Borgata, New Jersey casinos witnessed varying levels of dips, with Tropicana hitting the biggest revenue at 20.1 million dollars. However, it also experienced the biggest dip at 7%.
Harrah also fell 4.2% to 18.2 million dollars, while Caesars lost 2% to 18 million dollars, and Bally dropped 5.8% to 12.4 million dollars.
What is unfortunate is that the high figures have piqued the interest of the authorities. That is why New Jersey regulators might levy higher taxes on casino activities.