Internet casinos managed to shatter the $1 billion mark already in 2023, shattering the 2022 record, while monthly revenue figures continue to climb by more than 10%.
The latest revenue figures for July 2023 reveal incredible growth as online casinos in NJ generate over $155 million. While the figure might not set a new record, it’s a massive 13.5% increase compared to the same month in 2022.
The latest revenue data from the New Jersey Division of Gaming Enforcement also shows online sites generated $1.085 billion within the first seven months of 2023, an astonishing 14.2% higher than the same period of 2022.
How Monthly Revenue in 2023 Compares to 2022
NJ internet casinos managed to generate more monthly revenue and show no signs of slowing down. Many assumed the growth of 2021 and 2022 was due to the pandemic, during which land-based casinos in the state had to close their doors for multiple months. However, the figures in 2023 prove otherwise, as internet casinos set new records and will most likely break them in the winter months ahead.
| Month | 2022 Revenue | 2023 Revenue | Difference |
|---|---|---|---|
| July | $136,701,316 | $155,165,055 | $18,463,739 |
| June | $133,138,803 | $149,292,604 | $16,154,296 |
| May | $136,016,462 | $161,411,924 | $25,395,462 |
| April | $136,883,398 | $158,936,991 | $22,053,593 |
| March | $140,655,053 | $165,711,825 | $25,056,772 |
| February | $129,976,091 | $142,592,966 | $12,616,875 |
| January | $137,849,716 | $152,866,817 | $15,017,101 |
The table above shows the revenue figures of the first seven months in 2022 and 2023, revealing the incredible growth pattern and showing that internet casinos generate over $12 million more per month in 2023. As shown in March, April, and May, casinos managed to generate over $20 million more per month, starting with a new record high in March 2023.
The highest total of 2022 was set in December when revenue for internet casinos accumulated to over $151 million. However, in January 2023, casinos shattered the record by generating nearly $153 million in revenue.
Applying the Same Growth Pattern for the Rest of 2023
In 2022, online casinos in the state managed to show impressive growth towards the end of the year, climbing steadily towards the December record. As the above table shows, the lowest growth percentage occurred during February 2023, during which online casinos managed to increase by 9.7%. The highest growth according during May 2023, growth Int by nearly 19% compared to May 2022.
The following table shows what the last five months of 2023 could generate if we apply an average growth percentage of 15%.
| Month | 2022 Revenue | 2023 Revenue (Prediction) |
|---|---|---|
| December | $151,455,493 | $174,173,817 |
| November | $146,159,346 | $168,083,248 |
| October | $147,176,744 | $169,253,256 |
| September | $135,245,169 | $155,531,944 |
| August | $131,438,183 | $151,153,910 |
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Following the latest internet casino revenue provides insight to how fast the industry continues to grow long after the pandemic. We strive to provide the latest news on various topics surrounding online casinos, including these related posts.
