New Jersey online casinos combined for a record $1.6 billion in revenue in 2022, as year-over-year growth continued but also slowed to its lowest growth rate since the market’s inception eight years earlier.
According to data from the New Jersey Division of Gaming Enforcement (NJDGE), the vertical grew 18.7% between 2021 ($1.3 billion) and 2022, but the growth rate has slowed significantly over the past two years, following a two-year rise.
Online casino gaming grew 101.7% year-over-year between 2019 ($461.8 million) and 2020 ($931.5 million) — no doubt driven by the pandemic — but continued to grow into 2021, albeit at a reduced year-over-year rate of 43.3%.
2022 also marked the second consecutive year where the Garden State’s online casinos had more than $1 billion in annual revenue. The vertical fell just short of that mark in 2020 but shows no sign of failing to reach $1 billion in 2023 or beyond.
A Trio of Licensees Led the Entire Year
The year was a three-way race between operators on the Borgata, Golden Nugget, and Resorts licenses. Meanwhile, each online casino licensee in the Garden State — Bally’s, Borgata, Caesars, Golden Nugget, Hard Rock, Ocean Resort, Resorts, and Tropicana — are operators in their own right.
In 2022, the Borgata, Golden Nugget, and Resorts trio combined for $1.3 billion in online casino revenue.
Borgata’s operators — BetMGM Casino NJ, Borgata Casino NJ, Pala, partycasino NJ, and Scores Casino — led in terms of annual revenue in 2022 with $486.9 million, equating to a market share of 29.8%.
Operators on the Golden Nugget license were second in annual revenue with $431.7 million, or 26.4% of the market. Golden Nugget’s operators include BetRivers Casino, Betway, FanDuel Casino NJ, and Stardust Casino NJ.
In third place for annual revenue were operators on the Resorts license — Barstool, DraftKings Casino NJ, Mohegan Sun Casino, and PokerStars Casino NJ. The group had $385.9 million in revenue, enough for 23.6% of the market.
Five other licensees and their operators accounted for the remaining 20.2% of the market in 2022, with $330.7 million in revenue for the entire year. The market share of the quintet — Bally’s Atlantic City, Caesars, Hard Rock, Ocean Resort, and Tropicana — fluctuated from a high of 21.5% in April ($28.9 million) to a low of 18.1% in November ($26 million).
Caesars’ online casino operators — 888casino NJ, Harrah’s, and WynnBET — had $103.2 million in revenue in 2022 and held 6.3% of the market for the year. Tropicana followed with $86.6 million (5.3%). Hard Rock and its partners — bet365 and Unibet Casino — held 4.2% of the market and had $69.3 million in revenue.
Bally’s (PointsBet, Virgin Casino) and Ocean Resort (Parx Casino, PlayStar, Tipico) were the smallest licensees for revenue, at $41.8 million and $29.8 million, respectively.
Resorts Hit Record in December
New Jersey’s online casinos grossed $149.3 million in December, down 3.7% month-over-month ($144 million).
NJDGE data show Borgata slipped 13.2% month-over-month to $42.9 million in December, down from its all-time high of $43.5 million in November. Despite the slip, Borgata held a leading 28.7% of the market in December.
Resorts was second for revenue in December after hitting a record $39.8 million, up 8.1% month-over-month ($36.8 million). Golden Nugget was third with $37.8 million — the licensee was flat from November and down just 1.6% from its all-time high of $38.4 million set in October.