Out of all the states that offer legal online gambling in the US, New Jersey has been one of the most prominent and successful in the niche over the years.
In 2023, online gambling markets in NJ have done exceptionally well, with revenue numbers soaring across the board and iGaming operators generating over $140 million in revenue each month of the year.
This year, NJ online casinos, poker sites, and sports betting operators reached the $7 billion mark in overall revenues generated since the inception of online gambling in 2013, another important milestone in the state’s iGaming history.
With legal online gambling now extended for another five year earlier in 2023, the operators will be looking to continue growing their numbers and make it an essential industry that will continue to fill the state’s coffers for the foreseeable future.
NJ Operators Setting New Records
October 2023 was the best month for online gambling in the state since its inception, with operators generating $166.8 million in overall revenues across all verticals.
The operators have also managed to maintain a steady stream of over $140 million in revenue each month this year, with three separate instances of the number exceeding $160 million, making New Jersey one of the key online gambling markets in the country.
Here is a quick look at the way online gambling revenues in 2023 have grown on a month basis compared to the same periods in 2022:
As the table clearly indicates, the New Jersey online gambling market has been on a massive uptick in 2023, with revenues going up by a significant percentage month-to-month across the board between 2022 and 2023, indicating a significant increase in player engagement and interest.
What’s even more, the growth trend is one that has been present for some years now, with the state’s operators generating more revenue with each passing year and indicating a bright future ahead.
New Jersey Part of the Biggest US Online Poker Network
Earlier this year, PokerStars decided to act on the state of Michigan entering the Multi-State Internet Gaming Agreement and merge the player pools across its NJ and MI markets, thus creating PokerStars USA, the largest online poker network in the country.
The impact of the merger was felt right away, as bigger liquidity allowed players to get more action and allowed the operator to offer larger guaranteed prize pools in tournaments, which in turn attracted even more interest from the existing and new players.
The state of New Jersey, which is a signatory of the MSIGA, thus managed to overtake Pennsylvania as the number one online poker market in the US just recently after years of its more populous neighbour being on top.
The impact of MSIGA and player pool mergers on online poker revenues cannot be overstated, and it will be interesting to watch what happens as more states join the compact and New Jersey poker sites get further infusions of players from across the country.