The New Jersey Division of Gaming Enforcement reported $487.4 million in combined operator revenue from internet casino gaming, sports wagering, and retail casino gaming in Atlantic City for the month of March, with iCasino revenue hitting a record $165.7 million.
The overall gambling revenue total was 15% higher than the $423.7 million reported for March 2022. Sportsbooks, aided by a chaotic NCAA Tournament in which one No. 1 seed lost in the first round and none reached the Final Four, reported a 40.1% year-over-year improvement in revenue as they claimed $93 million in winnings.
Traditional casino gambling revenue improved a more modest 5.6% compared to last year, as venues reported $228.6 million in revenue. The $655.3 million in revenue for the first quarter of 2023 is 7% higher than for the comparable period in 2022.
The state generated $51.3 million in tax revenue spanning the various verticals, with $24.9 million of that total derived from iCasino. Online casino has provided more than half the $122.7 million in tax receipts generated in the first three months of the year in the Garden State.
Resorts Digital has banner month for iGaming
Operator revenue from internet casino gambling blew past the previous record of $152.9 million established in January. The record $165.7 million total includes $2.5 million from online poker, which actually declined 1.5% year-over-year. The non-peer-to-peer iCasino offerings saw revenue climb 18.2% over March 2022.
Three iGaming platforms surpassed $40 million in revenue for March, with Resorts stunningly finishing atop the podium with $44.9 million. That is an all-time monthly high for any platform in the state, edging Borgata‘s previous standard of $44.3 million set last November. Resorts had a 24.8% increase in revenue compared to February and 45.5% stacked up against last year’s numbers as it cleared $40 million for just the third time.
Borgata came within $375,000 of its all-time high, generating $43.9 million in revenue and topping $40 million for the 10th time in 11 months. Its revenue was up 10.5% versus the previous month and 6.2% compared to March 2022. Golden Nugget rounded out the trio of internet casino platforms surpassing $40 million, also setting a new record at $42.7 million and ticking 11.6% higher versus last year.
While those three platforms provided the bulk of the revenue, Bally’s and Ocean Casino were the big movers in terms of year-over-year percentage. Bally’s had a nearly four-fold increase in revenue to $6.7 million, while Ocean nearly doubled its 2022 output and landed just over $4.6 million.
Hard Rock rounded out the group of iGaming platforms to see year-over-year gains, surging 19.5% to $6.8 million. Tropicana had the biggest decline compared to 2022, backsliding 26.5% to $7.6 million, while Caesars reported a drop of 15.2% with $8.4 million in revenue.
A top three all-time sports wagering revenue haul
Running March Top 10 #SportsBetting handles by state:
1 New York $1.79B
2 NEW JERSEY $1.03B <-NEW
3 Indiana $433M
4 Maryland ~$386M
5 Iowa $232.6M
6 KANSAS $206.3M
7 West Virginia $43.1M
8 Montana $5.8M
— Chris Altruda (@AlTruda73) April 17, 2023
The $93 million in operator revenue from sports wagering trailed only the $114.8 million generated in November 2021 and the $98 million last September. Handle crossed $1 billion for the 11th time in state history, with the total amount wagered $25.8 million above that benchmark.
Though year-over-year basketball handle declined 19.9% to $534.7 million, hoops revenue nearly doubled to $19.4 million on a 3.6% hold that was more than two full percentage points higher than in March 2022.
Parlays again comprised the bulk of revenue for New Jersey sportsbooks, with the $41.7 million coming on $235.9 million wagered for a 17.7% win rate.
Parlay revenue in the first quarter of the year totaled $125.9 million on a 17.8% hold, up 26.4% to the comparable period last year and outpacing the 3.7% rise in handle for such wagers to $706.5 million. It has also accounted for 57.3% of the nearly $220 million in sports betting revenue for the first three months of 2023.
New Meadowlands — which counts FanDuel, PointsBet, and SuperBook as its mobile sportsbooks — paced all venues for online sports wagering revenue at $36.2 million, lifting its all-time total above $1.2 billion. Resorts Digital — home to DraftKings, FOX Bet, and its own mobile app — was second at $29.8 million and topped its combined revenue of nearly $25 million from January and February.
Boardwalk Regency, however, posted its third consecutive monthly loss, as 888 and WynnBET paid out $395,000 above handle, sending its losses for the calendar year to slightly more than $1 million. On the retail side, New Meadowlands had a near four-fold increase in revenue to $3.6 million, and Borgata was able to wipe out losses from January and February, moving into the black for 2023 after reporting $840,000 in revenue.
Borgata, Ocean Casino post biggest gains in Atlantic City
Borgata was again the bellcow for land-based revenue in Atlantic City, topping $60 million for the first time in 2023 and landing at $61.5 million. That was an 11.9% rise from 2022, with table games revenue surging 32.3% to $17.7 million.
Ocean Casino, however, had the biggest jump in year-over-year percentage, climbing 36.1% to $34.6 million for its best haul since reaping $36.6 million last August. Table games revenue was also pivotal in the bounce, with revenue more than doubling from 2022 to $12.2 million. Slot revenue also saw a strong uptick with a 12.9% jump to $22.5 million thanks to an 18.7% rise in handle to $237.7 million.
Two other casinos, Hard Rock and Harrah’s, posted small year-over-year gains, with Hard Rock $33,000 shy of $40 million and Harrah’s reporting $20.6 million in revenue. Bally’s had the biggest decline in year-over-year numbers, sliding 21.7% to finish under $10.6 million.
Caesars had a drop of 7.2% in reporting $17.1 million, while both Golden Nugget and Resorts had declines of less than 3% as the pair combined for $24.9 million. Tropicana was flat, with its March revenue of $19.3 million equating to $847 less than the comparable period in 2022.
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