New Jersey gaming revenues have increased in 2022, thanks to the state’s growing casino industry.
According to a report from the American Gaming Association, gaming revenues in New Jersey are expected to reach $4.5 billion by the end of 2022, up from $3.9 billion in 2020. The growth of New Jersey’s gaming industry is being driven by the expansion of the New Jersey online gambling industry.
Let’s explore this further in our analysis below.
How has the pandemic affected gaming revenues in New Jersey?
So, how has the pandemic affected gaming revenues in New Jersey?
The pandemic has had a significant impact on gaming revenues in New Jersey. In 2020, gaming revenues in the state were down by nearly $1 billion compared to 2019. This is largely due to the closure of casinos and other gaming venues for several months during the pandemic. However, there has been some rebound in gaming revenues since casinos and other venues have reopened. 2022 brought in a boost, and 2023 won’t be bad at all. We’ll look at how the gaming revenue in New Jersey may go in 2023 toward the end of this article.
What types of gaming are bringing in the most revenue in New Jersey?
There are different types of gaming that bring in revenue in New Jersey. The ones bringing in the most revenue are casino gaming and online betting. Other types of gaming that also bring in significant amount of revenue include horse racing, lotteries, and online gaming.
The main reason casino gaming brings in the most revenue is that there are many casinos in the state. These casinos offer a variety of games and attractions that bring in tourists from all over the country. In addition, many of the casinos offer hotel accommodation, which further increase the amount of money they bring in.
What is the expected revenue for the gaming industry in New Jersey for 2023?
The projected revenue for the gaming industry in the year 2023 is highly dependent on a number of factors, namely the economy, tourism, and changes in legislation. However, according to a report by the American Gaming Association, the gaming industry in New Jersey is expected to generate $4.8 billion in revenue in 2023. Compared to this year (2022) and last year (2021), this would represent a significant increase. An increase in gaming revenue is typically good news for the state’s economy as a whole, as it indicates that more people are spending money on gaming and tourism.
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