New Jersey reports revenue increase in October
The DGE showed that all gaming verticals in the state reported an improvement in revenue.
US.- The New Jersey Division of Gaming Enforcement (DGE) released a report that details the latest financial results for the state’s operations. Based upon filings with the DGE, total gaming revenue in October increased by 15.8%.
The DGE said that gaming revenue totalled US$239.1 million in October, approximately US$30 million more than the US$206.4 million registered during the same month in 2017, and the increase represents a 15.8% hike. Casino win also increased 8% from the same month last year to US$200.6 million.
Moreover, online gaming win was US$26.8 million in October, compared to the US$20.6 million registered in the prior period and reflecting an increase of 30.1%. Sports wagering gross revenue was US$11.7 million for the month.
For the year-to-date, the industry’s total gaming revenue was US$2.38 billion for 2018 compared to US$2.24 billion in 2017, reflecting an increase of 6.3%. Casino win was US$2 billion reflecting a 2.5% increase over the prior period. Internet gaming win increased 18.9% to US$242.7 million for 2018, while sports wagering gross revenue was US$52 million since inception on June 14, 2018.
The DGE also reported tax information for October’s operations, which shows that total gaming taxes were US$19.8 million. Total gaming taxes reflect 8% of taxable casino gross revenue, 15% of Internet gaming gross revenue, 8.5% tax on casino and racetrack sports wagering gross revenue and 13% tax on casino and racetrack sports wagering Internet gross revenue. In addition, the casino industry incurred US$3.3 million in Investment Alternative Tax Obligations, which reflects 1.25% of casino gross revenue and casino sports wagering gross revenue, as well as, 2.5% of Internet gaming gross revenue. For the month of October 2018, the Racetrack Economic Development Tax of 1.25% of racetrack sports wagering gross revenue was US$59.4k.
