17 Jan

Gambling News

New Jersey's gaming revenue exceeds $6.3 billion in a record-setting 2024.

New Jersey's gambling income attained $6.30 billion (£5.17 billion/€6.12 billion) in a record-setting year, with unprecedented statistics being recorded in igaming and sports betting.
Gambling revenue in New Jersey for 2024
Total market revenue exceeded the prior record of $5.78 billion by 9.0% in the previous year. The New Jersey Division of Gaming Enforcement (NJDGE) recorded an increase in two of the state's three sectors, with only land-based casinos experiencing a fall.

In 2024, igaming significantly challenges land-based casinos.
The most notable performance in 2024 is attributed to igaming, with revenue increasing by 24% to a record $2.39 billion. Although this figure falls short of the terrestrial market ($2.82 billion), igaming has recently eclipsed brick-and-mortar casinos, and by 2025, it may emerge as the predominant source of gambling revenue in New Jersey.

In 2024, over $2.36 billion in igaming income was generated from online slots and table games, reflecting a 24.5% increase compared to the previous year. Peer-to-peer poker revenue declined by 1.5% to $28.5 million.

DraftKings and its partner Resorts Casino Hotel dominated the igaming sector with total revenue of $515 million. FanDuel and Golden Nugget Atlantic City closely followed in second place with $506.6 million. BetMGM and Borgata secured third place with $287.7 million.

Golden Nugget emerged as the foremost master licensee, generating $688.9 million in igaming revenue. Rush Street Interactive's BetRivers, Super Group's Spin Games, Jackpot City, and DraftKings' Golden Nugget Online Gaming also function under Golden Nugget's master license.

New Jersey sports wagering revenue has reached $1.09 billion.
In the realm of sports betting, annual revenue increased by 8.7% to $1.09 billion. This constitutes yet another new record for the Garden State.

Players wagered a record $12.77 billion on sports, reflecting a 6.7% gain. This comprises $12.27 billion in online bets and a total retail expenditure of $499.2 million.

The state recorded an annual sports betting hold of 8.54%.

FanDuel, operating under a Meadowlands branding, achieved the highest revenue at $459.4 million. The NJDGE does not disclose handle information for specific operators.

DraftKings, in collaboration with Resorts Casino Hotel, secured second place with $289.1 million. In the iGaming sector, BetMGM and Borgata ranked third with $70.7 million.

Additional operators comprise Bet365, a partner of Hard Rock Hotel and Casino, with $43.8 million. Caesars Interactive reported $31.3 million, followed by Fanatics and Bally at $22.7 million each. BetRivers and Monmouth reported $11.8 million, whilst ESPN Bet and Resorts Casino reported $8.7 million.

Terrestrial casinos maintain dominance despite a decline in income.
The only significant drawback for New Jersey in 2024 was the decline in the land-based casino business. Revenue declined by 1.1% to $2.82 billion, however it continues to be the principal source of gaming revenue in the state.

income from physical slot machines decreased by 0.7% to $2.10 billion, while table games income declined by 2.0% to $721 million.

MGM's Borgata Hotel Casino & Spa topped this category with total revenue of $738.1 million for the year. Hard Rock, New Jersey's latest casino, inaugurated in June 2018, secured second place with $544.9 million. Ocean Resort, which opened in June 2018, ranked third with $409.7 million.

Five successive months of igaming records
In December 2024, New Jersey's total revenue reached $522.6 million, reflecting a marginal increase of 0.1% compared to the prior year.

Igaming once more stood out, achieving a revenue of $228.0 million, setting a new record. This exceeds the prior year by 26.5% and surpasses the current November record by 6.5%. December marks the fifth consecutive month of record igaming revenue in New Jersey.

In December, DraftKings secured the leading position, garnering $51.3 million in igaming revenue in collaboration with Resorts Casino. FanDuel and Golden Nugget secured the second position with revenues of $50.1 million, while BetMGM and Borgata ranked third with $28.1 million.

Consumer-friendly sports outcomes impact New Jersey wagering
In December, sports betting income declined by 42.6% to $62.8 million due to favourable outcomes for customers that affected the overall market. This is also 47.2% lower than November's total.

In December, player expenditures on wagering exceeded $1.22 billion, with $1.16 billion allocated to online platforms and $52.4 million to retail sportsbooks. The handle decreased by 4.7% compared to the previous year but remained consistent with November's figures.

The monthly retention rate for sports betting was 5.17%.

FanDuel and Meadowlands generated $29.7 million in revenue, surpassing DraftKings and Resorts Casino, which reported $15.7 million. BetMGM and Borgata secured third place with $6.1 million.

Fanatics and Bally generated $5.0 million in revenue, Bet365 and Hard Rock $2.9 million, and Caesars $1.3 million. Conversely, ESPN Bet and Resorts Casino incurred a loss of $356,175.

In December, land-based casino revenue remained relatively stable, decreasing by 0.3% to $231.8 million, while it continued to be the primary source of gaming revenue. Slots revenue decreased by 4.2% to $168 million, whilst revenue from table games increased by 11.6% to $63.8 million.

MGM's Borgata was the top-performing land-based casino, generating monthly revenue of $62.7 million.