New Jersey posts record igaming revenue as retail is beaten for the first time

Monthly data published by the New Jersey Division of Gaming Enforcement (DGE) have revealed that igaming revenue has surpassed the revenue generated by Atlantic City casinos for the first time.

The regulator’s report release, which outlined key financial metrics for all operators within New Jersey for October 2024, highlighted a 28.1% year-on-year (YOY) increase for igaming revenue to $213.6m, a new record for the vertical. 

That figure is a 2.8% rise on the $208.1m amassed one month before, in September – the previous all-time high igaming revenue total for New Jersey.

The steep YOY increase means igaming has generated more revenue in the state than land-based outfits during October, with retail betting outfits recording $208.7m within the reporting period. 

Revenue generated from icasino rose by 28.5% YOY to $211.3m, though peer-to-peer poker revenue fell 1% to sit at $2.3m. 

Breaking the record revenue total down by operator, FanDuel, which partners with land-based Golden Nugget Atlantic City in New Jersey, reigned supreme in the state after posting a total igaming revenue of $48.3m for the month. 

That figure resigned DraftKings to second best, with the Boston-based outfit generating $45.6m in igaming revenue, while BetMGM ranked third with $25.5m.  

Every operator within the Garden State posted a YOY igaming revenue rise higher than 15%.  

In terms of licensee partners, the aforementioned Golden Nugget, which alongside FanDuel partners with BetRivers, Betway, DraftKings-owned Golden Nugget Online Gaming, Jackpot City, and Stardust, led the way on the revenue front, racking up $67.1m via its lengthy lineup of online casino outfits. 

Across all verticals, total gaming revenue in New Jersey was posted at $499.8m, representing a 2.6% YOY climb, although is a notable 10.5% fall from the $558.3m posted the month prior. 

Expanding that metric to year-to-date and total gaming revenue in New Jersey for the 10 months to October 31, the figure sits at $5.2bn, marking 9.3% growth when compared to the corresponding period in 2023. 

While land-based revenue remains the dominant force across the entirety of 2024 to date, strong igaming growth of 23.7%, – putting the vertical as a year-to-date total of $1.95bn – has aided the overall total market performance significantly. 

In contrast, October was a difficult month for New Jersey’s sportsbooks, which posted just $77.5m in revenue, highlighting a 16% YOY fall from the $92.3m generated in the same month last year. 

It marked an even sharper 35% decline when pitted against September’s sportsbook revenue total of $119.6m.