Online Casinos Help New Jersey Set New Revenue Record

New Jersey's gambling industry reached a historic milestone in 2024, with total revenue climbing to $6.30 billion. This figure represents a 9% increase over the previous record of $5.78 billion set in 2023. The growth was fueled largely by the continued expansion of online gaming and sports betting, which offset a slight decline in revenue from land-based casinos.

Online gaming saw remarkable growth, generating $2.39 billion in revenue, an increase of 24% compared to the previous year. This sector, which includes online slots and table games, contributed $2.36 billion, while online poker brought in $28.5 million, slightly lower than in 2023.

Among the online leaders:

• DraftKings, operating with Resorts Casino Hotel, led with $515 million in revenue.

• FanDuel and Golden Nugget Atlantic City followed closely at $506.6 million each.

• Golden Nugget also stood out as the top master licensee, overseeing $688.9 million in total revenue through its partners.

Sports betting also reached new heights in 2024, generating $1.09 billion in revenue, an 8.7% year-on-year increase. The total amount wagered, or handle, hit an all-time high of $12.77 billion, with $12.27 billion bet online.

Top performers in sports betting included:

• FanDuel (Meadowlands) with $459.4 million.

• DraftKings with $289.1 million.

• BetMGM and Borgata rounding out the top three at $70.7 million.

Despite these gains, December proved challenging for sportsbooks, with revenue dropping 42.6% compared to the same month in 2023 due to customer-friendly outcomes.

While online gaming and sports betting set records, land-based casinos experienced a slight downturn, with revenue falling 1.1% to $2.82 billion. Slot machine revenue dipped by 0.7% to $2.10 billion, and table games saw a 2% decline, bringing in $721 million.

Physical casinos, however, remained the state’s largest revenue source. Borgata led the market with $738.1 million, followed by Hard Rock at $544.9 million and Ocean Resort at $409.7 million.

December still marked another high for online gaming, with revenue reaching $228 million, up 26.5% year-on-year and setting a fifth consecutive monthly record. DraftKings led the month with $51.3 million, followed by FanDuel and Golden Nugget.

In summary, 2024 showcased New Jersey’s growing reliance on digital gaming and sports betting, which not only set new records but also reinforced the state’s position as one of the most dynamic gambling markets in the US.