Online Casinos Help New Jersey Set New Revenue Record

Article by : Erik Gibbs Jan 20, 2025

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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.

Industry leaders such as DraftKings, FanDuel, and BetMGM played a significant role in driving this growth. DraftKings, operating with Resorts Casino Hotel, led with $515 million in revenue, followed closely by FanDuel and Golden Nugget Atlantic City at $506.6 million. Golden Nugget also stood out as the top master licensee, overseeing $688.9 million in total revenue through various 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.

FanDuel, operating under Meadowlands, led the sector with $459.4 million in revenue, followed by DraftKings at $289.1 million. BetMGM and Borgata rounded out the top three with $70.7 million. Despite these gains, December proved challenging for sports betting, with revenue dropping 42.6% compared to the same month the previous year 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.

However, physical casinos remained the state’s largest gambling 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 marked another strong month for online gaming, with revenue reaching a record $228 million, up 26.5% year-on-year and setting a fifth consecutive monthly record. DraftKings led the way in December, earning $51.3 million, followed closely by FanDuel and Golden Nugget.