Record Igaming Revenue in New Jersey Compensates for Casino and Sports Betting Dip
In March, New Jersey experienced a remarkable surge in igaming revenue, reaching a record-breaking $243.9 million (approximately £184.2 million or €214.5 million). However, despite this growth in the igaming sector, the Garden State reported declines in both sports betting and land-based casino revenues. According to data released on April 16 by the New Jersey Division of Gaming Enforcement (NJDGE), total gambling revenue for the month exceeded $546.1 million, reflecting a 3.7% increase compared to March of the previous year and a significant 12.6% rise from February 2023.
The igaming sector led the revenue figures once again in March, continuing a trend observed earlier in the year. Traditionally, land-based casinos have been the cornerstone of gambling revenue in New Jersey; however, the consistent growth of the igaming industry has caused these casinos to lag behind.
Year-on-year, revenues from igaming were up by 23.7%, marking just the fourth instance where igaming generated the highest level of gambling revenue in a single month within the state. A closer examination of the revenue streams reveals that $241.3 million came from an assortment of “other authorized games,” which includes online slots, a significant increase of 23.9% compared to the same month last year. The remaining $2.6 million was generated from online poker, which saw an 8.9% increase.
Among igaming operators, FanDuel and Golden Nugget Atlantic City continued to dominate, posting revenues of $52.3 million, a rise of 25.7%. DraftKings and Resorts Casino Hotel closely followed with $49.6 million, reflecting a year-on-year increase of 20.3%. BetMGM and Borgata reported $31.6 million, while Borgata’s own platform garnered $22.4 million. Caesars and Tropicana Atlantic City rounded out the top five with a total of $15.7 million.
In contrast, the sports betting landscape in New Jersey faced challenges in March. Sports betting revenues fell by 20.5% year-on-year, settling at $71.3 million, which was also below February’s total of $73.6 million. Of this overall figure, $68.0 million originated from online betting, a decline of 20.6% from the previous year. Retail sportsbooks contributed $3.3 million, down 17.3%.
Total player spending across both online and retail betting reached $1.11 billion, indicating a decrease of 23.5% from the prior year. The online segment accounted for $1.06 billion, while retail sportsbooks processed $44.4 million in wagers, resulting in a monthly hold of 6.44%.
FanDuel and Meadowlands remained the frontrunners in the online sports betting market, generating $23.4 million in revenue, albeit 13.4% lower than in March 2023. DraftKings and Resorts Casino Hotel secured second place with $19.9 million, reflecting a 13.4% increase. BetMGM and Borgata followed in third place at $8.0 million, up 35.8% year-on-year. Notable performers also included BetFanatics and Bally’s, which produced $4.4 million, while Caesars and Tropicana brought in $3.0 million. Bet365 and Hard Rock earned $2.8 million, with ESPN Bet and Resorts at $2.7 million.
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In terms of retail sportsbooks, Meadowlands emerged as the leader with $2.0 million, a rise of 8.2%. Monmouth Park followed, although it saw a significant decline of 38.3%, with revenue totaling $432,393.
Focusing on land-based casinos, March revenues decreased by 3.7% year-on-year, amounting to $230.9 million. Slot machine revenues saw a slight increase of 0.5%, totaling $173.6 million, but table games suffered a decline of 14.6%, generating $57.3 million. The Borgata maintained its position as the leading casino, earning $58.4 million—an increase of 3.3%. It was followed by Hard Rock at $44.5 million, up 0.2%, and Ocean Casino, which reported $34.7 million, down 14.8%.
During March, total gambling taxes amounted to $59.8 million, comprising $36.5 million from igaming, $14.3 million from land-based casinos, and $8.8 million from online sports betting. Additionally, $241,482 was collected from retail sportsbooks across New Jersey.
