New Jersey igaming revenue reaches record in March

New Jersey’s igaming sector sets a remarkable benchmark with record revenues, while traditional gambling avenues face challenges.

In March, New Jersey achieved an unprecedented igaming revenue of $243.9 million (£184.2 million/€214.5 million), as reported by the New Jersey Division of Gaming Enforcement (NJDGE) on April 16. Despite the growth in igaming, the state observed declines in both sports betting and land-based casinos, with total gambling revenue reaching $546.1 million. This figure represents a 3.7% increase compared to March of the previous year and a significant 12.6% jump from February 2023.

Historically, land-based casinos have dominated New Jersey’s gambling landscape. However, the burgeoning igaming sector has started to outpace traditional revenue streams in recent months, underscoring a significant shift in consumer preferences.

Igaming Revenue Surges 23.7% in March

For the month of March, igaming revenue soared 23.7% year-on-year, marking only the fourth instance where igaming has led total gambling revenues in a single month within New Jersey. A deeper look at the market reveals that $241.3 million was generated from ‘other authorized games,’ primarily online slots, an impressive 23.9% increase from the previous year. In contrast, online poker contributed $2.6 million, up 8.9%.

Leading the charge in igaming are FanDuel and Golden Nugget Atlantic City, generating $52.3 million in revenue, marking a remarkable 25.7% increase. Close behind are DraftKings and Resorts Casino Hotel, which reported $49.6 million in revenue, reflecting a 20.3% year-on-year rise. BetMGM and Borgata followed with $31.6 million in igaming revenue, while Borgata’s own online platform contributed $22.4 million. Rounding out the top five, Caesars and Tropicana Atlantic City collectively earned $15.7 million this March.

Downward Trend in Sports Betting Handle Persists

In stark contrast to igaming, New Jersey’s sports betting sector experienced a downturn, with revenues declining 20.5% year-on-year to $71.3 million, lower than February’s $73.6 million. This March, $68.0 million was derived from online betting, reflecting a 20.6% decline compared to the prior year, while retail sportsbooks accounted for $3.3 million, down 17.3%.

The total sportsbook handle, encompassing both online and retail, reached $1.11 billion, representing a substantial 23.5% shortfall from the previous year. The online sector alone generated $1.06 billion, while retail sportsbooks processed $44.4 million in wagers, leading to a hold of 6.44% for the month.

FanDuel and Meadowlands continue to dominate the online market, with revenues of $23.4 million—this figure down 13.4% from March 2024. Although the NJDGE does not disclose handle figures for individual operators, DraftKings and Resorts Casino Hotel reported $19.9 million, a commendable increase of 13.4%. BetMGM and Borgata secured third place with $8.0 million, witnessing a year-on-year surge of 35.8%.

Prominent players such as BetFanatics and Bally’s recorded $4.4 million in March, while Caesars and Tropicana generated $3.0 million. Bet365 and Hard Rock brought in $2.8 million, followed closely by ESPN Bet and Resorts with $2.7 million.

Within the retail sportsbook segment, Meadowlands led with $2.0 million, reflecting an 8.2% increase, while Monmouth Park followed with $432,393, experiencing a steep 38.3% decrease.

New Jersey Land-Based Casino Revenue Declines 3.7%

Turning to land-based casinos, revenue for March slipped 3.7% year-on-year to $230.9 million. While slot machine revenue increased by a modest 0.5% to $173.6 million, table game revenue saw a notable decline of 14.6%, dropping to $57.3 million.

Borgata led the land-based sector with revenues of $58.4 million, an increase of 3.3%. Hard Rock followed as the runner-up with $44.5 million, reflecting a near-stagnant growth of 0.2%. Ocean Casino rounded out the top three with $34.7 million, witnessing a decline of 14.8%.

In terms of tax contributions, total gambling taxes for March reached $59.8 million, comprising $36.5 million from igaming, $14.3 million from land-based casinos, and $8.8 million from online sports betting, with an additional $241,482 collected from retail sportsbooks in New Jersey.