New Jersey’s iGaming Revenue Almost Hits Record Mark in April
In a noteworthy development, New Jersey’s gambling revenue saw a 5% increase year-on-year in April, buoyed by the iGaming sector despite declines in both sports betting and traditional casino revenue.
The total revenue for the month reached $536.6 million, surpassing April 2024’s figure of $510.9 million. However, it was slightly lower than the numbers recorded in March of this year, reflecting a 1.7% decline.
iGaming continues to dominate, leading over land-based casinos in overall revenue generation. Yet, broader market growth remains hindered by losses in other areas, as outlined in reports from the New Jersey Division of Gaming Enforcement.
iGaming Revenue Pushes Boundaries
April’s iGaming revenue soared to $235.2 million, a striking 25.2% increase compared to the previous year and just a hair’s breadth away from March’s impressive record of $243.9 million.
From this total, “other authorized games,” primarily slots, accounted for $232.8 million—marking an increase of 25.4%—while online poker contributed $2.4 million, reflecting a 3.2% growth.
Leading the market, FanDuel and Golden Nugget Atlantic City combined to generate $52.9 million, up 35.3%. DraftKings and Resorts Casino Hotel followed closely, reporting $46.9 million, a notable 19.5% rise. BetMGM and Borgata brought in $29.6 million, and Borgata’s distinct brand added another $20.8 million. Finishing the top tier, Caesars and Tropicana Atlantic City rounded out the list with $15.9 million.
Challenges in Sports Betting Sector
Contrasting with the flourishing iGaming market, New Jersey’s sports betting sector experienced a notable downturn. Revenue dipped 14.8% year-on-year to $90.5 million.
Online sports betting revenue faced a 15.7% decline, totaling $87.9 million. On a brighter note, the retail sector reported a 34.1% increase, bringing in $2.6 million.
Overall spending for the month amounted to $994.4 million, slightly down by 1.5% from the previous year and significantly lower than March’s figures, falling 10.4%. Online wagering accounted for $954.1 million, while retail betting brought in $40.4 million. Consequently, the state’s hold for the month stood at 9.1%.
Among operators, FanDuel and Meadowlands led the way with $31.8 million in revenue, although individual handle data remains unpublished. DraftKings and Resorts Casino Hotel came in second at $22.8 million, followed by BetFanatics and Bally’s with $12.9 million. BetMGM and Borgata garnered $7.1 million, while Bet365 and Hard Rock concluded the top five with $5.6 million. In the retail segment, Meadowlands dominated, earning $1.7 million.
Traditional Casinos Face Continued Decline
The report also noted a 2.7% drop in revenue for land-based casinos, which totaled $211 million. Historically, these establishments were the primary source of gambling revenue in New Jersey; however, iGaming’s explosive growth has relegated them to a secondary position.
While slot machine revenue saw a slight increase of 2.1%, jumping to $162.2 million, table games revenue slumped by 16%, falling to $48.8 million.
In terms of taxation, the total generated reached $59.8 million, comprising $35.3 million from iGaming, $12.7 million from land-based casinos, $11.5 million from online sports betting, and $212,287 from retail sports wagering.
In summary, while New Jersey’s iGaming market continues its upward trajectory, challenges persist in other gambling sectors, underscoring the dynamic landscape of the state’s gaming industry.