New Jersey’s iGaming revenue tops $200 million for the first time

Sudhanshu Ranjan October 21, 2024

New Jersey’s gaming industry witnessed some interesting shifts in September 2024. While internet gaming set new records, traditional casino revenues declined. Total gaming revenue for the state reached $558.3 million, reflecting a 7.1 percent increase from the same period in 2023. This mix of results showcases the evolving landscape of gambling in the state, as players gravitate more towards digital platforms and sports betting.

IGaming’s record performance

One of the most striking developments was the performance of New Jersey’s internet gaming sector, which hit an all-time high. Internet gaming win totalled $208.1 million in September, a 27.1 percent increase compared to the same month in 2023. This surge pushed year-to-date online gaming revenue to an impressive $1.73 billion.

Despite overall growth, the state’s traditional casino wins the money earned from in-person gambling at casinos dropped by 6.5 percent to $230.6 million. This dip is a continuation of a broader trend where more players are turning to online gaming options. The year-to-date casino win also saw a small decrease of 0.9 percent, standing at $2.15 billion as of September 2024.

Although six other U.S. states allow online casinos, New Jersey stands out. Michigan is the only other state to have surpassed the $200 million mark in internet gaming revenue, recording $215.5 million in March 2024. The growth of iGaming in New Jersey reflects the state’s ability to capitalise on the digital transformation of the gaming industry.

Sports wagering revenue growth

Sports wagering was another bright spot for New Jersey in September. The state’s sportsbooks reported gross revenue of $119.6 million, representing a 7.6 percent increase from the prior year. Year-to-date sports wagering gross revenue climbed by 17.8 percent, reaching $835.4 million by the end of September 2024.

New Jersey’s sports betting revenue comes from both retail and online sources. Of the total sports wagering handle, $58.5 million came from retail betting at physical locations, while a much larger $1.03 billion was generated through online sports betting platforms.

In September 2024, PlayStar announced a new partnership deal with the New Jersey Devils, one of the state’s professional hockey teams. The partnership also includes the Devils’ home arena, the Prudential Center in Newark. This collaboration will likely enhance PlayStar’s presence in the local market and provide more visibility for their online gaming services.

One standout performer in the state’s casino sector was the Borgata Hotel and Casino. While most properties saw their casino win decline, Borgata bucked the trend, reporting a 15 percent increase in revenue compared to the same month in 2023.

The trends from September 2024 offer a glimpse into the future of New Jersey’s gaming industry. The rapid growth of internet gaming and sports wagering indicates that digital platforms will continue to dominate.

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