New Jersey iGaming Sets Record with $213.6M in October

In October 2024, New Jersey’s online gaming sector achieved unprecedented success, generating $213.6 million in revenue. This marked a significant 28.1% growth compared to the $166.8 million recorded during the same month in 2023. Figures released by the New Jersey Division of Gaming Enforcement highlighted the second consecutive month where online gaming revenue exceeded $200 million. This trend reflects a growing reliance on digital platforms in the state’s gambling industry.

The broader gambling market, encoming in-person casino revenue, internet gaming, and sports wagering, reached a total of $499.8 million for the month. This represents a modest increase of 2.6% over October 2023. However, the results showcase diverging patterns: while internet gaming continues its upward trajectory, in-person casino revenue faced notable declines.

Shifts in Casino Revenue Distribution

Traditional casino operations in New Jersey saw a challenging month. The total casino win for the nine hotel properties amounted to $208.7 million in October 2024, an 8.5% decrease compared to the $228.1 million recorded the previous year. Year-to-date, the cumulative casino win stood at $2.36 billion, reflecting a 1.6% decline from the prior year.

Meanwhile, sports wagering revenue also saw a year-on-year decline, falling by 16% to $77.5 million for October. Despite this, the year-to-date revenue for sports betting reached $912.8 million, up 13.9% from 2023. This duality emphasizes the complex dynamics at play in New Jersey’s gambling landscape.

Expert Analysis and Future Implications

Industry experts have pointed to the rapid expansion of online gaming as a central factor in reshaping New Jersey’s gambling economy. Jane Bokunewicz, director of the Lloyd Levenson Institute at Stockton University, commented, “Despite a historically dry and very mild October, brick-and-mortar gaming operators in Atlantic City did not see strong gains over 2023, instead declining by 8.5% year-over-year.”

James Plousis, chairman of the New Jersey Casino Control Commission, highlighted a significant milestone: online gaming revenue sured in-person casino revenue for the first time since the pandemic temporarily shuttered physical venues in 2020. He remarked, “These two accomplishments are emblematic of the importance of online gaming as a component of the evolving casino business.”

The top-performing casinos demonstrated varying levels of success. Borgata led in in-person revenue at $53.4 million, despite a 6.1% decrease from the previous year. Hard Rock and Tropicana experienced slight increases, with Tropicana’s in-person revenue growing by 7.4%. Conversely, several casinos, including Ocean and Golden Nugget, reported declines exceeding 20%.

The Digital Shift and its Impacts

As New Jersey’s gambling market continues to evolve, the role of internet gaming is becoming increasingly central. For the year-to-date period, online gaming revenue totaled $1.95 billion, up 23.7% from $1.57 billion in the previous year. This growth starkly contrasts the declining figures in traditional casino win and underscores a consumer shift toward digital experiences.

With continued innovation and investment in online platforms, New Jersey’s iGaming sector is expected to remain a driving force in the state’s gambling economy, setting a benchmark for other jurisdictions.

Sources:

New Jersey Division of Gaming Enforcement Announces October 2024 Total Gaming Revenue Results, NJOAG, November 18, 2024.