New Jersey has smashed yet another iGaming revenue record, with total gambling revenue for November reaching $556.9 million (£438.6 million/€530.1 million), as reported by the New Jersey Division of Gaming Enforcement (DGE). This figure is a significant leap from the $482.4 million recorded in November 2023 and an 11.4% increase from October’s $499.8 million.
Both iGaming and sports betting were standout contributors to the state’s gambling growth, posting double-digit year-on-year increases. Not to be left out, land-based casinos also saw an uptick in revenue, reclaiming their top spot as the primary revenue driver.
Land-Based Casinos Reclaim the Throne
Land-based casinos in New Jersey had a strong November, generating $223.9 million in revenue. This represents a 4.2% increase compared to the same month last year and a 7.3% rise from October 2024. The increase came as both slot machines and table games reported gains.
Slot machine revenue climbed 4.3% year-on-year to $167.7 million, while table games revenue rose 4.0% to $56.2 million. Among the casinos, MGM’s Borgata Hotel Casino & Spa stood out as the highest earner, reporting $57.6 million in casino wins for the month—a notable 11.4% increase from the previous year.
Interestingly, newer casinos continued to perform exceptionally well:
- Hard Rock Atlantic City: $44.3 million in revenue, up 7.1% year-on-year.
- Ocean Resort Casino: $34 million in revenue, reflecting an 8.2% rise.
iGaming: Another Month, Another Record
November also marked another milestone for New Jersey’s iGaming sector, which posted $214 million in revenue—a 24.7% increase year-on-year and a slight improvement over the previous record of $213.6 million set in October.
Online slots and table games made up the lion’s share of this revenue, contributing $211.7 million, a 24.9% increase from November 2023. Peer-to-peer poker accounted for the remaining $2.3 million, up 12.7% year-on-year.
Market leaders in the iGaming space included:
- FanDuel (Golden Nugget Atlantic City): $47.9 million in revenue.
- DraftKings (Resorts Casino Hotel): $42.2 million.
- BetMGM (Borgata): $27.5 million.
Golden Nugget continued its dominance as the top-performing master licensee, generating $65.2 million in iGaming revenue. Other notable operators under its umbrella, such as Rush Street Interactive and DraftKings’ Golden Nugget Online Gaming, also contributed significantly.
Sports Betting Bounces Back
Sports betting saw an impressive rebound in November, with revenue jumping 24.1% year-on-year to $119.0 million despite a 21.9% decline in total handle to $1.22 billion. This growth was driven by an improved hold of 9.72%, up from October’s player-friendly NFL results that saw a hold of just 6.85%.
Online betting accounted for the majority of wagers, totalling $1.17 billion, while retail betting brought in $53.1 million. FanDuel once again dominated the market, leading with $49.4 million in revenue. DraftKings followed with $35.6 million—a staggering 60.4% increase from October—while BetMGM ranked third at $9.4 million.
Other notable performers included:
- Bet365 (Hard Rock Atlantic City): $5.9 million.
- Caesars Interactive: $4.4 million.
- Fanatics and Bally’s: $3.7 million each.
New entrants like ESPN Bet, partnered with Resorts Casino, and Hard Rock Bet, also made their mark, generating $2.2 million and $1.7 million, respectively.
Year-to-Date Revenue Signals Record-Breaking Year
With just one month left in 2024, New Jersey is on track for a record-breaking year in gambling revenue. From January to November, total market revenue reached $5.78 billion—a 9.9% increase compared to the same period in 2023. This growth was fuelled by:
- iGaming: Up 23.8% to $2.16 billion.
- Sports Betting: Up 15.0% to $1.03 billion.
- Land-Based Casinos: Despite a slight 1.1% dip, they still brought in $2.59 billion.
Tax Revenues Highlight iGaming’s Role
The state collected $61.9 million in gambling taxes for November, with iGaming contributing the largest share:
- iGaming: $32.2 million, taxed at 15%.
- Online Sports Betting: $15 million, taxed at 13%.
- Land-Based Casinos: $14.4 million, taxed at 8%.
- Retail Sports Betting: $293,558, taxed at 8.5%.
For the year to date, total gambling taxes reached $622.6 million, with iGaming alone contributing $324.2 million.