New Jersey set a new igaming revenue record for the fourth straight month in November, as all licensed verticals grew year-on-year.
Overall gambling revenue for the month hit $556.9 million (£438.6 million/€530.1 million), the New Jersey Division of Gaming Enforcement (DHE) reports. This is comfortably clear of $482.4 million last year and 11.4% above $499.8 million this October.
Sports betting and igaming were the standout performers in the New Jersey gambling market in November, with both verticals reporting double-digit growth. Land-based casino revenue in New Jersey was also up year-on-year.
After slipping behind online casino’s contribution in recent months, land-based was once again the main contributor to revenue in the month.
Land-based casinos make a comeback
Despite another record month of igaming revenue, the segment slipped back behind land-based casinos in terms of the area that generated the most gambling revenue in New Jersey.
Revenue from land-based casinos in November topped $223.9 million, which is 4.2% more than last year and 7.3% ahead of October.
Physical slot machine revenue increased by 4.3% year-on-year to $167.7 million. In addition, table games revenue edged up 4.0% to $56.2 million for the month.
MGM’s Borgata Hotel Casino & Spa was the top performer with $57.6 million in casino win for the month. This marked an 11.4% improvement on November 2023.
Aside from the Borgata the Garden State’s newest casinos are outperforming established venues. Hard Rock, which opened in June 2018, followed with revenue of $44.3 million, a 7.1% year-on-year increase. Ocean Resort, another June 2018 opening, saw revenue grow 8.2% in November to $34 million.
Igaming revenue hits new record of $214.0 million
Meanwhile online gaming enjoyed another record-breaking month. Revenue increased 24.7% year-on-year to $214 million in November. This narrowly beat the existing record of $213.6 million, from October this year.
Online slots and table games accounted for $211.7 million of this total, up 24.9% from last year. The other $2.3 million came from peer-to-peer poker, with this some 12.7% higher than November 2023.
FanDuel, partnered with Golden Nugget Atlantic City, remained the igaming market leader with $47.9 million in revenue. There are no year-on-year comparisons available for individual skins in the market, as the Division of Gaming Enforcement only started releasing figures for individual operators starting from March this year.
DraftKings and partner Resorts Casino Hotel followed in second with $42.2 million in revenue, ahead of BetMGM, which works with Borgata, on $27.5 million.
Golden Nugget again ranked as the leading master licensee with $65.2 million in igaming revenue. Rush Street Interactive’s BetRivers, Super Group’s Spin Games and Jackpot City and DraftKings’ Golden Nugget Online Gaming also operate skins under Golden Nugget’s master licence.
Sports betting revenue jumps 24.7% as hold improves
Sports betting handle in November fell 21.9% year-on-year to $1.22 billion, although an improved hold resulted in revenue growing strongly. Online betting spend for the month hit $1.17 billion and retail $53.1 million
New Jersey sports betting revenue for the month amounted to $119.0 million. This beats last year by 24.1% and is also 53.6% ahead of October.
This was down to an improved hold, after player-friendly NFL results hit operators badly in October. Last month hold came to 6.85%, a significant drop on September 2024’s 11.28%. In November operators held 9.72% of stakes.
Can anyone stop FanDuel in New Jersey?
Flutter’s FanDuel again replicated its igaming market leadership in sports betting, with revenue of $49.4 million. The DGE does not disclose handle for each operator.
DraftKings had a better month, with the $35.6 million posted in November representing a 60.4% uptick from October 2024. This was enough to ensure it remained second behind FanDuel. BetMGM again settled for third with $9.4 million in monthly revenue.
As for the rest of the market, Bet365 – a Hard Rock Hotel and Casino partner – saw revenue reach $5.9 million in November. Caesars Interactive posted $4.4 million in revenue, ahead of Fanatics and Bally’s with $3.7 million.
ESPN Bet, partnered with Resorts Casino, posted $2.2 million, while Hard Rock Bet reported revenue of $1.7 million. BetRivers, which works with Monmouth, rounded off the leading operators with $1.3 million.
New Jersey on track for record year
Looking at the state’s year-to-date figures, it is safe to say, barring a complete collapse in December, that several full-year records will fall in 2024.
For the 11 months to the end of November, total market revenue was $5.78 billion, ahead of last year by 9.9%. This has been helped by a 23.8% rise in igaming revenue to $2.16 billion.
Land-based casinos remain the primary source of revenue despite a 1.1% decline to $2.59 billion. Sports betting revenue for the same period was 15.0% higher at $1.03 billion, with handle 8.4% higher at $11.59 billion.
Igaming contributes over half of NJ gaming tax revenue
Total tax from gambling in the state was $61.9 million for the month. Of this, $32.2 million came from igaming, which is taxed at 15% of gross revenue. Online sports betting tax at 13% generated $15 million, land-based casinos (8% of gross revenue) $14.4 million and retail sports betting (8.5% gross revenue) $293,558.
Tax-wise, the total collected from gambling activity in this period is $622.6 million. Of this, $324.2 million came from igaming, $165.4 million land-based casinos, $130.3 million online sports betting and $2.8 million retail sports wagering.
