New Jersey Sets New Record for iGaming Revenue in November
November Breaks Revenue Records Across Sectors
New Jersey’s iGaming revenue reached a historic high for the fourth consecutive month in November 2024, driven by growth across all licensed sectors.
The New Jersey Division of Gaming Enforcement (DGE) reported total gaming revenue of $556.9 million, marking an 11.4% increase from October 2024 and a rise from $482.4 million in November 2023.
Land-Based Casinos Maintain Dominance
Despite iGaming’s record-breaking performance, land-based casinos remained the largest contributor to total gaming revenue, generating $223.9 million in November. This represents a 4.2% year-on-year increase and a 7.3% improvement compared to October.
- Slot machines: Revenue increased by 4.3% to $167.7 million.
- Table games: Revenue grew by 4.0% to $56.2 million.
Borgata Hotel Casino & Spa led the market, recording $57.6 million in revenue, an 11.4% rise from November 2023. Hard Rock and Ocean Resort followed with $44.3 million (+7.1%) and $34 million (+8.2%), respectively.
iGaming Surpasses Expectations
The iGaming sector set a new monthly record with $214.0 million in revenue, up 24.7% year-on-year.
- Online slots and table games: Generated $211.7 million, a 24.9% increase.
- Peer-to-peer poker: Contributed $2.3 million, growing by 12.7%.
FanDuel, in partnership with Golden Nugget Atlantic City, retained its leadership position with $47.9 million in revenue. DraftKings and BetMGM followed, reporting $42.2 million and $27.5 million, respectively.
Sports Betting Rebounds Despite Lower Handle
While sports betting handle fell by 21.9% to $1.22 billion, higher margins led to a 24.7% increase in revenue, reaching $119 million.
- Online betting: Accounted for $1.17 billion of the total handle.
- Retail betting: Contributed $53.1 million.
FanDuel led the market with $49.4 million in revenue, while DraftKings achieved an impressive 60.4% month-on-month growth. BetMGM retained its position in third place.
On Track for a Record-Breaking 2024
With year-to-date gaming revenue at $5.78 billion, New Jersey is poised to set new annual records in 2024.
- iGaming: Up 23.8% to $2.16 billion.
- Land-based casinos: Generated $2.59 billion, reflecting a 1.1% decline.
- Sports betting: Increased by 15.0% to $1.03 billion.
Gaming Taxes Fuel State Revenue
In November, New Jersey collected $61.9 million in gambling taxes, with $32.2 million from iGaming. Year-to-date tax revenue stands at $622.6 million, with 52% contributed by the iGaming sector.