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New Jersey Online Casinos Hit Record Revenues in April 2024

New Jersey online casinos set a new revenue record in April 2024, with gross gaming revenues reaching nearly $187.9 million, an 18.2% increase from the previous year.
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Branimir Ivanov | Senior News Contributor

Updated: May 17, 2024

The new jersey case

April 2024 marked another milestone for New Jersey’s online casino market, with gross gaming revenue (GGR) reaching an all-time high. According to the New Jersey Division of Gaming Enforcement (NJDGE), online casinos in the state amassed nearly $187.9 million in April, an 18.2% increase from the same month last year. This new record extends the streak of monthly revenues surpassing $180 million to five consecutive months.

 

Key Developments

  • Record-Breaking Month: New Jersey online casinos achieved nearly $187.9 million in gross gaming revenue in April 2024, marking an 18.2% increase from April 2023.
  • Top Performers: DraftKings Casino and FanDuel Casino led the market, each capturing over 20% of the total revenue, followed by BetMGM, Borgata Online, and Caesars Palace.
  • Sustained Growth: April 2024 was the fifth consecutive month where monthly revenues exceeded $180 million, with a cumulative $750.7 million for the first four months of the year, up 21.1% from the same period in 2023.

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The first four months of 2024 have been particularly robust for New Jersey’s online gambling sector. The cumulative win of $750.7 million from January to April represents a 21.1% rise compared to the same period in 2023. This consistent growth underscores the resilience and expanding popularity of online gambling in the state. Such growth is likely fueled by a combination of factors including increased consumer comfort with digital platforms, effective marketing campaigns, and the broadening range of gaming options available online.

April's revenue breakdown by operator, provided by the NJDGE for the second consecutive month, revealed little change in the market dynamics. DraftKings Casino and FanDuel Casino continue to dominate the market, each capturing just over a fifth of the total revenue. Specifically, DraftKings Casino reported $39.2 million in revenue, accounting for a 20.9% market share, while FanDuel Casino followed closely with $39.1 million and a 20.8% share. BetMGM Casino held the third position with $22.9 million, translating to 12.2% of the market. Borgata Online and Caesars Palace rounded out the top five, earning $17.3 million (9.2%) and $11.4 million (6%), respectively. The standings remain largely unchanged from March, with DraftKings and FanDuel maintaining their leading positions. The slight variance from March, where FanDuel edged out DraftKings, has flipped, albeit marginally.

It's essential to distinguish between gross gaming revenue and actual profit. GGR represents the total amount wagered by players minus the winnings paid out. This figure does not account for operational costs, taxes, and payments to land-based partners, which are significant expenses for online casino operators. Operational expenses include a variety of costs such as technology and software maintenance, customer support services, marketing and promotions, and compliance with regulatory requirements. Additionally, a substantial portion of the revenue is allocated to taxes, which contribute significantly to state finances, and to partnerships with physical casinos, which enable the online operations under the state’s regulatory framework.

Thus, while DraftKings and FanDuel lead in market share, it doesn’t necessarily indicate they are the most profitable. The net profitability remains a closely guarded secret, influenced by a variety of factors including marketing expenses, technology investments, and partnerships with physical casinos. Profitability can vary widely even among the top operators due to differences in their operational efficiencies, customer acquisition costs, and retention strategies. Moreover, newer entrants or smaller operators might be focusing on sustainable growth strategies rather than immediate profitability, investing heavily in building their user base and improving their platforms.

For the operators trailing the top two, increasing their market share is a formidable challenge. The dominance of DraftKings and FanDuel suggests a well-entrenched customer base and significant brand loyalty. These leaders benefit from extensive marketing campaigns, a broad range of games, and robust user experiences that keep players engaged. However, with the market expanding, there is potential for shifts in consumer preferences and strategies that could alter the competitive landscape. Innovations in gaming technology, more attractive bonuses, and enhanced customer service could provide opportunities for other operators to capture a larger share of the market.

 

“New Jersey online casinos achieved nearly $187.9 million in gross gaming revenue in April 2024, setting a new monthly record and reflecting an 18.2% increase compared to April 2023.”

 

Conclusions

New Jersey’s online casino market continues to thrive, setting new benchmarks in 2024. With record-breaking revenue and sustained growth, the sector is a vital component of the state’s gaming industry. As market leaders, DraftKings and FanDuel exemplify success, though profitability across the board remains an opaque aspect. The evolving market dynamics promise an interesting trajectory for all players involved. As the market matures, it will be intriguing to observe how these dynamics play out, particularly in terms of market share realignment, technological advancements, and regulatory developments that could further shape the industry’s future.

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