New Jersey Sets Record $6.30 Billion Gambling Revenue in 2024

New Jersey’s gambling industry achieved a record-breaking $6.30 billion in revenue in 2024, marking a 9.0% increase over the previous year's $5.78 billion. Growth was driven by significant gains in iGaming and sports betting, while land-based casino revenue declined slightly. The performance cements New Jersey’s status as a leader in the U.S. gambling market and highlights the shifting dynamics within the industry.

 

iGaming: A Record-Breaking Year

iGaming was the standout performer in 2024, with revenue soaring 24% year-over-year to reach $2.39 billion, just shy of overtaking land-based casinos ($2.82 billion) as the state’s leading gambling sector. Online slots and table games dominated, accounting for $2.36 billion of iGaming revenue, up 24.5% from 2023. Peer-to-peer poker revenue, however, saw a slight dip of 1.5% to $28.5 million.

DraftKings, in partnership with Resorts Casino Hotel, led the iGaming market with $515 million in revenue, followed closely by FanDuel and Golden Nugget Atlantic City at $506.6 million. BetMGM and Borgata came third with $287.7 million. Notably, Golden Nugget was the top-performing master licensee, reporting $688.9 million in revenue through its various partnerships, including BetRivers and Jackpot City.

Sports betting also had a record year, with revenue increasing 8.7% to $1.09 billion. Players wagered $12.77 billion, up 6.7% from 2023, with $12.27 billion coming from online bets and $499.2 million from retail sportsbooks. The state’s annual sports betting hold stood at 8.54%.

FanDuel, operating under a Meadowlands skin, led the sector with $459.4 million in revenue, while DraftKings and Resorts Casino Hotel ranked second with $289.1 million. BetMGM and Borgata secured third place with $70.7 million. Other operators, including Bet365, Caesars Interactive, and ESPN Bet, contributed to the total but trailed significantly behind the top three.

Despite being the largest sector, land-based casinos experienced a 1.1% revenue decline, generating $2.82 billion in 2024. Slot machines accounted for $2.10 billion, down 0.7%, while table games brought in $721 million, a 2.0% decrease.

MGM’s Borgata Hotel Casino & Spa retained its dominance in the land-based sector with $738.1 million in revenue. Hard Rock Atlantic City followed with $544.9 million, and Ocean Resort ranked third with $409.7 million.

 

December Highlights

In December 2024, total gambling revenue reached $522.6 million, a marginal 0.1% increase from the previous year. iGaming revenue hit a monthly record of $228.0 million, marking five consecutive months of record-breaking growth. DraftKings and Resorts Casino led December’s iGaming market with $51.3 million in revenue, narrowly beating FanDuel and Golden Nugget’s $50.1 million.

Sports betting, however, faced challenges in December. Monthly revenue fell 42.6% year-over-year to $62.8 million due to customer-friendly sports outcomes. Player spend reached $1.22 billion, with a hold of 5.17%. FanDuel and Meadowlands led with $29.7 million in revenue, followed by DraftKings at $15.7 million.

Land-based casinos remained stable in December, generating $231.8 million in revenue, a 0.3% year-on-year decline. Slot revenue fell 4.2% to $168 million, but table game revenue rose 11.6% to $63.8 million.

 

iGaming revenue was up 24% to a record $2.39 billion

 

Conclusion

New Jersey’s record $6.30 billion gambling revenue in 2024 underscores the state’s dynamic market and the rapid rise of iGaming and sports betting. While land-based casinos remain the largest sector, iGaming is on track to surpass them, signaling a transformative shift in consumer preferences. With consistent growth and record-breaking performances across key segments, New Jersey continues to set the standard for the U.S. gambling industry.