New Jersey Sets Record for iGaming Revenue in November

New Jersey’s gambling market hit new heights in November, as iGaming revenue reached a record $214 million, marking the fourth consecutive month of growth. This surge in revenue reflects the ongoing strength of New Jersey’s gaming sector, which includes not only iGaming but also sports betting and land-based casinos. All three verticals posted year-on-year increases in November, contributing to a solid overall performance for the state’s gambling industry.

The total gambling revenue for November amounted to $556.9 million, which is a significant increase over both last year’s $482.4 million and October’s $499.8 million. This represents an 11.4% year-on-year growth and shows the resilience of the state’s gambling market. While all gambling sectors experienced positive growth, it was sports betting and iGaming that were the standout performers in November, both seeing double-digit growth compared to the previous year. Even land-based casinos, which had experienced a slowdown in recent months, made a notable comeback.

Category	November 2024 Revenue	Year-on-Year Growth
Total Gambling Revenue	$556.9 million	+11.4%
Land-Based Casinos	$223.9 million	+4.2%
iGaming Revenue	$214 million	+24.7%
Sports Betting Revenue	$119 million	+24.7%
Top iGaming Operator	FanDuel (Golden Nugget)	N/A
Top Sports Betting Operator	FanDuel	N/A
Tax Revenue from iGaming	$32.2 million	N/A

 

 

Revenue Portions

Land-based casinos generated $223.9 million in revenue for November, a 4.2% increase from the same month last year. Physical slot machines saw a 4.3% boost in revenue to $167.7 million, while table games revenue edged up 4.0% to $56.2 million. This growth in land-based casino revenue is significant, as it marks a return to dominance for traditional casino venues, which had recently been overshadowed by online gaming.

The Borgata Hotel Casino & Spa was the highest-grossing casino in the state, with $57.6 million in revenue, reflecting an 11.4% year-on-year increase. This continues Borgata’s dominance as a leading casino in Atlantic City. Other newer casinos, including Hard Rock and Ocean Resort, which both opened in 2018, also saw notable increases. Hard Rock posted $44.3 million in revenue, a 7.1% increase, while Ocean Resort’s revenue grew by 8.2%, reaching $34 million for the month.

iGaming continued its record-breaking run in November, with revenue hitting $214 million. This represents a 24.7% increase over November 2023 and narrowly surpassed the previous record of $213.6 million set in October 2024. A large portion of this iGaming revenue, $211.7 million, came from online slots and table games, reflecting strong consumer demand for these gaming options. Peer-to-peer poker also saw an increase, generating $2.3 million in revenue, a 12.7% rise compared to the previous year.

FanDuel, which partners with Golden Nugget Atlantic City, remained the leader in the iGaming market, posting $47.9 million in revenue. Following in second place was DraftKings, in partnership with Resorts Casino, which earned $42.2 million. BetMGM, which works with Borgata, took third place with $27.5 million in iGaming revenue. Golden Nugget, as the leading master licensee in the state, once again saw strong performance, generating $65.2 million from its various operators.

While iGaming set new records, sports betting also experienced a surge in November. Total sports betting revenue reached $119 million, an increase of 24.7% from the same month last year. This strong growth came despite a 21.9% year-on-year decline in sports betting handle, which totaled $1.22 billion. The improved performance can be attributed to a significant improvement in hold, which measures the percentage of wagers retained by operators. In November, the hold was 9.72%, up from 6.85% in October, and much higher than September’s 11.28%. This shift in hold helped sports betting operators recover from a difficult October, which had been impacted by player-friendly NFL results.

FanDuel once again led the sports betting market, with $49.4 million in revenue. DraftKings saw a significant boost in revenue, up 60.4% from October to $35.6 million in November. BetMGM finished in third place with $9.4 million, while other operators, including Bet365 and Caesars Interactive, also posted solid results. Bet365, which partners with Hard Rock Hotel and Casino, earned $5.9 million, while Caesars Interactive brought in $4.4 million. ESPN Bet, partnered with Resorts Casino, posted $2.2 million, while other smaller operators such as Hard Rock Bet and BetRivers rounded out the rankings.

Looking ahead, it’s clear that 2024 is set to be a record-breaking year for New Jersey’s gambling market. As of November, the total revenue for the year reached $5.78 billion, an increase of 9.9% over 2023. iGaming has been a major driver of this growth, with revenue up by 23.8% to $2.16 billion. Sports betting has also shown strong growth, with revenue rising by 15% to $1.03 billion. Although land-based casinos have experienced a slight decline of 1.1% to $2.59 billion, they still remain the largest source of revenue for the state’s gambling industry.

In addition to revenue growth, the state’s gambling industry has contributed significantly to tax revenue. For November, the total gambling tax revenue was $61.9 million. Of this, iGaming taxes made up the largest portion, with $32.2 million, as online gaming is taxed at 15% of gross revenue. Sports betting taxes contributed $15 million, while land-based casino taxes brought in $14.4 million. Overall, the state’s gambling sector is on track to contribute over $620 million in taxes for the year, with iGaming accounting for more than half of the total.

 

We have set a new benchmark for iGaming revenue in New Jersey, and with continued growth across all gambling verticals, the state’s gambling market remains a powerhouse in the industry.

 

Conclusion

In conclusion, New Jersey’s gambling market continues to perform exceptionally well, with impressive growth across both traditional and digital platforms. iGaming and sports betting have been the primary drivers of this success, with both sectors posting record revenues in November. While land-based casinos saw a rebound, online gaming remains a key player in the state’s overall gambling performance. With 2024 on track to be a record-breaking year, New Jersey is well-positioned to maintain its status as a leading gaming market in the U.S.