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Online Casinos Surpass Atlantic City Revenue in October

In October 2024, New Jersey's online gambling revenue surpassed in-person casino earnings in Atlantic City for the first time, marking a pivotal shift in the state's gaming industry. Explore the implications for brick-and-mortar casinos, the rapid growth of online gambling, and what this means for the future of iGaming in the Garden State.
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Branimir Ivanov | Senior News Contributor

Updated: Nov 20, 2024

Huge Online Casinos Boost

For the first time in history, online casinos in New Jersey outperformed their brick-and-mortar counterparts in Atlantic City over a single month. October 2024 saw online gambling sites generate $213.6 million in revenue—$4.9 million more than the city's physical casinos. This figure does not include revenue from sports betting.

As one of the largest online casino markets in the United States, New Jersey serves as a model for other states considering iGaming legalization. However, while the milestone is significant, it has prompted debates about its implications. Some critics argue that online casinos are siphoning revenue from in-person gambling, but the data tells a more nuanced story.

 

Online Casinos Post Record Gains

The October revenue of $213.6 million for online casinos set a new record, breaking the previous high of $208.1 million recorded in September 2024. Compared to October 2023, this represents an impressive 27.3% increase.

For the ongoing fiscal year, online casinos are on track to exceed the previous year’s revenue by more than 20%. If this growth continues, FY2024-25 will break all previous records. Despite these rapid gains in the online space, Atlantic City’s land-based casinos are not experiencing equivalent declines. Although October 2024 was the weakest month for Atlantic City casinos since 2020, their total revenue of $208.7 million slightly exceeded pre-pandemic levels from October 2019, when they brought in $202.5 million.

Performance varied among the city's nine casinos. Caesars Atlantic City and Tropicana reported year-over-year gains of 3.5% and 6.9%, respectively. However, other properties saw declines, including a marginal decrease for Borgata and larger dips for resorts like the Golden Nugget.

These uneven changes indicate that while online casinos are thriving, they are not directly causing a proportional decline in in-person gambling.

 

Correlation Does Not Equal Causation

The simultaneous rise of online casino revenue and small declines in brick-and-mortar gaming does not necessarily imply a direct relationship. If online gaming were cannibalizing retail casinos, the revenue losses in Atlantic City would be much more consistent and proportional to online growth.

Instead, the partnership model between online operators and Atlantic City casinos points to a symbiotic relationship. Licensed online platforms operate under the purview of Atlantic City properties, which earn a share of the revenue.

 

Rapid gains in online casino win in New Jersey are not the primary, much less sole cause of slight downturns in win for Atlantic City casinos.

 

The Future

Looking forward, online casino contracts in New Jersey are up for renewal in 2028. Should online revenue continue to outpace land-based gaming, state legislators might reconsider the terms. Potential changes could include increasing the tax rate on online casino earnings or adjusting revenue-sharing agreements with Atlantic City properties.

In 2024, a bill proposing a tax hike from 15% to 30% was introduced in Trenton, highlighting ongoing discussions about the balance of benefits between the online and retail sectors. October 2024 marks a pivotal moment for New Jersey gambling, showcasing the growing dominance of online casinos. As other states consider iGaming legalization, New Jersey’s experience serves as a valuable case study in balancing innovation with traditional casino operations.

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