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U.S. iGaming’s 2024 Casino Surges and Milestones

In September 2024, U.S. online casinos experienced significant growth, with New Jersey and Michigan surpassing $200 million in monthly revenue, joining Pennsylvania. This milestone highlights the thriving online gaming market as total national revenue reaches $712 million.
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Branimir Ivanov | Senior News Contributor

Updated: Oct 28, 2024

How did iGaming perform in 2024?

October 28, 2024 — The U.S. online casino industry has reached a significant milestone, as September 2024 saw New Jersey surpass $200 million in monthly gross gaming revenue (GGR) for the first time. This achievement places New Jersey alongside Michigan, which has crossed this revenue threshold for the second time. These developments reflect the ongoing growth and vitality of the online gambling market, particularly in the three states commonly referred to as the “Big Three”: New Jersey, Pennsylvania, and Michigan. Together, these states account for a substantial portion of the national online gaming revenue, highlighting their pivotal roles in shaping the industry.

In September, New Jersey's online casinos generated an impressive $208.1 million, marking a remarkable increase of 27.1% compared to the same month last year. Michigan's online gaming revenue also showed strong growth, reaching $202.6 million, which represents a 21.7% increase year-over-year. Pennsylvania, the largest of the three states in terms of population, led the pack with $227.4 million in revenue, reflecting a growth rate of 21.4%. Collectively, these three states accounted for nearly 90% of the total national online gaming revenue, underscoring their established markets and the significant demand for their online casino offerings.

 

The Big Three States

The overall online gambling revenue across the United States reached approximately $712 million in September, contributing to a year-to-date total that exceeds $6 billion. This acceleration in growth indicates a robust consumer demand for online gaming services, as the industry is projected to surpass $8 billion by the end of the year, beating earlier estimates by nearly 6%. While the Big Three states dominate the market, other states also contributed meaningfully, adding over $73 million to the national revenue in September. However, the disparity between the Big Three and smaller markets remains significant, highlighting the critical role these larger states play in the health and stability of the online gaming sector.

One of the most interesting aspects of the revenue performance among the Big Three is the remarkable similarity in their figures, despite notable differences in population, regulatory environments, and market maturity. New Jersey, which launched its online gambling market in 2013, has a population of approximately 9.3 million and benefits from a competitive tax rate of 15%. In contrast, Pennsylvania, the most populous of the three with about 13 million residents, encountered initial challenges, such as a steep 54% tax on slots revenue and a slow rollout hampered by regulatory delays. However, as its market matured, Pennsylvania has experienced impressive growth. Michigan, the last of the three to launch its online casinos in January 2021, has thrived thanks to a more efficient regulatory structure, demonstrating rapid growth despite having a smaller number of brands in its market.

When we look at the timeline of revenue milestones, it’s notable that New Jersey took eight years to reach $100 million in monthly revenue, while Pennsylvania achieved this mark in just 18 months after launching its market. In contrast, Michigan managed to reach the $100 million threshold in a remarkable nine months, with its revenue trajectory continuing to climb. The increasing figures from these states not only reflect a recovery from the pandemic's impact on the gaming industry but also suggest sustained consumer interest in online gambling, indicating a bright future for this sector.

 

Individual State Performance

State Gross Gaming Revenue (September 2024) Year-Over-Year Growth
Pennsylvania $227.4 million +21.4%
New Jersey $208.1 million +27.1%
Michigan $202.6 million +21.7%

In Pennsylvania, the online casino and poker markets reached a new daily revenue record, earning $7.6 million on average in September. This represents a significant increase from previous months, despite a slight slowdown in growth compared to earlier this summer. The state exceeded projections by 5.4%, demonstrating its ability to consistently perform above expectations. Notably, bet365 Casino has been gaining traction, capturing a market share of 2.1%, but its aggressive promotional spending led to negative adjusted revenue. Meanwhile, other established brands like FanDuel and Rivers Casino reported substantial gains, indicating that larger operators continue to solidify their positions in the market.

New Jersey's online gaming performance in September was bolstered by a strong growth rate, with a daily average revenue climbing to $6.9 million. The state surpassed its revenue forecasts by 13.2%, which is a testament to its robust market dynamics and effective promotional strategies. Year-to-date, New Jersey has accumulated $1.73 billion in revenue, placing it on track to potentially reach close to $2.4 billion by the end of the year. A key player in this growth has been FanDuel Casino, which has been increasing its market share and is now very close to overtaking DraftKings as the market leader. This intensifying competition among major brands suggests that New Jersey's online gaming landscape will continue to evolve rapidly.

In Michigan, September marked the start of a seasonal upswing, with revenue reaching $202.6 million. Although the annual growth rate slowed slightly from previous months, the state has been consistently exceeding revenue projections, demonstrating strong consumer engagement in online gaming. The daily average revenue for Michigan also matched New Jersey's at $6.9 million, indicating a thriving market that is well-positioned for continued growth. Golden Nugget Michigan experienced a significant recovery, with its daily average revenue increasing by an impressive 57%, helping to regain market share. Overall, Michigan's positive performance reflects a healthy competitive environment and suggests that it is on track for a robust finish to the year.

 

Conclusion

The impressive performance of New Jersey, Pennsylvania, and Michigan not only highlights the resilience of the U.S. online casino industry but also underscores the potential for further expansion and innovation in the sector. As these states continue to lead the way in online gaming revenue, their achievements may pave the way for growth in other jurisdictions. With ongoing consumer interest and robust revenue projections, the future of online gambling in the United States looks promising, suggesting that this industry is poised for a new era of development and success.

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