New Jersey iGaming Revenue Reaches Record-Breaking $260M In October
New Jersey’s online casinos had a record-breaking month in October, posting $260.3 million in revenue.
The figure surpassed the previous high, set in August of this year, of $248.8 million.
Online slots and table games, as well as poker, posted significant yearly gains. At the same time, FanDuel Casino cemented its position as the biggest online casino in the state with a 26.1% annual increase.
However, Fanatics posted the most significant year-on-year gains, with its revenue figures increasing more than 250% during the period.
Meanwhile, the state’s physical casino and sports betting markets also saw gains for the month.
New Jersey iGaming
New Jersey has one of the most established and developed iGaming markets in the US, having regulated mobile casinos back in 2013.
The New Jersey Division of Gaming Enforcement, along with the state’s licensed online operators, has refined and enhanced its offerings while continuing to prioritize responsible gambling.
Even after 12 years, however, NJ still manages to surprise.
In this case, New Jersey’s online casinos enjoyed a record-breaking month in October, having previously broken the record in August.
It did so while the state’s retail casinos also posted positive movements. Most NJ online casinos posted one of, if not the, best monthly revenues in their history, too. Total iGaming revenue in October was $260.3 million.
Having previously flirted with the quarter-billion-dollar revenue mark in August, October saw NJ smash through the barrier for the first time, thanks to a 22% annual increase in online slots and table game revenue.
Online poker also posted gains of 11%.
FanDuel Casino retained its position as the largest online platform, raking in $60.9 million for the month, up 26.1% compared to last year.
DraftKings is the second-biggest operator, but its 6.3% revenue increase means the gap between the top two is growing. DraftKings posted $48.5M in monthly revenue.
BetMGM had its strongest month ever with $33.2M in revenue, while Caesars Palace Online and Hard Rock posted figures of $16.9M and $14.3M, respectively.
Despite being one of the smallest platforms in terms of revenue, Fanatics posted the most significant gains, with its revenue increasing 250.4% to $13 million.
October’s impressive figures weren’t a one-off. Year-to-date, New Jersey has raised $2.39 billion in revenue from its online casinos.
This figure represents a 22.6% increase compared to the same 10-month period in 2023, and the state is one of the fastest-growing markets in the U.S.
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Gambling Revenue Results
Total gambling revenue, which includes revenue from retail casinos and racetracks, reached $611 million in the month.
This included $234.7 million from retail casinos, representing a 12.5% increase. Table game revenue, in particular, saw a marked jump, up 23.5% to $60.3 million.
Slots also made gains, increasing revenue by 9.1% to $174.4 million.
Not wanting to be outdone, the sports betting market posted a massive 49.8% gain from the same period last year, bringing its monthly revenue to $116.1 million.
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While online betting posted an impressive 45.9% jump, it was retail sports betting that dominated the market. Figures increased by a massive 242.5% to $5.4 million.
Year-to-date across the entire gambling industry, New Jersey has seen a 10% increase to $5.74 billion.
Online gaming accounted for $2.39 billion, while retail casinos posted slightly more, at $2.44 billion.
The total figures indicate that New Jersey collected $88.2 million in tax revenue in October and has now raised $699.9 million year-to-date.
