New Jersey Sets Record with November 2024 Gaming Revenue Growth

December 18, 2024 Marija D

The New Jersey Division of Gaming Enforcement (DGE) has released its revenue report for November 2024, showcasing remarkable growth across the state’s gambling sectors. With increases in internet gaming, sports wagering, and land-based casino earnings, total revenue reached a new peak, solidifying the state’s position as a leader in the gaming industry.

Casino Win Highlights Growth

The nine casino hotels in New Jersey collectively reported a total casino win of $223.9 million in November, marking a 4.2% increase from $214.9 million in November 2023. Year-to-date figures, however, reflected a slight decline, with total casino wins amounting to $2.59 billion—down 1.1% from the same period last year. Despite this minor dip, land-based casinos maintained their dominance in November, regaining the top spot as the primary revenue source.

Revenue from physical slot machines rose 4.3% year-over-year to $167.7 million, while table games generated $56.2 million, reflecting a 4.0% increase. MGM’s Borgata Hotel Casino & Spa led the market with $57.6 million in earnings, an 11.4% improvement compared to the previous year. Meanwhile, newer properties like Hard Rock and Ocean Resort continued to excel. Hard Rock saw a 7.1% rise in revenue to $44.3 million, and Ocean Resort reported an 8.2% increase, bringing in $34 million.

Online gaming in New Jersey reached new heights in November, setting a record for the fourth consecutive month. Revenue totaled $214.0 million, a 24.7% year-over-year increase from $171.6 million in November 2023. This marginally sured October’s $213.6 million, the previous record.

Online slots and table games ed for the majority of the revenue, contributing $211.7 million, up 24.9% from last year. Peer-to-peer poker, although a smaller segment, also saw growth, with a 12.7% increase to $2.3 million. Leading the igaming market was FanDuel , partnered with Golden Nugget Atlantic City, which generated $47.9 million in revenue. DraftKings and Resorts Casino Hotel followed closely with $42.2 million, while BetMGM and Borgata recorded $27.5 million.

Golden Nugget’s master licensee retained its position as the top performer, earning $65.2 million. Operators like BetRivers, Jackpot City, and Spin Games contributed significantly to this figure.

Sports Betting Shows Strong Recovery

New Jersey’s sports wagering market rebounded impressively in November, posting a 24.1% increase in gross revenue to $119.0 million compared to $95.9 million in November 2023. This figure also represented a 53.6% jump from October 2024, driven by improved hold percentages.

Total sports betting handle for the month reached $1.22 billion, a 21.9% decrease year-over-year. However, the hold percentage—the amount retained by operators—rose to 9.72%, contributing to the revenue growth. FanDuel once again led the market with $49.4 million in earnings, while DraftKings followed with $35.6 million, a 60.4% improvement from October. BetMGM secured the third spot with $9.4 million.

Other notable operators included Bet365, which brought in $5.9 million, and Caesars Interactive, earning $4.4 million. ESPN Bet and Hard Rock Bet also made contributions, generating $2.2 million and $1.7 million, respectively.

With total gaming revenue for November reaching $556.9 million, a 15.4% increase from $482.4 million in November 2023, New Jersey is on track for a record-breaking year. Year-to-date revenue stood at $5.78 billion, reflecting a 9.9% growth compared to $5.26 billion in the prior year.

Internet gaming has been a key driver of this success, contributing $2.16 billion year-to-date, a 23.8% increase from the previous year. Sports betting also performed well, with gross revenue rising 15.0% to $1.03 billion. Despite a slight 1.1% decline in land-based casino revenue to $2.59 billion, these properties remain an essential pillar of the state’s gaming industry.

The state collected $61.9 million in gambling taxes for November. Internet gaming contributed $32.2 million, taxed at 15% of gross revenue, while online sports betting generated $15 million at a 13% rate. Land-based casinos and retail sports wagering added $14.4 million and $293,558, respectively.

Year-to-date, total tax revenue from gaming reached $622.6 million. Internet gaming ed for over half of this figure, contributing $324.2 million, while land-based casinos and online sports betting added $165.4 million and $130.3 million, respectively.

Source:

”New Jersey Division of Gaming Enforcement Announces November 2024 Total Gaming Revenue Results”, njoag.gov