Data from the New Jersey Division of Gaming Enforcement shows that the state's total gaming revenue reached $563.7 million in September 2024, a 1% increase from the same period last year, but a 12.2% decrease from August. Despite growth in both online casinos and physical gaming markets, sports betting revenue saw a 24.9% year-over-year decline, falling to $89.8 million. Online gaming revenue decreased by 19.4%, and retail sports betting faced a loss of $13,173. The total betting amount by players increased by 3.7% to $1.13 billion, with a profit margin of 8.72%. Online casino revenue reached $243.1 million, up 16.8% year-over-year, nearly reaching the historical record. Physical gaming revenue slightly increased by 0.1% to $230.7 million, with table game revenue growth of 5.7% offsetting a decline in slot machine revenue. FanDuel, DraftKings, and BetMGM lead the operator revenue rankings.
Overall Revenue Overview and Trends
New Jersey's total gaming revenue reached $563.7 million in September 2024, a 1% increase from September 2023, but a 12.2% decrease from August 2024. This data, compiled and released by the New Jersey Division of Gaming Enforcement, reflects the monthly performance of the state's gaming market.
Growth was primarily driven by positive performances in online casinos and physical gaming markets, but a significant decline in sports betting revenue limited the overall growth.
Sports Betting Performance Analysis
Sports betting revenue decreased by 24.9% year-over-year to $89.8 million. Online sports betting revenue fell by 19.4%, and retail sports betting incurred a loss of $13,173. The total betting amount by players grew by 3.7% to $1.13 billion, with online bets at $1.07 billion and retail bets at $60.1 million.
The profit margin reached 8.72%, indicating that despite the revenue decline, the betting amount continued to grow.
Operator Revenue Rankings
FanDuel, in partnership with Meadowlands, topped the chart with $37.7 million in online revenue. DraftKings and Resorts World ranked second with $22.6 million, and BetMGM with Borgata came third with $7.1 million.
On the retail side, Meadowlands led with $4.2 million in monthly revenue, while Monmouth Park was another operator with revenue over a million dollars, earning $1.2 million in September.
Record Performance in Online Casinos
Online casino revenue reached $243.1 million, up 16.8% year-over-year, slightly below the historical high of $248.4 million set in August. Slot machines and table games contributed $240.7 million, up 16.9% year-over-year.
Online poker revenue was $2.5 million, up 10.7%, showing a comprehensive growth trend.
Online Operator Performance
FanDuel and Golden Nugget led with $56.6 million in total iGaming revenue. DraftKings and Resorts World followed with $48.4 million, and BetMGM with Borgata ranked third with $30.3 million.
The operator rankings reflect market concentration and competitive landscape.
Physical Gaming Market Situation
Physical gaming total revenue slightly increased by 0.1% to $230.7 million. Slot machine revenue decreased by 1.8% to $170.1 million, but table game revenue grew by 5.7% to $60.6 million.
The strong performance of table games offset the decline in slot machine revenue, driving overall growth.
Annual Cumulative Data
As of the end of September, New Jersey's total gaming revenue for the year reached $5.13 billion, up 8.7% year-over-year. iGaming revenue grew by 22.7% to $2.12 billion, while sports betting revenue fell by 4.4% to $798.5 million.
Physical gaming revenue grew by 2.5% to $2.21 billion, showing the overall market continues to grow.
Market Trends and Consumer Behavior
Data indicates consumers are shifting from sports betting to online casino games. Online casinos have shown strong performance for several months, while sports betting faces challenges. This shift may reflect changes in consumer preferences or seasonal factors.
The contradiction of increasing betting amounts but decreasing revenue is noteworthy and may indicate increasing pressure on profit margins.
Regulatory Environment and Market Impact
New Jersey has one of the most mature gaming regulatory frameworks in the United States. A stable regulatory environment supports diversified market development, allowing online casinos, sports betting, and physical operations to develop synergistically.
Regulatory policies significantly impact market performance, with balancing innovation and responsible gaming being key considerations.
Future Outlook and Expectations
Based on current trends, online casinos are expected to continue their growth momentum. Sports betting may need to adjust strategies to address revenue declines. Physical gaming shows resilience but needs innovation to attract customers.
Market participants need to adapt to changing consumer behaviors and competitive landscapes to sustain growth.
