New Jersey iGaming Revenue Sets New Record in March

Article by : Erik Gibbs Apr 18, 2024

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In March 2024, the online casino industry in New Jersey demonstrated significant growth, reaching a record revenue of $197.2 million. This marks a 19% increase from the previous year and surpasses the previous record set in January by 7.6%. The notable surge in revenue reflects the strong performance of the online gambling sector in the state.

Compared to sports betting, which generated $89.7 million in revenue for the same month, online casinos more than doubled their earnings, highlighting their substantial role in New Jersey’s gambling landscape.

Despite concerns about the impact of online gambling on traditional casinos, New Jersey’s experience suggests that both sectors can coexist harmoniously. The steady revenue from brick-and-mortar casinos alongside the growth of online gambling indicates a complementary relationship rather than direct competition.

The financial implications of this growth are significant. In March, the state collected $29.6 million in taxes from online casino revenue alone, thanks to a 15% tax rate. This revenue supports public services in the state.

Examining the revenue breakdown by online casino operators reveals a competitive landscape. Companies like FanDuel and DraftKings led the way in March revenue, driving innovation and enhancing customer experiences in the online gambling market.

Among the nine iCasino licenses in New Jersey, Golden Nugget stood out with a combined revenue of $57.1 million from its various skins, showcasing the success of its operational strategies and the appeal of its offerings.

The top 10 individual operators in New Jersey ranked by revenue for March were FanDuel with $41.6 million, DraftKings with $41.2 million, BetMGM with $21.8 million, Borgata with $17.8 million, Caesars Palace with $13.1 million, Hard Rock Bet with $9 million, Golden Nugget with $7.9 million, BetRivers with $7.3 million, Bally’s with $6.3 million and Tropicana with $3.4 million.

The state’s regulatory framework has not only brought financial benefits but also demonstrated the potential for a harmonious relationship between online and retail gambling establishments. However, a bill that seeks to introduce a 30% tax rate on online gambling operators could cause a shift in the state’s activity. That legislation is currently being discussed by state lawmakers.