In October, New Jersey’s online casinos made Garden State history, pulling in more gross gaming revenue than Atlantic City retail casinos. The New Jersey Division of Gaming Enforcement reported that platforms produced $213.6 million in October revenue, beating the state record for the second consecutive month.
NJ online casinos have been growing at a faster rate than the retail sector for years. However, this is the first time the revenue total for a single month has exceeded the retail sector. Brick-and-mortar casinos in Atlantic City generated only $208.7 million in earnings over the same period.
Chairman of the Casino Control Commission, James T. Plousis, said in a statement emailed to PlayNJ:
“In October, internet gaming win set a monthly record and reached a notable milestone—it exceeded Atlantic City’s in-person casino win for the first time since inception, excluding the pandemic closure. Internet gaming win also exceeded $200 million for the second month in a row.
“These two accomplishments are emblematic of the importance of online gaming as a component of the evolving casino business.
“During Atlantic City’s traditional shoulder season, on-line gaming provides valuable opportunities for the operators and bolsters critical tax revenue streams dedicated to programs that benefit New Jersey’s senior and disabled populations.”
NJ iGaming reaches major milestones
The achievement of NJ online casinos is reaching setting a new record of $213.6 million in monthly revenue. That is up 2.6% month-over-month and 27.3% year-over-year.
The previous three months have each broken the state’s record for revenue in a single month. Those totals consisted of the following:
There has been concern regarding the impact online gambling, specifically NJ online casinos, has on Atlantic City casinos. October became the first month where iGaming revenue out-performed retail casinos.
The month of October isn’t necessarily considered a prime month for Atlantic City casinos. However, the popularity of online casinos continuing to grow in the state is starting to raise concerns about the retail industry.
Key takeaways from October revenue report
NJ online casino revenue is closing in on $2 billion for the year. After October’s total, operators are at $1.95 billion through 10 months of 2024. The industry is on pace to produce $2.33 billion this year, which would be a state record, shattering 2023’s total of $1.92 billion.
Here is the revenue breakdown by operartor:
| Online casino | Total Revenue | Slots & Tables | Poker |
|---|---|---|---|
| FanDuel | $48,276,474 | $48,276,474 | $--- |
| DraftKings | $45,619,219 | $45,619,219 | $--- |
| BetMGM | $25,498,472 | $25,179,444 | $319,028 |
| Borgata | $16,463,851 | $16,161,200 | $302,651 |
| Caesars Palace | $14,637,401 | $14,637,401 | $--- |
| Golden Nugget | $10,520,157 | $10,520,157 | $--- |
| Hard Rock Bet | $10,351,396 | $10,351,396 | $--- |
| BetRivers | $6,921,944 | $6,921,944 | $--- |
| Bally | $4,818,540 | $4,818,540 | $--- |
| Fanatics | $3,722,390 | $3,722,390 | $--- |
| ESPN Bet | $3,181,853 | $3,181,853 | $--- |
| PlayStar | $2,551,003 | $2,551,003 | $--- |
| Tropicana | $2,250,212 | $2,250,212 | $--- |
| Resorts | $2,196,142 | $2,196,142 | $--- |
| Ocean | $1,885,021 | $1,885,021 | $--- |
| Jackpocket | $1,848,249 | $1,848,249 | $--- |
| Bet365 | $1,587,500 | $1,587,500 | $--- |
| PartyPoker | $1,483,648 | $1,324,407 | $159,241 |
| Virgin | $1,385,299 | $1,385,299 | $--- |
| Parx | $1,278,486 | $1,278,486 | $--- |
| WSOP | $1,218,774 | $244,621 | $974,153 |
| PokerStars | $1,155,855 | $561,890 | $593,965 |
| Pala/Stardust | $1,016,438 | $1,016,438 | $--- |
| Harrah's | $821,975 | $821,975 | $--- |
| Mohegan Sun | $815,422 | $815,422 | $--- |
| Jackpot City | $756,220 | $756,220 | $--- |
| Wheel of Fortune | $754,644 | $754,644 | $--- |
| Betway | $613,421 | $613,421 | $--- |
| Total | $213,630,006 | $211,280,968 | $2,349,038 |
FanDuel retakes online casino revenue lead
Since the NJ DGE started reporting revenue by operator this year, FanDuel Casino NJ has led the state in revenue for just one month, which came back in March. However, the operator reclaimed the top position by generating $48.3 million in revenue in October. It comfortably beat out DraftKings Casino NJ‘s output of $45.6 million.
It’ll be interesting to see how it plays out the rest of the year. November results could determine whether it was a fluke for FanDuel, or if the operator has caught DraftKings.
Fanatics makes considerable jump
Fanatics Casino NJ continues to grow its product in the Garden State. The operator posted $3.7 million in October revenue, which is a $1 million improvement from September.
Since launching in May, Fanatics has been an improving platform, growing revenue in each and every month:
- June: $1.8 million
- July: $2.5 million
- August: $2.6 million
- September: $2.7 million
- October: $3.7 million
Fanatics’ next hurdle is the $4 million mark.
Hollywood Casino has good showing, but remains inconsistent
The Hollywood Casino platform has had its ups and downs in the online casino space in 2024. However, October was one of the operator’s best months, producing $3.2 million last month.
The online casino partner of ESPN Bet sportsbook has delivered results as high as $3.9 million back in January and as low as $2.4 million in May. The other months have been anywhere in between.
During PENN Entertainment’s Q3 2024 earnings call, CEO Jay Snowden announced the launch of a standalone online casino app coming to New Jersey early in 2025. Perhaps that can guide the product to more stability throughout the year, instead of the peaks and valleys it currently has.
