New Jersey online casinos are still going strong, however, February marks the second straight month of revenue decline. The New Jersey of Division of Gaming Enforcement (DGE) reported on Friday that online casinos produced $207.8 million in earnings last month.
Despite a slower start to the year, online platforms have achieved at least $200 million for six straight months. That indicates the market is still in a good place.
New Jersey reached its peak in December, recording a record of $228.0 million in revenue. The industry is aiming to get back there once again. For the second straight month, online casinos topped Atlantic City casinos.
iGaming market still well ahead of 2024 totals
January and February have been cooler months for New Jersey, compared to Q4 2024. However, the market is growing from this time a year ago.
Through two months in 2024, operators generated $365.6 million in revenue. This year has yielded $429.4 million since January, which represents a 17.4% increase.
Even though online casinos have slowed, slightly, it still beat out Atlantic City casino revenue for the second straight month. The retail market posted $203.5 million last month.
It’s expected that the two verticals are going to clash until the summertime, when Atlantic City casino season starts during Memorial Day Weekend. Until then, iGaming is going to continue to make headlines.
Key takeaways from February revenue report
| Online casino | Total Revenue | Slots & Tables | Poker |
|---|---|---|---|
| FanDuel | $44,088,022 | $44,088,022 | $--- |
| DraftKings | $43,073,388 | $43,073,388 | $--- |
| BetMGM | $28,209,206 | $27,762,133 | $447,073 |
| Borgata | $20,020,025 | 19,627,041 | $392,984 |
| Caesars Palace | $13,964,889 | $13,964,889 | $--- |
| Hard Rock Bet | $9,975,070 | $9,975,070 | $--- |
| Golden Nugget | $7,035,955 | $7,035,955 | $--- |
| BetRivers | $6,894,741 | $6,894,741 | $--- |
| Bally | $4,721,697 | $4,721,697 | $--- |
| Fanatics | $4,526,742 | $4,526,742 | $--- |
| PlayStar | $2,886,185 | $2,886,185 | $--- |
| ESPN Bet | $2,278,558 | $2,278,558 | $--- |
| Tropicana | $2,064,374 | $2,064,374 | $--- |
| Bet365 | $1,934,193 | $1,934,193 | $--- |
| Resorts | $1,815,470 | $1,815,470 | $--- |
| Ocean | $1,800,164 | $1,800,164 | $--- |
| PartyPoker | $1,664,569 | $1,470,718 | $193,851 |
| Parx | $1,475,385 | $1,475,385 | $--- |
| Jackpot City | $1,390,127 | $1,390,127 | $--- |
| Monopoly | $1,246,532 | $1,246,532 | $--- |
| Jackpocket | $1,014,876 | $1,014,876 | $--- |
| WSOP | $965,969 | $298,617 | $667,352 |
| Pala/Stardust | $947,987 | $947,987 | $--- |
| PokerStars | $930,937 | $280,638 | $650,299 |
| Harrah's | $791,558 | $791,558 | $--- |
| Mohegan Sun | $738,482 | $738,482 | $--- |
| Betway | $696,306 | $696,306 | $--- |
| Wheel of Fortune | $624,808 | $624,808 | $--- |
| Total | $207,776,215 | $205,424,656 | $2,351,559 |
Bet365 recovers from disastrous January
Bet365 Casino moved delivered its best revenue month ever on the heels of a dreadful start to the new year. The operator produced $1.9 million in February.
We sung a different tune last month when bet365 lost nearly $1 million. With February’s success, bet365 finished right in the middle of the pack, whereas in January, it placed dead last. Bet365 is looking up at Tropicana, ESPN BET and PlayStar, who are all within reach.
It appears as January was outlier for the platform:
- October: $1.6 million
- November: $1.6 million
- December: $1.8 million
- January: -$907,961
- February: $1.9 million
Perhaps bet365 can attribute getting back on track to its partnership with Evolution Gaming. The operator added 26 more live dealer games, to bring the overall total to 33.
Fanatics makes considerable jump
Fanatics Casino had recorded more than $4 million just once throughout its tenure in New Jersey, which came in November 2024. The next two months were not as fruitful for the operator.
December and January saw Fanatics generate $3.5 million in each month. However, it rebounded in a big way last month, producing $4.5 million, its best month ever.
March will be a big indicator on whether or not Fanatics can remain consistent. A consecutive month of over $4 million would go a long way.
Four operators represent majority of revenue
There are four operators in the Garden State that are far and away leading the market. FanDuel, DraftKings, BetMGM and Borgata have acquired 65.1% of the online casino market.
FanDuel and DraftKings are in company by themselves. Those two alone make up 42% of the market.
While there’s plenty of room for smaller operators to thrive, which includes Fanatics and bet365, there is no question who the leaders are in New Jersey.
