New Jersey Online Gambling Revenue Reaches New Record Highs Over $214 Million
Monday, January 06, 2025
November 2024 saw New Jersey set yet another online gambling revenue record as the market exceeded $214 million for the month. The previous record was set at $213 million just a month prior. This reflects a 24.7% year-over-year increase.
Interestingly, land-based casinos are not enjoying the same revenue levels, as the revenue generated by the nine casinos in Atlantic City has not yet risen to pre-pandemic numbers.
According to the Chairman of the New Jersey Casino Control Commission, James Plousis, “The continuing success of online gaming and sports wagering has helped total gaming revenue achieve its best November monthly result in over a decade.”
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The new record revenue sets New Jersey’s online gambling revenue total for the year at $2.16 billion, which is 23.8% more than the same time in 2023 when the total only reached $1.74 billion.
Online slots and virtual table games accounted for most of this total, contributing $211.7 million in November. The remaining $2.3 million was generated by online peer-to-peer poker games. Both these figures were up from November 2023 by 24.9% and 12.7% respectively.
Despite land-based casinos still struggling to catch up to the revenue levels of the past, there has been growth in the sector. In total, the nine brick-and-mortar casino resorts in Atlantic City collected $223.9 million in November 2024, which marked a 4.2% growth from the same month in 2023. However, when comparing the total revenue generated to date ($2.59 billion), it was 1.1% lower than at the end of 2023.
The online sports betting handle saw a marked year-on-year decline falling by 21.9% to $1.22 billion. The total online betting spending for November reached $1.17 billion, and retail sports betting spending totaled $53.1 million.
The December numbers are yet to be released, but based on current trends, it is almost certain that 2024 would’ve been a record-breaking year for New Jersey’s online gambling sector. There was no sign of a complete collapse in the industry at the end of the year, and 2025 is also setting up to be a significant revenue-generating year for the iGaming industry in New Jersey and the rest of the United States.