New Jersey's gambling revenue reached $6.3 billion (£5.17 billion/€6.12 billion), marking a record year for the state, with online gambling and sports betting revenues also hitting all-time highs.
Total market revenue was up 9.0% from last year's record of $5.78 billion. The New Jersey Division of Gaming Enforcement (NJDGE) reported that two of the three industries in the state saw growth, with only the physical casinos experiencing a decline.
In 2024, igaming was the standout performer, with revenue increasing by 24% to a record $2.39 billion. Although this is lower than the physical market ($2.82 billion), igaming has recently surpassed physical casinos and by 2025, it could become the main source of gambling revenue in New Jersey.
In 2024, igaming revenue of approximately $2.36 billion came from online slots and table games, up 24.5% year-on-year. However, peer-to-peer poker revenue declined by 1.5% to $28.5 million.
DraftKings and its partner Resorts Casino Hotel led the online gambling industry with total revenue of $515 million. FanDuel and Golden Nugget Atlantic City followed closely with revenues of $506.6 million. BetMGM and Borgata ranked third with revenues of $287.7 million.
However, Golden Nugget led in igaming revenue with $688.9 million. Rush Street Interactive's BetRivers, Super Group's Spin Games and Jackpot City, as well as DraftKings' Golden Nugget Online Gaming also operate skins under Golden Nugget's main license.
New Jersey's sports betting revenue reaches $1.09 billion
Speaking of sports betting, the annual revenue here grew by 8.7% to $1.09 billion, setting another new record for the Garden State.
In terms of betting amounts, players spent a record high of $12.77 billion on sports betting, up 6.7%. This included $12.27 billion in online bets and $499.2 million in total retail spending.
Thus, the state's annual sports betting revenue accounts for only 8.54%.
FanDuel, operating under the name of Meadowlands, led with revenues of $459.4 million. NJDGE does not disclose individual operator account information.
DraftKings, in partnership with Resorts Casino Hotel, ranked second with $289.1 million. Like igaming, BetMGM and Borgata ranked third with $70.7 million.
Other operators include Hard Rock Hotel and Casino's partner Bet365, with revenue of $43.8 million. Following them were Caesars Interactive, with revenues of $31.3 million, then Fanatics and Bally, with revenues of $22.7 million. BetRivers and Monmouth brought in $11.8 million, while ESPN Bet and Resorts Casino brought in $8.7 million.
Despite revenue decline, physical casinos remain in the lead
In 2024, the only real downturn in New Jersey was in the physical casino industry. Revenue fell by 1.1% to $2.82 billion, but it still remains the main source of gambling revenue in the state.
Revenue from physical slot machines fell by 0.7% to $2.1 billion, while table game revenue fell by 2.0% to $721 million.
MGM's Borgata Hotel Casino & Spa led the field with total annual revenue of $738.1 million. Hard Rock, the newest casino in New Jersey, opened in June 2018 and ranked second with revenue of $544.9 million. Ocean Resort, another casino that opened in June 2018, ranked third with revenue of $409.7 million.
Five consecutive months of igaming records
As for New Jersey's performance in the last month of 2024, total revenue in December reached $522.6 million, up just 0.1% from the previous year.
The gambling industry was again a highlight, with revenue reaching $228 million, setting a new historical high. This was a 26.5% increase over the same period last year and 6.5% higher than the existing record in November. December marked the fifth consecutive month that New Jersey's gambling revenue set a new record.
DraftKings also topped the charts in December, creating $51.3 million in gambling revenue with partner Resorts Casino. FanDuel and Golden Nugget ranked second with revenues of $50.1 million, and BetMGM and Borgata ranked third with $28.1 million.
Customer-friendly sports event outcomes boost New Jersey's gambling industry
Looking at sports betting, December revenue fell 42.6% to $62.8 million, due to customer-favorite sports event outcomes affecting the entire market. This was also 47.2% lower than the total revenue in November.
In December, players spent over $1.22 billion on betting, with $1.16 billion in online spending and $52.4 million in retail sports betting spending. The betting amount decreased by 4.7% year-on-year, but was flat compared to November.
Thus, the monthly hold rate for sports betting was 5.17%.
FanDuel and Meadowlands led with $29.7 million in revenue, ahead of DraftKings and Resorts Casino's $15.7 million. BetMGM and Borgata ranked third with $6.1 million in revenue.
Other aspects, Fanatics and Bally's revenue was $5 million, Bet365 and Hard Rock's revenue was $2.9 million, and Caesars' revenue was $1.3 million. In contrast, ESPN Bet and Resorts Casino reported a loss of $356,175.
Finally, December revenue for physical casinos was essentially flat, down 0.3% to $231.8 million, but still the main source of gambling revenue. Slot machine revenue fell 4.2% to $168 million, but table game revenue grew 11.6% to $63.8 million.
MGM's Borgata casino was the best-performing land-based casino, with monthly revenue reaching $62.7 million.
