November was a record-breaking month for iGaming operators in New Jersey. Revenue narrowly exceeded the previous record set in October and equaled 10% of the yearly total thus far.
Digital Domination
Online casino gamblers in New Jersey were as active as they have ever been in the state’s iGaming history, with operators hauling in a whopping $214 million, which was a year-over-year increase of 24.7%. Furthermore, New Jersey’s yearly iGaming revenue haul is 23.8% higher than the first 11 months of 2023 when the combined online casino revenue was $1.74 billion.
“The continuing success of online gaming and sports wagering has helped total gaming revenue achieve its best November monthly result in over a decade,” said James Plousis, chairman of the New Jersey Casino Control Commission.
FanDuel proved to be the top revenue generator in the state through its partnership with the Golden Nugget Atlantic City, posting November revenues of nearly $48 million. Boston-based DraftKings was next, reporting $42 million in revenues through its license agreement with Resorts Casino.
There was a significant drop to the third-highest revenue generator as BetMGM reported profits of $27.5 million. The tandem of FanDuel and DraftKings continues to dominate New Jersey’s iGaming landscape in concert with their land-based casino partners, controlling 42% of the online gaming market.
Online Casino Wagering Trending Upward
The nine Boardwalk casinos in Atlantic City have been beneficiaries of the online casino trend, as they get a piece of the revenue pie from third-party operators like FanDuel and DraftKings. However, their share of those iGaming revenues pales in comparison to the revenues they derive from in-person gambling, where they maintain 100% of the profits.
Jane Bokunewicz, director of the Lloyd Levenson Institute at Stockton University, which studies the Atlantic City gambling industry, said the online gambling trend is becoming more apparent.
“Despite a historically dry and very mild October, brick-and-mortar gaming operators in Atlantic City did not see strong gains over 2023, instead declining by 8.5% year-over-year,” she said.
However, total revenue for the casinos was up over 9% from a year ago, “in no small part due to internet gaming, which continued a record streak,” she said.
The casino operators have invested billions in their respective properties and provide thousands of jobs, which helps support the Atlantic City community. Atlantic City’s ancillary businesses, like retail shops, restaurants, and countless others depending on tourism dollars to sustain themselves, require that casino traffic remains strong.
November’s in-person casino revenue showed the following:
- Borgata won $53.4 million, down 6.1% year-over-year
- Hard Rock won $40.8 million, down 1% year-over-year
- Ocean won $32.8 million, down over 24% year-over-year
- Tropicana won $17.6 million, up 7.4% year-over-year
- Harrah’s won $15.7 million, down 11.5% year-over-year
- Caesars won just under $15 million, up 4.1% year-over-year
- Resorts won $12 million, down over 9% year-over-year
- Bally’s won $11.4 million, down 7.8% year-over-year
- Golden Nugget won $9.6 million, down over 20% year-over-year
November’s in-person casino, sports betting, and iGaming revenue showed the following:
- Borgata won $106.1 million, up 5.8% year-over-year
- Resorts won $88.7 million, up 18.9% year-over-year
- Golden Nugget won $76.7 million, up 24.9% year-over-year
- Hard Rock won $55.1 million, up 6.2% year-over-year
- Ocean won $39 million, down 18.9% year-over-year
- Bally’s won $23.1 million, up 17.2% year-over-year
- Tropicana won $17.7 million, up 9.1% year-over-year
- Harrah’s won $15.8 million, down 10.6% year-over-year
- Caesars won $15.2 million, up 1.5% year-over-year
