New Jersey Online Casinos Post Higher Revenues Than Retail
Expertise: Sports betting, iGaming industry
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According to the New Jersey Division of Gaming Enforcement, the online casinos posted $213.6 million in revenue. This also beat the state record for the second month in a row. As for retail casinos, they posted $208.7 million.
Major Milestones for Online Casinos in New Jersey
As mentioned, the $213.6 million posted in revenue by online casinos in October was a record. It was a 2.6% increase from September, which set the previous record. Additionally, it was a 27.3% increase year-over-year.
Not only did October break the record, but September did, and August before that.
● August: $198.4 million
● September: $208.1 million
● October: $213.6 million
There has been growing concern about New Jersey online casinos and their impact on retail casinos. Until October, online casinos never overtook them revenue-wise, but that’s now changed.
Looking at the October Revenues
Through October, online casinos are closing in on $2 billion in revenue, posting $1.95 billion over the first 10 months. Last year, casinos posted $1.92 billion, and through 10 months, that record has already been broken. Online casinos are on pace for $2.33 billion.
Looking at the revenue report, nearly 30 online casinos reported revenue. Here are the top three:
● FanDuel: $48,276,474
● DraftKings: $45,619,219
● BetMGM: $25,498,472
While they didn’t place inside the top three, Fanatics Casino has made excellent strides since launching in May.
In June, it posted $1.8 million in revenue. In October, it was up to $3.7 million, which was a $1 million increase from September. We’ll see how this year ends for online casinos in New Jersey and what this could mean for retail outlets in the future.
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