New Jersey Starts 2024 with Record Gambling Revenue
LISTEN TO THIS ARTICLE:January was a strong month for New Jersey, with a significant increase in iGaming revenue and new records for both sports betting revenue and handle. The state's total gambling revenue for January was $559.1 million, a 28.0% increase from January 2023 and a 7.1% rise from December 2023.
Despite falling 3.1% when compared to the same period last year, land-based casinos continued to be a major contributor to the state's gambling revenue, bringing in $205 million in January. Revenue from physical slots fell by 5.8% to $143 million, while earnings from land-based table games saw a 3.7% increase to $62.1 million.
iGaming Revenue Catching Up with Land-Based
The iGaming sector in New Jersey saw significant growth, with revenue reaching $183.3 million in January, a 19.9% increase from the previous year and setting a new monthly record. Online slots generated $180.8 million, up 20.4%. However, internet poker saw an 8.2% decline in revenue, totaling $2.5 million.
The Golden Nugget led the iGaming market with $52.2 million in revenue, followed by Resorts Digital and Borgata, earning $49.3 million and $42.0 million, respectively.
Sports betting in New Jersey also experienced growth, with January revenue reaching a record $170.8 million, a 136.1% increase from the previous year. The total handle for sports betting in January was $1.72 billion, with online betting contributing $1.67 billion and retail betting bringing in $47.4 million. Meadowlands, along with its partners FanDuel, PointsBet, and SuperBook, led the market with $113.0 million in revenue.
A Promising Outlook for 2024
The exceptional performance in January suggests New Jersey is on track to break previous annual records in 2024. Last year, the state achieved all-time highs in various sectors, with total revenue reaching $5.78 billion. iGaming revenue hit a new record of $1.92 billion, a 15.7% increase from 2022. Sports betting revenue also reached a new yearly high of $1.01 billion, marking a 31.9% increase from the previous year and surpassing the $1 billion milestone for the first time.
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