Just when it seems that the New Jersey online casino market can’t get any better, it does. Operators continue to reach new heights and surprise the iGaming world with how well players enjoy and continue to log in to online casino sites on a regular basis. For October, the casinos are reporting over $166 million in revenues, the best month ever in the state's almost ten years of operation. NJ online casinos have generated over $7 billion in revenues to date.
New Jersey iGaming Market Sets New October Record
- Online casinos generated $166.8 million in October.
- The month set a new record for the state.
- October was only the third month the state ever hit over $166m.
The Latest Revenue Figures
The Division of Gaming Enforcement released the October revenue totals, showing the state hit the $160 million mark for the third time ever. A total of $166.8 million was earned, a 13.3% increase from October of last year.
The monthly total was so high, it beat out the $165.7 million record set back in March. The only other time the state has reached the $160 million mark was in May of this year.
Online casinos accounted for around 39% of the market share in October. This is the highest monthly average ever for iGaming. So far this year, the online market has brought in over $1.5 billion. This is a 15.1% increase compared to the same period in 2022.
Individual Revenue Totals
Let’s look at the state's license holders and see how individual operators performed in October. The highest revenues were seen via the Golden Nugget AC partnerships, which include FanDuel, BetRivers, and BetWay. The operators brought in over $49 million for the month.
Next up was Resorts Digital, which backs Resorts Casino, PokerStars, Mohegan Sun Casino, and DraftKings. A total of $46 million was earned. They fell just behind the Golden Nugget operators in earnings.
Unfortunately for MGM Resorts International, the cybersecurity attack hit the brand hard, and the Borgata Hotel Casino & Spa saw a huge decline in its totals. The group licenses BetMGM, Borgata, and other operators. The hack majorly affected the BetMGM brand, which cut down on revenue potential online.
Sports Betting Totals Increase
New Jersey casinos also support sports betting, with revenue totals coming in at $92.3 million for October. This was a year-over-year increase of more than 18%. Last year, the state only earned a little over $77 million from sports wagers in October.
Players wagered $1.29 billion for the month, a 21.7% jump from last year. Most of the money spent on sports betting was made online, with only $56 million coming from physical sportsbooks. The top operator for the month was Meadowlands, with its partners FanDuel, PointsBet, and SuperBook earning over $60 million.
DraftKings came in second with $15.3 million in earnings, followed by Borgata and BetMGM with $7.8 million. Sports betting continues to be big business as players enjoy wagering on their favorite teams and events throughout the year.
Major Growth for NJ iGaming since 2020
When the COVID-19 pandemic began in 2020, it boosted the online casino market in the Garden State. Players made the switch to iGaming and never looked back. By January 2021, the state passed the $100 million mark for the first time and has been on a progressive track ever since.
This year, the online casinos in the state have hit $140 million or more in revenues every month. The pandemic was a catalyst, and the market continues to thrive, nearing its 10th anniversary this month.
It will be interesting to see how November and December fare. Will there be another record-breaking revenue month before the year ends? How will 2024 stack up, and will the market continue to be a leader and top earner as players flock to the many online casino sites and sportsbooks offered in the state?
Having started in 2005 as an online writer, Sadonna has focused on the online gambling industry, with a keen knowledge of various subjects. Sadonna has followed the growing US-based gambling industry for decades, covering all the legal changes in the nation as well as information on land-based and online casinos. She enjoys updating fellow gamblers on new games, casino bonuses, and additional information for premium gaming services. In her spare time, Sadonna loves spending time with her family and singing on Smule. Sadonna hopes to continue working in the online gambling industry and building quality articles for players to learn more about the US market.