Igaming income in New Jersey reached a new all-time high in January of 2024, while sports betting revenue and handle both set new monthly milestones.
Revenue from gaming in New Jersey in 2024
New Jersey's total gaming income for January was $559.1 million (£442.9 million/€518.4 million). This was 8.1% more than $522.2m in December of last year and 28.0% more than $436.9m in January of 2023.
The majority of New Jersey's gaming revenue still comes from brick-and-mortar casinos. January revenue was $205.0m, a 3.1% decline from the previous year.
The 5.8% decline to $143.0m was attributable to physical slots, which have long been a major source of revenue for New Jersey. Nonetheless, income from land-based table games increased by a slim 3.7% to $62.1m.
December's total gaming revenue of $522.2m was up 7.1% over the previous year.
The land-based deficit is being closed by igaming with record-breaking January
Igaming is in a very different league from the land-based sector, which collapsed in January. Ignition gaming in New Jersey hit a new monthly high of $183.3 million, an increase of 19.9 percent year over year.
With a growth of 20.4%, online slots brought in $180.8m. Having said that, earnings from online poker fell 8.2% to $2.5 million.
With $52.2 million in January revenue, Golden Nugget maintained its position as the top igaming establishment in New Jersey. After Borgata ($42.0m), Resorts Digital ($49.3m) was in second place.
Market for sports betting in New Jersey keeps expanding
More records were broken in January when it came to sports betting. With a 136.1% increase from $72.3m, sports betting revenue for the month reached a record $170.8m.
136.1% more than $72.3m, sports betting reached a record $170.8m.
An all-time peak in player spending was the driving force behind this. There was a 5.3% rise from January 2018 to January 2019 total handling of $1.72 billion. Bets placed online totalled $1.67 billion, with a retail value of $47.4 million.
With $113 million in revenue, Meadowlands and its partners FanDuel, PointsBet, and SuperBook are still in first place. With $40.3 million, DraftKings and Resorts World came in second, followed by Borgata and BetMGM with $8.0 million.
Is 2024 going to establish a new record for New Jersey?
According to January's numbers, New Jersey has a good chance of setting new annual records in 2024. Total revenue for the state reached $5.78 billion, one of numerous record highs over the past year.
Igaming income in this country hit $1.92 billion, an all-time high and an increase of 15.7 percent over 2022. Revenue from sports betting also reached a record annual high of $1.01 billion, an increase of 31.9% from 2022 and the first time the state surpassed $1.00 billion.
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