With year-on-year growth across all licensed verticals, New Jersey broke its igaming revenue record for November for the fourth month in a row.
November winnings at New Jersey's casinos
According to the New Jersey Division of Gaming Enforcement (DHE), the total revenue from gaming for the month was $556.9 million, which is equivalent to £438.6 million or €530.1 million. This is a 11.4% increase over $499.8 million in October of last year and a significant victory over $482.4 million in the previous year.
The New Jersey gambling sector saw double-digit growth in sports betting and igaming in November, making them the outstanding performers. Revenue from New Jersey's land-based casinos also increased over the previous year.
Revenue from land-based casinos surpassed that of internet casinos for the first time in a month, reclaiming its position as the industry leader.
Reviving brick-and-mortar gambling establishments
Even though igaming income set a new monthly high, it fell farther behind land-based casinos as the top gambling revenue generator in New Jersey.
With a gain of 4.2% year over year and 7.3% over October, land-based casinos brought in more than $223.9 million in November.
The revenue from physical slot machines was $167.7 million, an increase of 4.3% over the previous year. Furthermore, table games brought in $56.2 million, an increase of 4.0% month-over-month.
The best performing casino for the month was MGM's Borgata Hotel, Casino & Spa, which earned $57.6 million. This was an improvement of 11.4% from November 2023.
Newer casinos in New Jersey are doing better than more seasoned ones, with the exception of the Borgata. Revenue at Hard Rock, which debuted in June 2018, was $44.3 million, up 7.1% from the previous year. November revenue at Ocean Resort, which opened in June 2018, was $34 million, an increase of 8.2% from the previous year.
Online gambling earns $214.0 million, a new record
During this time, internet gaming set yet another new monthly record. November revenue was $214 million, a 24.7% year-on-year increase. The previous record was $213.6 million, set in October of this year, and this just edged it out.
A whopping $211.7 million, or 24.9% more than the previous year, was spent on online slot machines and table games. The additional $2.3 million was generated by P2P poker, which is 12.7% more than November 2023.
Partnered with Golden Nugget Atlantic City, FanDuel maintained its position as the igaming industry leader, raking in $47.9 million. Since March of this year was the first month that numbers for individual operators were released by the Division of Gaming Enforcement, there are no available year-on-year comparisons for individual skins on the market.
BetMGM, which collaborates with Borgata, brought in $27.5 million, while DraftKings and its partner Resorts Casino Hotel came in second with $42.2 million.
With $65.2 million in igaming revenue, Golden Nugget once again stood as the leading master licensee. Additionally, under Golden Nugget's master license, BetRivers (Rush Street Interactive), Spin Games (Super Group), Jackpot City (Jackpot City), and Golden Nugget Online Gaming (DraftKings) all run skin operations.
Hold improves, leading to a 24.7% increase in sports betting revenue.
Although revenue increased significantly due to an improved hold, sports betting handle declined 21.9% year-on-year in November to $1.22 billion. Spending on online gambling for the month reached $1.17 billion, with $53.1 million going towards retail.
The state of New Jersey earned $119.0 million from sports betting during the month. In addition to being 53.6% ahead of October, this represents a 24.1% improvement over previous year.
Operators took a major hit in October due to the player-friendly NFL outcomes, but this was due to an enhanced hold. A considerable decline from September 2024's 11.28%, last month's hold came to 6.85%. As of November, 9.72% of the shares were owned by operators.
Is there anybody in New Jersey who can stop FanDuel?
With $49.4 million in revenue, Flutter’s FanDuel once again demonstrated its dominance in the igaming sector for sports betting. No operator's handle is disclosed by the DGE.
With $35.6 million, DraftKings had a stronger month compared to October 2024, a rise of 60.4%. That was sufficient to guarantee its continued position as FanDuel's runner-up. Once again, BetMGM settled for third place with monthly revenue of $9.4 million.
In other market news, Hard Rock Hotel and Casino partner Bet365 hit $5.9 million in sales for the month of November. With $4.4 million, Caesars Interactive topped both Fanatics and Bally's, which brought in $3.7 million apiece.
With the help of Resorts Casino, ESPN Bet brought in $2.2 million, while Hard Rock Bet brought in $1.7 million. The top operators were completed by BetRivers, a partner of Monmouth, with $1.3 million.
New Jersey poised to set new annual record
Based on the state's current numbers, it's reasonable to expect multiple full-year records to be broken in 2024, unless there's a total collapse in December.
Sales in the market were $5.78B in the eleven months ending in November, up 9.9% from the same period last year. Igaming income increased by 23.8% to $2.16 billion, which contributed to this.
Although revenue from land-based casinos fell 1.1% to $2.59 billion, they are still the biggest source of income. Revenue from sports betting increased by 15.0% to $1.03 billion during the same period, while handling increased by 8.4% to $11.59 billion.
New Jersey's gaming tax revenue is generated mostly by igaming.
The state's total gaming tax for the month came to $61.9 million. Igaming, which is subject to a 15% tax on gross revenue, contributed $32.2 million to this total. With a tax rate of 13% on online sports betting, $15 million came in; land-based casinos took in $14.4 million, or 8% of gross revenue; and retail sports betting brought in $293,558 or 8.5% of gross revenue.
During this time, $622.6 million was derived from gaming taxes. Igaming contributed $324.2 million, land-based casinos $165.4 million, online sports betting $130.3 million, and retail sports wagering $2.8 million.
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