As February’s wintry gusts swept through New Jersey, the state’s gambling revenue landscape saw contrasting fortunes that reflect a relentless technological tide. New Jersey reported a total revenue influx of $461.5 million, a commendable 12.0% increment compared to the previous year’s $412.2 million, although it trailed behind the robust $559.1 million recorded in January.
The traditional bastion of gambling, land-based casinos, continued on a slight decline with a revenue dip to $211.6 million, falling 1.6% short of the $215.0 million posted in 2023. This second month of shrinkage in succession underscores a trend of shifting dynamics in the gaming industry. Specifically, slot machines held steady though slightly less lucrative at $158.9 million, down from $159.3 million. Revenue from table games experienced a more notable decline, down 5.3% to $52.7 million.
Conversely, igaming is riding a wave of growth, marking a dazzling 27.9% revenue increase to a near-record $182.3 million, only inches away from the record $183.3 million set in January. This upward trend is heavily influenced by the rising popularity of online slots, which rose by an impressive 28.3% to $180.0 million. Peer-to-peer poker, holding a more modest section of the market, also reported growth by 0.4%, contributing $2.3 million.
In this lucrative virtual gaming field, the Golden Nugget surfaced as the revenue leader, amassing a haul of $51.5 million. The competition trailed with Resorts Digital at $48.0 million securing second place, followed by Borgata’s respectable $40.0 million.
Sports betting, while not matching its previous record-setting performance of $170.8 million in January, showed resilience and potential in the wake of February’s Super Bowl, one of the pinnacles of the sports calendar. The sector witnessed an uptick in revenue to $67.6 million, growing 23.7% year-over-year, paralleled by a voluminous $1.08 billion in wagered amounts by New Jersey’s enthusiastic bettors. A massive $1.04 billion of that was channeled through online platforms, with traditional retail sportsbooks contributing $37.9 million.
The Meadowlands, aligned with high-profile partners FanDuel, PointsBet, and SuperBook for sports wagering, stood out as a dominant force, reeling in a weighty $35.1m in revenue. DraftKings and Resorts World took the second rung with earnings of $24.2 million, while Borgata and BetMGM followed suit with a monthly revenue of $4.5 million.
An examination of New Jersey’s performance in the year’s nascent stages reveals an optimistic upward trajectory in revenue, hitting the $1.02 billion mark. This figure towers by a substantial 20.2% over the $849.1 million achieved at the same juncture of 2023. It’s worth noting that despite the slight downturn in land-based revenues, which were 2.4% down at $416.3m, explosive growth rates in online gambling (23.7% up at $365.6 million) and sports betting (a significant hike of 87.7% to $238.3 million) could propel New Jersey toward an all-time peak in overall market revenue by the year’s end.
Adding a note of transition within regulatory oversight, the state confirmed that David Rebuck has concluded his tenure as the director of the New Jersey Division of Gaming Enforcement (DGE) after an impressive 13 years, the longest directorship in the regulator’s history. Rebuck’s legacy extends beyond this role, contributing over 36 years to the Garden State’s service. Mary Jo Flaherty, who has been part of the DGE’s legal framework since 1988, steps in as interim director, ensuring continuity and experienced leadership during this phase of expansion and adaptation in New Jersey’s gambling story.
