New Jersey Sets Another Online Gambling Revenue Record

The Garden State’s gambling income surged by 8.1% in March, reaching $526.6 million, fueled by a record-breaking performance in the state’s online gambling sector.

Online gambling propelled New Jersey’s gambling income to $526.6 million in March, a substantial increase from the $487.4 million recorded in March 2023. This figure also represents a 14.1% rise from New Jersey’s $461.5 million in February.

Traditional gambling venues remained the top revenue generators among all active markets in the Garden State, generating $239.8 million, a 4.9% year-over-year increase.

Of the total land-based gambling revenue, $172.7 million originated from slot machines, reflecting a 4.8% increase. The remaining $67 million stemmed from table games, which witnessed a 4.9% growth from the previous year.

New Jersey sets another online gambling revenue record
Revenue in the online gambling space reached $197.2 million, a 19.9% increase from 2023, establishing a new monthly record for New Jersey. Online gambling revenue now trails New Jersey’s total land-based gambling revenue by a mere $42.6 million.

In March, online slot machine revenue amounted to $194.8 million, a 19.4% increase. However, internet poker revenue experienced a 5.4% decline to $2.4 million.

Golden Nugget maintains its leading position in New Jersey’s online gambling market, generating $57.1 million in monthly revenue. Resorts Digital secured second place with $48.9 million, surpassing Borgata’s $43.8 million.

Sports betting encountered challenges in March

The amount of money made from sports betting in New Jersey dropped slightly in March, reaching $89.7 million. However, this is still a significant increase compared to the previous month.

In terms of the total amount wagered, players placed bets worth $1.33 billion in March, showing a substantial year-on-year growth. A large portion of this was placed online, while a smaller amount was wagered at physical sportsbooks.

The Meadowlands, in partnership with FanDuel, PointsBet, and SuperBook, continued to dominate the industry. They generated a substantial amount of revenue in March.

DraftKings and Resorts World held the second position, while Borgata and BetMGM secured the third spot.

New Jersey’s total revenue for the year has reached a significant figure.

The overall market revenue for the first three months of the year has also seen a considerable increase compared to the same period last year.

Revenue from traditional gambling venues remained stable, with slot machine revenue experiencing a slight decrease and table game revenue showing a modest increase.

Internet gambling revenue, on the other hand, saw a substantial growth, driven by a significant increase in slot machine revenue. Poker revenue, however, experienced a slight decline.

Despite the slight dip in March, sports betting revenue has still seen a considerable increase overall. Total player spending for the period has also risen significantly, with the majority of bets placed online.

New Jersey may consider increasing taxes on online gambling.

These results come as gambling operators in New Jersey may face an increase in taxes on online gambling.

In the recent past, Senator John McGinn officially submitted a new legislative proposal to raise the tax rate on internet gambling and sports wagering to a significant 30%.

The bill’s text indicates that if legislators pass the suggested legislation, it would come into force on the first day of January following the day it becomes law. At present, the tax rates for online gambling and sports betting are 15% and 13% of total gaming earnings, respectively.

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