The New Jersey online gambling industry in continues its incredible expansion, with NJ online casinos shattering overall revenue record for the fourth consecutive month.
According to the most recent report by the New Jersey Division of Gaming Enforcement, the operators recorded a combined $183.3 million in revenue in January, some three million more than in December 2023.
This number marked a 20% year-over-year increase, with the upward trend continuing throughout recent months and igaming operators continuing to dominate the industry.
Of the $183.3 million in revenue, some $27.4 million was paid by the operators as tax revenue, with the 15% taxation rate remaining one of the lowest imposed on gambling operators in the US. At the same time, live casinos in Atlantic City paid $13 million in taxes with an 8% taxation rate.
Operators like Golden Nugget, Resorts Digital, and Borgata once again sat at the top of the revenue charts, contributing the vast majority of the overall number with their notable brands like FanDuel, PokerStars, DraftKings, PartyCasino, and many others.
January Revenue a Strong Indication for 2024
If history is anything to go by, the January revenue numbers should mean that NJ igaming operators are in for another successful year, as January numbers typically set the trend for the rest of the year.
Since first launching in 2013, online casinos in NJ have shown a steady uptick, with each year’s January numbers generally serving as a good indicator for the rest of the year.
January 2023 was the first time that revenue shattered $150 million, and the increase of more than $30 million year-over-year means that we are very likely to see another record year for the NJ operators in 2024.
Looking at the trends, 2024 could also become the first year when NJ operators generate more than $2 billion in overall revenue. A total of $1.92 billion was generated last year, compared to $1.66 billion in 2022, and even a fraction of that growth would see NJ igaming reach the $2 billion mark this year.
Golden Nugget and Resorts Dominate the Market
Looking at the $183.3 million in January revenue, it is worth noting which operators contributed the most to the new record.
Operators offering services under a Golden Nugget license, which includes FanDuel, BetWay, and BetRivers, were the largest contributors with $52 million in overall revenue, all generated from casino games.
Resorts Digital and its brands that include DraftKings, Resorts Casino, and PokerStars NJ contributed just over $49 million, followed by $42 million from Borgata-licensed operators like PartyCasino, Wheel of Fortune Casino, and Borgata Casino.
The three operators and their associated brands created more than $130 million in revenue, with Tropicana, Hard Rock, Bally’s, Caesars Entertainment, Ocean, and Harrah’s combining for the remaining $50 million and helping set a new revenue record.
Only $2.5 million of the overall $183 million in revenue was generated by the online poker operators, once again demonstrating the domination of online casino gaming over online poker in New Jersey.
As we venture deeper into the year, it will be interesting to keep tracking the progress of online casino operators across the state and the approach to the $2 billion revenue milestone that is well within reach now that another record-setting January is behind us.
