New Jersey Online Casinos Post Higher Revenues Than Retail
October 2024 marked the first time ever that online casinos in New Jersey outpaced the retail sector in revenue.
LISTEN TO THIS ARTICLE:According to the New Jersey Division of Gaming Enforcement, the online casinos posted $213.6 million in revenue. This also beat the state record for the second month in a row. As for retail casinos, they posted $208.7 million.
Major Milestones for Online Casinos in New Jersey
As mentioned, the $213.6 million posted in revenue by online casinos in October was a record. It was a 2.6% increase from September, which set the previous record. Additionally, it was a 27.3% increase year-over-year.
Not only did October break the record, but September did, and August before that.
● August: $198.4 million
● September: $208.1 million
● October: $213.6 million
There has been growing concern about online casinos and their impact on retail casinos. Until October, online casinos never overtook them revenue-wise, but that’s now changed.
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Looking at the October Revenues
Through October, online casinos are closing in on $2 billion in revenue, posting $1.95 billion over the first 10 months. Last year, casinos posted $1.92 billion, and through 10 months, that record has already been broken. Online casinos are on pace for $2.33 billion.
Looking at the revenue report, nearly 30 online casinos reported revenue. Here are the top three:
● FanDuel: $48,276,474
● DraftKings: $45,619,219
● BetMGM: $25,498,472
While they didn’t place inside the top three, Fanatics Casino has made excellent strides since launching in May.
In June, it posted $1.8 million in revenue. In October, it was up to $3.7 million, which was a $1 million increase from September. We’ll see how this year ends for online casinos in New Jersey and what this could mean for retail outlets in the future.
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