The March casino revenue report from the New Jersey Division of Gaming Enforcement is out, and the iGaming industry in the state continues to impress. When the numbers were totaled up, the online casinos in the state of New Jersey have set a new revenue record for the fifth time in six months.
If things continue to trend in this direction, there is a good chance that New Jersey is going to shatter the all-time iGaming revenue record soon. This report from the NJDGE also breaks things down further, and that gives greater insight as to what is taking place.
The online casinos in New Jersey won $197.1 million in March, and New Jersey just missed on becoming the first state to go over $200 million in a single month. New Jersey was not the iGaming leader in 2023, but they are currently holding on to that position through three months.
Not only have the casinos in this state been putting up so much growth each month, but the March win was nearly 20% higher than what it was 12 months ago. Total iGaming win over the first three months in 2024 is up 22% from the previous year, and all but one casino has shown significant growth.
Tight Race at the Top
This monthly revenue report has started to breakdown revenue from each of the top operators, and there is no surprise with the names at the top. DraftKings and FanDuel are the clear leaders when it comes to sports betting, and that is currently the case with online casino gaming as well.
There are 11 casinos that have the rights to online skins in the state of New Jersey, but that doesn’t tell the whole story. Now that the report break things down one step further, it shows that these two operators combined for 42% of the total revenue in the state.
FanDuel Casino was a slight leader for the month of March, but DraftKings was within 99 percent of the total of it’s top competitor. Other online casino operators averaged just 2.1% market share, and that shows how big the gap is.
Regardless of the operator, the online slots games brought in the majority of the revenue compared to table games.
In-Person Casinos Struggling
While the online casino revenue in the state of New Jersey continues to be on the rise, that hasn’t been the case for in-person casinos. All of the in-person casinos are located in Atlantic City, and nearly all of those properties are struggling to see any growth at all.
It seems pretty clear that the online casino operators in New Jersey are cutting into the in-person action, and that’s a problem for the casinos. Online casino revenue has to be shared with the state, while those casinos keep all of the in-person revenue.
Things should start to pick back up once the weather starts to turn in Atlantic City, but the online casinos are going to continue to be where most of the betting action is done.
