New Jersey Gaming Revenue in October 2024: iGaming Up, Sports Betting Down
October 2024 was a mixed bag for New Jersey’s gaming industry. Overall gaming revenue was up 2.6% year-over-year to $499.8 million, but sports betting was down. Here’s what happened.
Record Handle, Lower Revenues
New Jersey’s sports betting revenue was down 16.0% year-over-year to $77.5 million despite players wagering a record $1.12 billion—a 37% increase from September.
That’s the third highest handle ever, but revenues were down due to operators’ hold rates dropping.
Hold Rate: The gross hold rate was 6.85% in October, down from 11.28% in September as players won big in NFL and other sports.
Revenue Trends: October sports betting revenue was 35.2% lower than September, which is typical of seasonal fluctuations.
FanDuel remained the market leader, partnering with Meadowlands Racetrack to produce $34.8 million in revenue. While FanDuel led in revenue, DraftKings took a bigger share of the handle. These two powerhouses continued to shape the market, with FanDuel’s profitability strategy keeping it on top.
iGaming Hits New High
iGaming was the star of New Jersey’s gaming market in October, with revenues up 28.1% year-over-year to $213.6 million. That’s the highest monthly total ever, beating the previous record of $208.1 million set in September. For the first time outside of pandemic closures, iGaming revenues outpaced land-based casinos. Here’s why:
iGaming revenues surpassed traditional casino revenue for the first time ever. This growth is part of the broader trend toward digital gaming experiences for the tech-savvy audience that wants convenience and variety.
Land-based casinos had a tough October, with revenue down 8.5% to $208.7 million. The decline is a sign of the challenges traditional gaming faces as consumers continue to move online. Only three casinos—Borgata, Hard Rock, and Ocean—beat their October 2019 revenue.
Digital Is the Focus
October’s numbers fit into the broader trends of 2024. New Jersey’s gaming industry has been relying more and more on digital to grow, with iGaming and mobile at the forefront of operator strategies.
Total gaming revenue for the year is $912.8 million, up 13.9% from 2023, thanks to the strength of online gaming. Despite the October decline, sports betting revenue is up year-to-date.
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