Published on: October 17, 2024, 03:10h.
Last updated on: October 17, 2024, 03:10h.
New Jersey iGaming revenue reached record highs in September, with online casino slots and interactive table games generating over $208.1 million from remote players. This marks the first time that New Jersey’s online gaming industry has surpassed $200 million in a single month.
The New Jersey Division of Gaming Enforcement reported that online slots and tables generated gross gaming revenue (GGR) of $205.9 million in September. Online poker rake added $2.2 million. This September iGaming success represented a 27% year-over-year increase.
While six other states allow online casino gaming, only Michigan has exceeded a monthly iGaming revenue of $200 million. Michigan’s online commercial and tribal gaming operations reached $215.5 million in March 2024, setting a new state record.
The rise of internet gaming significantly boosted Atlantic City’s total gaming revenue to its highest September figure in over a decade,” stated James Plousis, chair of the New Jersey Casino Control Commission, to Casino.org.
Mobile and retail sports betting revenue totaled $119.6 million in September, representing an 8% increase and bringing statewide gaming revenue to $558.28 million. This reflected a 7.1% year-over-year gain of approximately $36.8 million.
However, the growth was mostly seen online rather than at Atlantic City’s physical locations.
Shift in Atlantic City
Following a successful August where Atlantic City’s nine casinos reported a nearly 5% increase in in-person play, GGR declined in September. Retail casino revenue dropped 6.5% compared to September 2023, a decrease of approximately $15.9 million.
Slot machines generated $173.3 million in GGR, a 5% decrease, while table game revenue decreased by over 10% to $57.3 million. Combined, in-person casino revenue totaled around $230.6 million.
September 2024 had fewer weekend days compared to September 2023. Plousis attributed the September drop to the calendar and table players’ unusual luck that month.
The top regulator in the second-wealthiest gaming state in the country offered an optimistic view of the overall September data.
“Year-to-date casino revenue was slightly lower than last year, but it marked the second-best September result in 11 years,” said Plousis. “Considering these factors, business in Atlantic City remained steady in the first nine months of the year.”
Different Revenue Perspectives
Atlantic City casino leaders argue that Plousis’ positive outlook on the state gaming industry does not accurately reflect the situation in the East Coast gaming hub. Since much of the iGaming and online sports betting revenue is shared with third-party vendors like DraftKings and FanDuel, who have minimal to no physical presence in Atlantic City, the casinos believe that a clearer picture of the resort industry’s health is provided by the retail numbers.
Through three quarters of the year, in-person casino revenue has decreased by nearly 1% to $2.15 billion. Five of the nine casinos have earned less from gamblers this year compared to the same period last year — Bally’s, Caesars, Harrah’s, Resorts, and Tropicana.
Borgata and Ocean have experienced modest GGR increases, while Golden Nugget boosted in-person gaming revenue by 2.6%. Hard Rock continues to gain market share, with an 8.3% year-over-year GGR improvement through September.