The Garden State’s gambling earnings in March achieved a new peak, driven by robust online gambling performance.
Gambling earnings in New Jersey experienced an 8.1% surge in March, reaching $526.6 million (£422.5 million/€495.2 million).
New Jersey’s gambling earnings reached $526.6 million in March, a rise from $487.4 million in March 2023. Total earnings increased by 14.1% compared to February’s $461.5 million.
Traditional gambling venues once again reigned supreme among all active markets in the state. Traditional gambling revenue reached $239.8 million, marking a 4.9% year-over-year increase.
Of the traditional gambling revenue, slot machine earnings amounted to $172.7 million, up 4.8%. The remaining $67 million originated from table games, experiencing a 4.9% year-over-year rise.
New Jersey’s online gambling revenue sets a new high
Online gambling revenue hit $197.2 million, a 19.9% increase from 2023, establishing a new monthly record for New Jersey. Online gambling revenue stands just $42.6 million shy of the state’s total traditional gambling revenue.
Online slot machine revenue in March reached $194.8 million, a 19.4% increase. In contrast, online poker revenue experienced a 5.4% decline to $2.4 million.
The Golden Nugget maintains its leading position in New Jersey’s online gambling market, with monthly revenue of $57.1 million. Resorts Digital follows closely with $48.9 million, ahead of Borgata’s $43.8 million.
Sports betting faced challenges in March.
Examining the realm of sports wagering, earnings declined by 3.6% to $89.7 million. Nonetheless, this represents a 32.7% surge compared to the $67.6 million total recorded in February.
Gamblers invested $1.33 billion in sports betting during March, signifying a 36.3% upswing from the corresponding period last year. Of this sum, $12.6 million was wagered digitally and $43.8 million was placed at physical sportsbooks.
Meadowlands continues to dominate the industry in partnership with FanDuel, PointsBet, and SuperBook. Meadowlands generated revenue of $51.7 million in March.
DraftKings and Resorts World once again secured the second position in the sector, amassing $24.2 million in revenue. Borgata and BetMGM claimed the third spot with $6.3 million in revenue.
Aggregate market earnings for the three-month period concluding in March reached $1.55 billion. This signifies a 15.7% increase from the equivalent period in 2023.
Revenue from land-based gambling remained steady at $656.1 million, with slot machine earnings dipping by 0.4% to $474.4 million, while table game revenue climbed by 1.4% to $181.8 million.
Online gambling revenue experienced a 22.0% surge to $562.8 million. This encompasses $555.7 million in slot machine revenue, up 22.5%, and $7.1 million from poker, down 4.6%.
Despite the March downturn, sports betting revenue still climbed by 22.0% to $328 million. Player spending for the period totaled $4.13 billion, with $4 billion wagered online and $129.3 million wagered through physical channels.
These outcomes emerge as New Jersey operators may face an increase in online gambling taxes. New Jersey’s revenue thus far this year stands at $1.55 billion.
In the past week, Senator John McKeon officially presented a new legislative proposal that would increase the tax levy on internet gambling and athletic wagering to thirty percent.
The bill’s wording indicates that if legislators endorse the suggestion, it would become effective on the first of January following its passage. At present, the tax rate on online gambling and sports betting is fifteen percent and thirteen percent of total gambling earnings, respectively.
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