In November, New Jersey’s gambling industry achieved a new peak, with revenues reaching $556.9 million, as declared by the New Jersey Division of Gaming Enforcement (DGE). This figure surpasses the $482.4 million recorded during the same month last year, also exceeding October’s $499.8 million by 11.4%.
**Strong Performances in Igaming and Sports Betting**
Sport betting and online gaming emerged as key growth sectors in November, showcasing robust double-digit gains. However, land-based casinos also contributed significantly, gaining ground once more as the dominant revenue source after trailing online platforms in previous months.
### Revival of Land-based Casinos
Despite another record-breaking month for online gaming, traditional casinos reclaimed their position as the primary revenue generators in New Jersey. Revenues from these venues rose to $223.9 million in November, an increase of 4.2% compared to the previous year, and up by 7.3% over October’s figures.
Physical slot machines recorded a 4.3% year-on-year increase, reaching $167.7 million, while table games noted a 4.0% rise, amassing $56.2 million. MGM’s Borgata Hotel Casino & Spa led, reporting a casino win of $57.6 million for November, up by 11.4% from November 2023. Among the newest establishments, Hard Rock secured $44.3 million (an increase of 7.1% compared to the previous year), and Ocean Resort reached $34 million, marking an 8.2% rise.
### Igaming Revenue Sets a New Benchmark
Online gaming experienced unprecedented growth, with revenues hitting $214 million in November, climbing 24.7% year-on-year. This slightly surpassed the earlier record of $213.6 million set in October. Online slots and table games garnered $211.7 million, up by 24.9% from the previous year, while peer-to-peer poker added $2.3 million, reflecting a 12.7% increase.
FanDuel, affiliated with Golden Nugget Atlantic City, continued to dominate the online gaming market, generating $47.9 million. Detailed comparisons for individual operators are unavailable as disclosure began only in March of this year. Rankings followed with DraftKings at $42.2 million and BetMGM at $27.5 million. Golden Nugget remained the leading master licensee, processing $65.2 million in igaming revenue through partnerships including BetRivers, Spin Games, Jackpot City, and Golden Nugget Online Gaming.
### Sports Betting Sees Surge in Revenue
Despite a 21.9% decline in total sports betting handle to $1.22 billion, the improved hold helped revenues surge. Online betting contributions were enormous at $1.17 billion, alongside $53.1 million from retail outlets. New Jersey’s sports wagering brought in $119.0 million, reflecting a 24.1% increase from last year and eclipsing October’s performance by 53.6%.
November witnessed an optimized hold of 9.72%, compensating for unfavorable NFL outcomes that affected October. Flutter’s FanDuel continued to lead in sports betting, achieving $49.4 million in revenue. DraftKings improved significantly in November, earning $35.6 million—a 60.4% increase since October, keeping them second to FanDuel, while BetMGM remained third at $9.4 million.
Additional highlights included Bet365 at $5.9 million, Caesars Interactive securing $4.4 million, and Fanatics alongside Bally’s accumulating $3.7 million. ESPN Bet and Hard Rock Bet reported revenues of $2.2 million and $1.7 million, respectively, with BetRivers wrapping up at $1.3 million.
### New Jersey’s Record-Breaking Year
Projections suggest a record-breaking year for New Jersey, contingent on December’s outcomes. Year-to-date revenue reached $5.78 billion, enjoying a 9.9% increase from the previous year, aided by a 23.8% growth in online gaming, totaling $2.16 billion.
Though physical casinos saw a slight 1.1% decline to $2.59 billion, the sports betting sector boosted figures with a 15.0% rise to $1.03 billion, alongside a handle increase of 8.4%, culminating in $11.59 billion.
### Igaming as the Predominant Source of Gaming Tax Revenue
For November, gambling tax collected was $61.9 million; predominantly from online gaming at $32.2 million, taxed at 15%. Online sports betting tax contributed $15 million, and land-based casinos and retail sports betting generated $14.4 million and $293,558, respectively.
Cumulatively, gaming taxes for the year amounted to $622.6 million, with $324.2 million from online gaming, $165.4 million from brick-and-mortar casinos, $130.3 million from online sports wagering, and $2.8 million from retail betting.