The New Jersey iGaming market is one that never seems to slow down, the April revenue numbers showed that this is a growing market as well. Total online casino revenue for the month of April was $187.9 million, and that’s the second largest total in the history of the state.
This was actually a lower number than what came in during the month of March, but there was still a huge year-over-year gain. It has been a massive start to the year for the online casino industry in the state of New Jersey.
The total revenue for the online casino industry in New Jersey through the first four months was $750.7 million, and those numbers are well ahead of the total from a year ago. New Jersey nearly brought in over $2 billion in online casino revenue a year ago, and the state is well ahead of that pace in 2024.
Generating more tax revenue was the main reason for legalizing online casino gaming, and the state has already seen over $113 million in tax revenue. Online casino revenue is taxed at a rate of 15% in New Jersey, while sports betting is taxed at 18%.
New Jersey continues to try to keep pace with Michigan and Pennsylvania as those are the other two major online casino markets.
No Surprise at the Top
In terms of the revenue when it was broken down by specific online casino operator, there were two companies that were clearly on top. Those two companies continue to be the biggest names in the iGaming industry, and that is going to continue moving forward as well.
DraftKings was the leader in terms of monthly revenue for the month of April, as that total came in at $39.2 million. FanDuel was in second place for the month, but it also went over $39 million last month.
BetMGM is working hard to stay in the conversation, but it was clearly in third place for the month of April. The total monthly revenue for BetMGM came in at $23.1 million, and things really started to fall off from that point.
There are a ton of great online casino operators that are active in the state of New Jersey, but the leaders always remain the same.
Commercial Casinos Hit Hard
While the online gaming revenue continues to be on the rise, the commercial casinos in New Jersey are getting hit hard. The in-person revenue was down more than 6% from the April 2023 numbers, and this has been a troubling trend to begin the year.
There are nine casinos currently in New Jersey, and six of these properties are seeing less action than what was tracked pre-COVID. While the summer months are always when these properties see more action, it’s still concerning to see such little revenue coming in.
Borgata Casino continues to lead the way when it comes to in-person revenue as that casino had over $58 million. The Hard Rock Casino is another popular property in the state, but it was clearly in second place with $41 million.
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