New Record for New Jersey’s iGaming Revenue as Atlantic City Casinos Struggle

The New Jersey Division of Gaming Enforcement recently released figures showing that online casinos in New Jersey brought in a record amount of more than $197 million in March. It was a groundbreaking month for the iGaming industry.

Land-based casinos brought in $239 million collectively. This was up almost 5% from the year before but only two of the nine land-based casinos in New Jersey brought in more in March than they did pre-COVID. Land-based gambling still generates the highest proportion of revenue in all active markets in New Jersey.

New Jersey online casinos thrive

iGaming revenue in New Jersey is starting to catch up to land-based casino revenue. New Jersey online casinos set a monthly record with $197 million in revenue in March. Players are increasingly attracted to the variety of games offered by iGaming operators. Operators launch new games frequently and present bonuses and promotions to keep players engaged.

March is always a good month for sports betting due to March Madness. It wasn’t a record, but it did reach nearly $1.33 billion. An amount of $12.6 million was wagered online and $43.8 million at retail sportsbooks.

Slot machine revenue

Slot machines are popular in both land-based and online casinos. In the region, $172.7 millions of all land-based revenue came from slot machines. Online slot games accounted for $194.8 millions of iGaming revenue in March.

The total amount for March

The record for iGaming revenue drove total New Jersey gambling revenue to more than $526 million in March. This included land-based and online casinos, online sports betting, and horse tracks accepting sports bets. This was up 8.1% from revenue in March 2023.

New Jersey’s year-to-date revenue

Total market revenue for the three months to the end of March stood at $1.55 billion. This is 15.7% more than at the same period in 2023. The overall casino market is showing consistent growth.

Land-based gambling revenue for the three months is at $656.1 million. Slots are down 0.4% but table games are up 1.4%.

iGaming revenue is up 22.0% to $562.8 million for the first three months of the year. This includes $555.7m in slots revenue, which is an increase of $22.5%.

Could New Jersey be set for higher online gambling taxes?

As these great iGaming revenue results come in, New Jersey operators could potentially face a tax hike for online gambling. Senator John McKeon introduced a new bill to increase the tax for online gambling and sports betting to 30%. Tax is currently set at 15% and 13% respectively of gross gaming revenue. If lawmakers approve the proposal, it could take effect in January 2025.