Sports Wagering Revenue in New Jersey Hits Record Levels
New Jersey’s sports betting industry achieved a new record in 2024, generating $1.09 billion in gross revenue before expenses and $12.8 billion in wagers, or handle.
LISTEN TO THIS ARTICLE:These figures are an 8.7% increase in revenue and a 7% rise in total handle compared to 2023, according to the state’s Division of Gaming Enforcement. Both numbers represent record-breaking totals since the state legalized sports betting in 2018.
Consistent Growth Throughout the Year
The year saw consistent growth across the industry. Sports wagering revenue in Atlantic City alone rose by 4.5% from the previous year, and the state’s overall betting handle increased by 6.7%.
Furthermore, Jane Bokunewicz, the director of the Lloyd Levenson Institute at Stockton University, believes that the data suggests that “this form of gambling activity has not yet peaked”.
The state also saw an increase in online betting, which accounted for $138.3 million in taxes out of the $141.2 million total collected from sports wagering in 2024. Online betting revenue, taxed at 13%, continues to dominate the market and legislation proposed in April 2024 by State Sen. John McKeon (D-Essex) seeks to increase this tax rate to 30%. Retail sports betting, taxed at 8.5%, added $2.9 million to the state’s coffers.
Among operators, the Meadowlands led the market with $569.4 million in sports betting revenue, far ahead of Monmouth Park at $21.2 million. Freehold Raceway, which ceased operations during the year, reported $11.1 million in revenue prior to its closure.
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Gaming Revenue Up 9% from 2023
In 2024, New Jersey’s total gaming revenue, which includes contributions from land-based casinos, racetracks, and their partners, reached $6.3 billion, a 9% increase over the previous year. Online gaming set new records throughout the year, with monthly wins surpassing previous highs for five consecutive months.
In 2024, online gaming solidified as a prominent and critical segment of New Jersey’s gaming industry. Annual internet gaming win exceeded last year’s record by more than 24%. Monthly internet gaming win ended the year strong, setting a record for the fifth consecutive month. Sports wagering revenue also set a new annual record.
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