New Jersey Gambling Market Sees Good February Results
LISTEN TO THIS ARTICLE:New Jersey has posted a year-on-year increase in its online gambling and sports betting revenue for February. However, its land-based gambling market witnessed a year-on-year decline during the month.
In February, the state’s total revenue across all gambling sectors reached $461.5m, a 12.0% increase from the $412.2m generated in the same month last year. The figure, however, decreased by 17.5% compared to $559.1m in January 2024.
Despite its year-on-year decline, land-based gambling remained the main revenue driver for New Jersey. It contributed $211.6m to the total, 1.6% short of the $215.0m in February 2023. Slot machines accounted for $158.9m of the total land-based revenue, slightly less than the $159.3 million recorded in the previous year. Table games win also dropped by 5.3% to $52.7m.
iGaming Revenue Reaches $182.3m
In the iGaming sector, revenue was up by 27.9% year-on-year to $182.3m. However, it was slightly below January’s record $183.3m.
Online slots contributed $180.0m to the total online gaming revenue, a 28.3% increase. The remaining $2.3 million came from peer-to-peer poker, a 0.4% rise year-on-year.
Golden Nugget maintained its lead in the New Jersey iGaming market in February with $51.5m in revenue. It was followed closely by Resorts Digital with $48.0m, and Borgata’s revenue of $40.0m placed it in the third spot.
Sports Betting Revenue Way Below January’s Figures
Sports wagering revenue increased by 23.7% year-on-year to $67.6m. However, it significantly fell short of the record $170.8m reported in January, despite the Super Bowl event occurring in February. Sports betting handle also rose year-on-year by 27.6% to $1.08bn. While $1.04bn was wagered online, $37.9m was placed at retail sportsbooks across the state.
Once again, Meadowlands was the sports betting market leader, with $35.1m in revenue. The racecourse partners with FanDuel, PointsBet, and SuperBook for sports wagering. DraftKings, in partnership with Resorts World, was in second place with $24.2m in revenue. Borgata and BetMGM achieved third place with $4.5m in revenue.
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