New Jersey iGaming Market Earns Record $208 Million in September 2024
The New Jersey Division of Gaming Enforcement has released financial data for September 2024. The state’s online gambling market set a new record, earning over $208 million.
The report notes that the monthly revenue of the iGaming sector exceeded the $200 million mark for the first time. This highlights the growing role of online gambling against the backdrop of declining profitability of land-based casinos in the state.
Despite the record figures, gambling websites do not receive the entire amount of revenue. Some funds are transferred to third-party technology providers and other partners. As a result, operators continue to focus their business on the land-based industry.
Thanks to the growth of the iGaming sector, the combined revenue of casinos, two racetracks with sportsbooks and their partners reached $558 million in September. The result was 7.1% higher than the year before.
Continued positive momentum in New Jersey’s online gambling market has led to Atlantic City’s total revenue reaching its highest level in a decade in September. For the third month in a row, the total figure exceeds $500 million. By comparison, in 2023, such a result was achieved only once, in August.
In 2024, online gambling accounted for 40.8% of the total industry revenue for the first nine months, reflecting the growing importance of iGaming in the overall business model of the local gambling industry.
Jane Bokunewicz, director of the Lloyd Levenson Institute at Stockton University, which analyzes the Atlantic City gaming industry, commented on the September results. According to her, they were “a mixed bag”, as the iGaming market is thriving, while the land-based sector continues to lag.
In other news, AGA, ECA and BGC have started a partnership to tackle global gambling issues.
