FanDuel Powers New Jersey To (Another) iGaming Revenue High

The New Jersey Division of Gaming Enforcement reported Tuesday a record $248.4 million in adjusted gross online casino revenue for August, the fourth time this year the state posted an all-time monthly high.

That figure edged out the $247.3 million posted in July as Garden State operators again flirted with $250 million. Year-over-year revenue was up 25.2%, with the difference nearly $50 million.

The bumper digital haul was part of a record $642.2 million across gambling verticals in the state, with Atlantic City brick-and-mortar casinos contributing $311.9 million. The remaining $81.9 million originated from sportsbooks, whose winnings surged 30.6% compared to 12 months earlier.

The state’s new 19.75% tax rate on online casino operators again created notable year-over-year increases as the $49.1 million in collected levies was $19.3 million higher than last year. New Jersey tax coffers have seen an inflow of $305.5 million in receipts from online casino gaming this year compared to $358.3 million for all of 2024.

FanDuel at the front of the line

FanDuel Casino, which wrested away the monthly state all-time high from eternal rival DraftKings with a $52.3 million total in March and extended that record to $54.4 million in May, became the first platform to clear $55 million in one month in New Jersey after reaching $57.1 million in August.

That was up 38.2% from last year, and its $415.9 million in year-to-date winnings represents a 32% improvement from last year. FanDuel’s record effort also resulted in a monthly state record for licensee Golden Nugget, which eclipsed $76 million to top its May record of $75.6 million.

Also of note for Golden Nugget was its five skins reported a combined promotional spend of only $3 million, less than one-third the $9.4 million in credits offered to players in July. It was also down 62.5% from the $8 million offered last August.

DraftKings, meanwhile, has yet to replicate that magic from last December when it held the record at $51.3 million. Its $47.1 million take was up 9% from last August but lagged behind its overall growth rate of 12.4% this year to $371 million. DraftKings has yet to clear $50 million in any month this year, coming closest at $49.6 million in March.

The Borgata’s five digital casino skins extended its streak with $50 million in revenue to 10 months, with a $56.8 million haul. The 1-2 punch of BetMGM and Borgata’s internal platform accounted for $53.1 million of that amount, with BetMGM’s $32.6 million nudging past its previous high of $32.5 million set in May. That was a 46.2% year-over-year increase.

Caesars Palace ($17.1 million) rounded out the top five among operators, while Hard Rock Bet ($13.4 million) and Fanatics Casino ($10 million) gave New Jersey seven operators with eight-figure revenue totals for August. Fanatics, which revamped its platform back in May, has accrued $22.5 million of its $53 million in year-to-date winnings in the last two months.

A solid Boardwalk bounce

The $311.9 million in Atlantic City winnings represented a 6.1% increase from last year, with the house making gains of 7.1% in table revenue to $77.6 million and 5.7% in slots to $234.3 million.

The Borgata continues to serve as the bellcow for the Boardwalk, with its $80.2 million haul marking its first cresting of $80 million post-pandemic. It was the best month for the marina venue since reaching $80.8 million in July 2019.

The $60.1 million in slot revenue, boosted by a year-best 9.7% hold against $620.9 million drop, was the highest monthly recorded total for the Borgata dating back to at least January 2015.

Hard Rock ($58.3 million) and Ocean Casino ($51.2 million) rounded out the top three venues, with the latter crossing $50 million for the first time. Ocean generated record monthly high totals in both verticals with $35.5 million in slot winnings and another $15.7 million on the felt.