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      Even In 28-Day February, New Jersey Posts Another $200M Online Casino Month

      FanDuel nosed ahead of DraftKings for the month, but the rivalry remains fierce

      By John Brennan

      Last updated: March 14, 2025

      2 min

      atlantic city aerial

      After five consecutive months of New Jersey’s online casino operators achieving a collective $200 million or more in revenue, a 28-day February figured to be a litmus test on whether the industry could sustain that number.

      Consider that test passed, as the operators took in $207.8 million last month, the state Division of Gaming Enforcement announced on Friday.

      That figure was up a robust 14% from (a 29-day) February 2024, and the “per day” figure rivals the amounts gained ever since September’s milestone marker of a then-record $208.1 million kicked off the run of success.

      Daily fantasy sports giants-turned sports betting and casino powerhouses FanDuel and DraftKings continued their nose-to-nose rivalry, with FanDuel overtaking their rivals for the month at $44.1 million vs $43 million. BetMGM ($28.2 million) and Borgata ($20 million) once again grabbed third and fourth place ahead of Caesars ($14 million) and Hard Rock ($10 million).

      PlayStar, a partner of Ocean Casino, nearly doubled its revenue from 12 months earlier, to $2.9 million — good for 11th place in the monthly revenue rankings. While still not a household name, that improvement bumped PlayStar past struggling ESPN Bet, which tumbled by about one-third to $2.3 million.

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      Sportsbooks had less success

      Sportsbook operators in Jersey continued their collective rollercoaster ride, taking in $73.6 million in total in February — after in previous months earning $122.2 million, $62.8 million, $119 million, and $77.5 million.

      And once again FanDuel ($33.9 million) and DraftKings ($20.3 million) set the pace. But the two titans had been nearly even in February 2024, with FanDuel this time experiencing a gain about as large as DraftKings’ comparative revenue decline.

      BetMGM solidified its third-place status, taking in $5.9 million for the month. Bet365 ($4 million) and Fanatics ($3.5 million) — which didn’t even exist in the New Jersey sports betting space a year earlier — were the only other books to claim at least $2 million in revenue for the month.

      While the in-person wagering revenue totals pale in comparison to their online brethren, it’s notable that those books were down more than 60% compared to February 2024 while taking in a collective $825,000. Only three of the casino sportsbooks made money in February, and thoroughbred racetrack Monmouth Park joined them in finishing the month in the red.

      Retail vs. casino a tight battle

      Atlantic City’s nine brick-and-mortar casinos took in $203.5 million in February, falling just short of the fortunes of the iGaming operators for a second straight month. It’s quite possible that the latter’s advantage will continue for a long time — and maybe even forever, as younger gamblers tend to be less eager to visit the Atlantic County resort town.

      Seven-year-old Hard Rock has yet to catch industry leader Borgata, but in February the gap narrowed to $49.9 million versus $41.9 million. Hard Rock actually outperformed Borgata slightly in the slot machine revenue race, in fact. Ocean Casino — which, like Hard Rock, opened in mid-2018 — remains locked into third place, this time at $32.4 million.

      Of the other six older casinos, Bally’s continues to finish last — taking in just $9.2 million for the month. 

      Overall, New Jersey took in a total of $53.3 million from these gambling operators in February tax revenue. If Gov. Phil Murphy’s proposal to virtually double the tax on mobile sportsbooks and online casino operators is approved this summer by the state legislature, that total would greatly increase as well.

      Of course, opponents of the idea note that it’s possible that the state could lose gaming industry jobs as operators may seek greener pastures elsewhere, thereby impacting the overall tax collection numbers.

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