New Jersey Sets New Online Casino Revenue Record In March At $197.2 Million

Eric Raskin

atlantic city casinos

More than 10 years after the launch of regulated online casino gambling in New Jersey, the activity is still in a growth pattern. The New Jersey Division of Gaming Enforcement (DGE) announced Tuesday that March 2024 marked a new single-month record for internet gaming win by the casinos and their digital partners at $197.2 million, breaking the previous state record of $183.2 million, set in January, by 7.6%.

The iCasino win for March more than doubled the sports betting revenue in New Jersey for the month, which came in at $89.7 million.

The $197.2 million figure includes a modest $2.36 million in online poker rake.

Year-over-year, iCasino revenue went up 19% compared to March 2023’s then-record $165.7 million. For the year to date, online casino revenue is at $562.8 million, up 22% over the first three months of 2023.

Land-based casino win at Atlantic City’s nine properties outpaced iCasino — but it’s getting closer and closer. For March, retail casinos won $239.8 million, which is still good for a 4.9% year-over-year increase.

For all the insistence in some corners that online casino cannibalizes retail revenue, New Jersey has consistently suggested that isn’t the case, as retail play remains steady while iCasino continues growing.

Taxed at a rate of 15% of revenue (at least for now), New Jersey scooped $29.6 million in tax revenue from March’s online casino play.

Debut of operator-by-operator details

For the first time, the DGE broke down revenue by online casino skin, meaning, for example, that FanDuel Casino win is separated out from Golden Nugget Online Casino win, BetRivers Casino win, and Betway win, while all operate under Golden Nugget’s license.

The top 10 individual operators in New Jersey in March revenue shook out as follows:

  1. FanDuel $41.6 million
  2. DraftKings $41.2 million
  3. BetMGM $21.8 million
  4. Borgata $17.8 million
  5. Caesars Palace $13.1 million
  6. Hard Rock Bet $9 million
  7. Golden Nugget $7.9 milion
  8. BetRivers $7.3 million
  9. Bally’s $6.3 million
  10. Tropicana $3.4 million

The Golden Nugget license earned the most revenue of any of the nine iCasino licenses, at $57.1 million combined among its various skins.