New Jersey Online Casino Revenue Reaches Record $243.9 Million For March
It was a monstrous month for iCasino operators, who again bested their retail counterparts
2 min
The New Jersey Division of Gaming Enforcement reported on Wednesday a record $243.9 million in internet casino operator revenue for March, the third consecutive month the online gaming vertical outperformed its Atlantic City counterparts.
March’s figure blew past the previous all-time high of $228 million established last December as revenue surpassed $200 million for the seventh month in a row. There was a near-$13 million spread between online casino revenue and brick-and-mortar winnings in Atlantic City, with retail revenue down 3.7% to $230.9 million.
The $673.3 million in iGaming revenue for the first quarter of 2025 is 4.5% higher than retail winnings. Year-over-year revenue was up 23.7% compared to the $197.2 million claimed by operators in March 2024. March marked the ninth time in the last 12 months year-over-year revenue increased by at least 20%.
Total platform revenue for the first quarter of 2025 was up 19.6% compared to the opening three months of 2024. The state collected nearly $36.5 million in receipts for March, pushing the year-to-date total to $100.6 million.
The Garden State, which launched iGaming in 2013, did not collect $100 million in tax revenue for a full calendar year until 2020.
Records fall everywhere
Regardless of how one classifies March’s revenue figures, there were plenty of records set. Six of the eight Atlantic City tethers for online platforms had all-time monthly highs, with Golden Nugget establishing a new state standard at $74.5 million.
Eleven individual operators notched new bests, and seven surpassed $10 million in winnings. FanDuel Casino, which is among the Golden Nugget’s licensees, bettered its state record among operators with $52.3 million, a 25.7% increase from March 2024.
Rival DraftKings narrowly missed becoming the second platform to reach $50 million, coming $445,600 shy while also setting its all-time high.
BetMGM surpassed $30 million in monthly winnings for the first time at $31.6 million, a 42.8% surge from 12 months prior. The Borgata’s internal platform grabbed the No. 4 spot among operators at $22.4 million, edging its previous best of $22.1 million set in November.
The duo, along with the Party Poker, Pala/Stardust, and Wheel of Fortune platforms, combined for a record $57.1 million in revenue. That was good enough to fend off DraftKings-led Resorts by $582,000 for second among tethers.
Caesars Palace Online rounded out the top five among operator revenue totals with $15.7 million, highlighting a record haul of $20.5 million from Tropicana-based tethers. Golden Nugget set an all-time high of nearly $12 million, while Hard Rock was right behind with its new chart-topping total of $11.8 million.
BetRivers ($8.3 million) and Fanatics Casino ($5.3 million) also set new highs, while betPARX posted a record $1.7 million in winnings for its debut month tethered to Harrah’s.
Why Murphy wants a tax hike
New Jersey Gov. Phil Murphy has called for raising the online casino tax rate from 15% to 25% as part of his budget, and the consistent double-digit percentage growth from operators over the last 12 months may strengthen his argument. Monthly year-over-year revenue has increased by at least 14% every month in that span, including six months at 25% or better.
Year-to-date online casino revenue in terms of dollars is up $110.5 million versus 2024, and Murphy’s proposed increase of 10 percentage points would have generated an additional $67.7 million in tax revenue in the first quarter.
