New Jersey’s momentum shows no signs of stopping, with sports betting revenue beating the contribution from online casino for the first time in October.
iGaming Business and Ficom Leisure are pleased to present the New Jersey iGaming Dashboard, providing revenue and product metrics on the state’s regulated market.
The data is updated monthly following the official release of figures from New Jersey’s Division of Gaming Enforcement (NJDGE).
The state’s total gaming revenue across all channels and verticals for the month rose to $293.9m, a 22.9% year-on-year increase. While the land-based market saw revenue grow marginally, rising 0.8% to $202.3m, the online gaming and sports betting verticals both enjoyed stellar months.
For sports betting, revenue of $46.4m represented an increase of almost 300% from the prior year, and broke the record set in the prior month.
Most impressive is the fact that the revenue legal wagering outstripped that of online casino for the first time. However, the market remains dominated by a small number of brands.
Meadowlands, partnered with Flutter Entertainment’s FanDuel and PointsBet, accounted for 53.4% of market revenue in October.
Coming in second is Resorts Digital and DraftKings, with 22.8%, ahead of two venues partnered with William Hill; Monmouth Park (6.1%) and Ocean Resorts (5.0%). Hard Rock, which operates a Gaming Innovation Group-powered sportsbook and counts Kindred Group as a sub-licensee, follows on 4.2%.
In terms of turnover, mobile reigns supreme, accounting for $417.0m of stakes, compared to $71.0m from retail betting.
The stellar performance of sports betting in New Jersey is attracting envious glances from other states.
Senator Joseph Addabbo, a key advocate for mobile wagering in neighbouring New York, said it was “beyond frustrating” to see New Jersey’s growth, knowing a portion of revenue was coming from Empire State residents travelling there to bet.
“It is crystal clear that not allowing mobile sports betting in our state prevents New York from reaching its full potential,” he said. “We could be making tens of millions of dollars in revenue for the state per month, with a large percentage of that money going directly to educational funding, while also addressing the illegal sports betting activity in the state.
“Instead, we are allowing revenue to escape to other states, while barely matching our month-over-month numbers here.”
Turning to igaming, revenue was up 69.0% year-on-year to $45.2m, of which $43.6m came from slots and table games, with poker’s $1.6m contribution suggesting it is holding steady at a low base.
As usual, Golden Nugget reigns supreme, to the point that its revenue of $16.6m for October surpassed land-based gaming revenue. However, its market share slipped to 36.8% of total revenue, down from September’s 38.0%.
Resorts Digital, under whose licence PokerStars operates, generated revenue of $10.3m, giving it market share of 22.9%, its highest total of the year. This shows it pulling ahead of the Borgata, which remains close behind on 17.2%.
Ficom Leisure also provides exclusive monthly estimates on the Italian online market in the Italy iGaming Dashboard, including operator market shares across casino, sports betting and poker. It also provides quarterly figures on the Spanish online market in the Spain iGaming Dashboard and on the Danish online market in the Denmark iGaming Dashboard.
A European corporate advisory firm, Ficom Leisure is a specialist in all segments of the betting and gaming sector.