iGaming in New Jersey Sets a New Revenue Record in October

New month, new record for internet gaming revenue seems to be the unofficial mantra of the New Jersey Division of Gaming Enforcement, and October was no surprise. NJ online casinos raced to $260.3 million in revenue for the month, good for a 21.8% jump year over year. 

That number easily beat the $248 million record set in August.

For the year, that revenue number is an astonishing $2.39 billion through just the first ten months, up 22.6% from this point in 2024. While iGaming edged out land based casino wins, which came in at $234 million, the nine Atlantic City casinos typically fall behind as summer gives way to fall down the shore.

Still, even this number was a robust 12.5% gain over 2024 and the best October number in more than 20 years. For the year, online and brick and mortar are neck and neck, with the Boardwalk casinos at $2.44 billion in revenue posted so far.

FanDuel continues to accelerate, up 26% last month to $60.8 million in online casino revenue, and DraftKings is up 6% to $48 million. BetMGM and Borgata posted $33 million and $21 million, respectively, both up just over 30%. 

It’s long been a point of contention that you just can’t overcome the first mover advantage and piles of cash that allow companies like FanDuel and DraftKings to dominate iGaming in the seven legal US states, but someone may have forgotten to tell BetFanatics, who, while still way down the charts at number seven, were still $10 million higher than last October, at $13 million. That was a 250% gain for the month, and they are up 400% so far this year. 

There are currently 26 online casinos in the Garden State, and lest you think that a rising tide lifts all boats, seven of them actually lost revenue share last month. It's also important to point out that the median gross revenue for all operators is a meager $2.3 million, meaning 14 of these licensees are under that. 

Gross revenue can be misleading as well, as we don’t see costs of acquisition or bonus spend to keep those players coming back, let alone server costs and labor, but suffice it to say that slapping your name on a website and hoping for quick profits has not been the panacea hoped for by all participants.

Online sportsbooks had an equally impressive month. Total handle for the month, the entirety of wagers, was 1.2 billion. Gross revenue was $110 million vs. $75 million, a 45% improvement. 

Once again FanDuel and DraftKings led the pack with $40 million and $30 million, but BetFanatics made an even more impressive run in this vertical, climbing to number three with $11 million. That’s an astounding 595% jump from last year and a 386% gain for the first ten months. 

Land based casinos saw a 9% improvement in slot wins but a much better 23% in table games. Borgata, the perennial brick and mortar powerhouse posted $68 million in GGR, and Hard Rock was number two at $42.4 million. 

With all three components of New Jersey’s gambling triumvirate posting massive improvements in October, and the state taking in slightly less than $80 million in tax revenue, it’s likely that officials in both Trenton and Atlantic City are breathing a sigh of relief. 

October historically can be a tough month as travel falls to the brick and mortars and the sportsbooks have struggled the last several years with “player friendly outcomes” in the NFL season. Now with less than two months to go, it’s possible that every vertical may post 2025 numbers that beat 2024’s, and that would certainly be something to celebrate given the challenges faced this year.