New Jersey iGaming Revenue up 25% YOY for April

It was not quite a record, but New Jersey’s online casino operators brought in 235 million dollars in iGaming revenue in April, marking the second-highest total since online casinos launched more than a decade ago. It was also the eighth month in a row that revenue surpassed 200 million dollars.

At the same time, Atlantic City’s land-based casinos continued to struggle, showing a slight decline of just over 2%. However, the 25% surge in online revenue helped push total gaming revenue to 536 million dollars, a 5% increase from April last year. Sports betting handled 994 million dollars, just short of the billion-dollar mark, but gross revenue from sports betting fell nearly 15% to 90 million dollars.

FanDuel led the iGaming market with nearly 53 million dollars in revenue, a 35% year-over-year increase. DraftKings followed with almost 47 million dollars, up 19% from last year. BetMGM secured third place with a 28% gain, reaching 30 million dollars in revenue.

The Borgata has been the crown jewel of Atlantic City since it opened more than 20 years ago. Its total casino win for April was 58 million dollars, powered by over 4,000 slot machines and 200 table games. That still puts it slightly ahead of FanDuel’s 53 million, but the trend is clear. Even this flagship property is facing growing competition from its online counterpart.

The other eight casinos on the Boardwalk are now routinely outpaced in casino revenue not only by FanDuel but also by DraftKings. Hard Rock reported 41.5 million dollars in revenue, placing second among physical casinos, but still fell far behind the top online operators.

While exact figures are unavailable, online casinos likely operate with much lower overhead compared to land-based casinos, which have to cover expenses like dealer salaries and power costs for thousands of machines. In total, the state’s nine land-based casinos earned 211 million dollars in casino wins, more than 20 million less than what iGaming contributed alone.

Slot revenue has stayed mostly flat, up just 2% in April and 0.1% for the year. The real hit has come from table games. Revenue from tables was down 16% last month and is down 7% for the year, meaning over 18 million dollars in lost revenue in just four months.

New Jersey’s online casinos continue to thrive, consistently outpacing the state’s traditional casinos in both revenue and growth. While online operators post impressive results month after month, land-based casinos are also bracing for the possibility of new casinos opening in North Jersey, along with the expected announcement of casino licenses for the greater New York area before the end of the year.

Losing market share to online casinos is already a concern. But that pales in comparison to the looming arrival of massive casino projects in New York or the potential for new developments in other parts of New Jersey. One thing is certain. The future of land-based gaming on the Boardwalk is about to look very different.