New Jersey Online Casino Revenue Already Exceeds $2 billion for 2025

September saw a new winner in the race for revenue supremacy in the Garden State. While traditional brick and mortar casinos had managed a summer hot streak with travelers headed to the beaches and boardwalk of Atlantic City, September once again saw iGaming taking the revenue lead.

And while the September number didn’t match the $248 million record set last month, it was still a very respectable $243 million, all the more impressive when you consider one less day in September and also that most of the Labor Day holiday fell in August this year.

That was almost a 17% increase Year over Year, and easily eclipsed land-based gaming win of $230 million for the shortened month. It also marked another milestone as iGaming broke the $2 billion in revenue mark in 2025, just eight months in. Though at roughly $2.1 billion, land-based gaming's win of $2.2 billion is still out front for the year, so far anyway.

FanDuel continued its hot hand with the top spot for the month at $56 million, easily besting last year's winner, DraftKings, which posted $48 million, and it's easy to see why. While DraftKings saw more anemic growth of 5% FanDuel continued its meteoric ascent, up 25%. Those same numbers are reflected year to date, where FanDuel eclipses DraftKings’ growth 31% to 11%.

The case of the have and have nots continues with 6 online operators posting more than $10 million in revenue, while the six at the bottom struggled to break $1 million. BetMGM at $30 million, Borgata at $20 million and Caesars at nearly $18 million rounded out the top five.

In an interesting development, online sports betting once again started off the all important NFL season with “player-friendly” outcomes and a less than 8% hold. This dropped revenue from $111 million last year to just $90 million this year, a decline of 20%. FanDuel revenue in this vertical was $37 million, down 22%, while DraftKings was off a jaw-dropping 38% to $22 million.

Down the shore, the land-based casinos found themselves with a serious case of calendar envy as they faced a September with only four Fridays and four Saturdays, compared to five of each in last month’s Julian bonanza, as well as Labor Day weekend’s Saturday and Sunday actually falling in August. 

While they were basically flat year over year, this month’s $230 million was quite a decline from August’s $312 million scorcher. $170 million of that came from slot machines, while table games added another $60 million. 

Borgata is always the jewel of the monthly revenue sheet, and it was no exception this month. Revenue came in at $62 million, flat year over year. Hard Rock, always the bridesmaid, never the bride, posted $45 million, also flat. But our perennial number three, Oceans, had a big month at nearly $40 million, up 39%, the bulk of which came from table games play, where revenue went from $4 million last year to $13.5 million this year.

Taken together, we see a familiar picture emerging as the crowds depart the beaches, and Atlantic City settles in for its winter slumber, expecting iGaming revenue to continue to easily exceed that posted by the city’s nine land-based casinos, though the real story may lie to the North, with MGM’s exit from the New York City casino race.

That leaves only two serious operators pursuing table games licenses. This potentially softens the eventual blow to Atlantic City while freeing MGM to continue to reinvest in Borgata without fear of cannibalization. 

Still, with New York's projected gaming revenue now significantly diminished, Albany will take a harder look at its iGaming calculus. Any shift there could ripple across the Hudson and rock the New Jersey online gaming boat.