New Jersey Online Casino Revenue Grows Again

New Jersey online casinos once again posted a marked improvement in total revenue this November over last year, up 14% to $636 million. Sports betting revenue improved over a player friendly November in 2024 to $146 million, a 22% increase. The Atlantic City land based casinos managed  an almost 6% improvement, notching $236 million. But as usual this time of the year as tourists along the Boardwalk become scarce, the biggest revenue winner was online casinos, bringing in more than $253 million.

Although there was an impressive year-over-year increase of 18.2%, this growth is significantly lower than the 20% or even 30% growth observed in some previous months. So far for the calendar year, online casinos have produced more than $2.6 billion for the Garden State, or 22.2% growth.

It remains a bifurcated market, with the top three operators combining for more than the  remaining 20+ competitors. Of those, FanDuel Casino remains top dog with a total haul of just over $60 million, up 26% YOY. Number Two DraftKings Casino also saw green, up 17% to nearly $50 milliona. Perennial third place, BetMGM Casino came in at $30 million, a respectable 11% increase.

Both FanDuel and BetMGM are having remarkable years, with both showcasing 30% gains with only a month to go, but the real story of 2025 has got to be BetFanatics. The 87% improvement in November would be enough alone to turn heads, but they have grown their revenue for the first 11 months from 18 million last year to almost 480 million this year, an eye popping 323% gain.

They have also parlayed this incredible run to their New Jersey online sports betting business. In November 2024 they posted revenue of $3.6 million; this year that number was more than $11 million. For the year, their numbers are remarkably close to their online casino success, growing from $17 million at this point in 2024 to $78 million today, 347% YOY.

FanDuel also finally put together a decent month in their sports betting vertical in November, with more than $61 million, 24% better than last year, but they still remain down 2% for the year so far. DraftKings has only grown revenue 6% so far in 2025 as well, which makes BetFanatics' growth all the more remarkable.

We don’t see 300% growth stories in the more staid land based casino business, but Borgata did grow their revenue by 25% last month and almost 10% for the year, which is quite an achievement in its own right in the hyper competitive Northeast casino market.

Oceans pulled off an even more impressive 15% increase so far for 2025 but on much smaller volumes. Harrah’s and Hard Rock are basically flat so far, but the other five operators are all looking at declines in business vs. 2024.

Most of that tepid 3.6% growth in total land based revenue through November came from table games, and big changes are coming. New York has issued its three downstate licenses, and while Hard Rock and Bally’s are probably years from opening, Resorts World, which already operates more than 6500 slots in the Jamaica neighbourhood of Queens, will be able to use its new license to open hundreds of table games just minutes from downtown New York as soon as March.

New York has remained a primary feeder market to Atlantic City as cities like Philadelphia and Baltimore got casinos of their own, so casinos like Borgata and Oceans may find 2026 to be a bit more challenging to obtain.

With the legislators in Trenton raking in $94 million in gaming tax in November and almost $795 million for the year, it was  always inevitable that nearby states would also want a piece of the pie; it remains to be seen if the Big Apple’s slice will take a bite out of the Boardwalk.

And more importantly, when looking at the millions in taxes from iGaming in not only nearby New Jersey but also Pennsylvania, the folks in Albany might be tempted to consider online casinos and their double digit growth rates as a new potential source of new tax revenue.