The Garden State’s gambling income in March hit a new peak, driven by the expansion of online gambling earnings.
New Jersey’s gambling income in March climbed by 8.1% to $526.6 million (£422.5 million/€495.2 million), thanks to the record performance of the state’s online gambling market.
New Jersey’s gambling income in March reached $526.6 million, exceeding the $487.4 million in March 2023. Total income also increased by 14.1% compared to New Jersey’s $461.5 million in February.
Traditional gambling was once again the highest revenue-generating category among all active markets in the Garden State. Traditional gambling income was $239.8 million, up 4.9% year-over-year.
Of all traditional gambling income, slot machine income was $172.7 million, up 4.8%. The remaining $67 million came from table games, up 4.9% from last year.
New Jersey online gambling income once again reached a new high.
Online gambling income reached $197.2 million, up 19.9% from 2023, setting a new monthly record for New Jersey. Online gambling income is now only $42.6 million less than New Jersey’s total traditional gambling income.
Online slot machine income in March was $194.8 million, up 19.4%. However, in contrast, online poker income fell 5.4% to $2.4 million.
Golden Nugget remains the leader in New Jersey’s online gambling market, with monthly income of $57.1 million. Resorts Digital came in second at $48.9 million, ahead of Borgata’s $43.8 million.
Sports wagering struggled in March.
The amount of money made from sports betting in New Jersey dipped by 3.6% in March, reaching $89.7 million. Nevertheless, this figure is still 32.7% greater than the $67.6 million total in February.
In terms of the total amount wagered, bettors spent $1.33 billion on sports betting in March, a 36.3% jump compared to the same period last year. Of this sum, $12.6 million was wagered online and $43.8 million was wagered at physical sportsbooks.
Meadowlands, in collaboration with FanDuel, PointsBet, and SuperBook, continues to be the top performer. Meadowlands generated $51.7 million in revenue in March.
DraftKings and Resorts World came in second with $24.2 million in revenue. Borgata and BetMGM were third with $6.3 million in revenue.
New Jersey’s revenue for the year to date is $1.55 billion.
Total market revenue for the first three months of the year was $1.55 billion. This represents a 15.7% increase from the same period in 2023.
Revenue from land-based casinos remained at $656.1 million, with slot machine revenue dropping by 0.4% to $474.4 million, but table game revenue rising by 1.4% to $181.8 million.
Online casino revenue climbed by 22% to $562.8 million. This included $555.7 million in slot machine revenue, up 22.5%, and $7.1 million from poker, down 4.6%.
Despite the March decrease, sports betting revenue still increased by 22% to $328 million. Total player spending for the period was $4.13 billion, of which $4 billion was wagered online and $129.3 million was wagered through physical locations.
Will New Jersey increase online gambling taxes?
These results come as New Jersey gambling operators may face a potential increase in online gambling taxes.
The past week saw Senator John McGinn officially present a new legislative proposal that would boost the tax levy on digital gambling and sports wagering to a rate of 30%.
The bill’s wording indicates that if legislators endorse the suggestion, it will come into force on the first of January following its passage. At present, online gambling and sports betting are subject to a tax of 15% and 13% of their total gambling earnings, respectively.
Sign up for the iGaming newsletter.