Key points:
- Total gaming revenue for October 2024 reached $499.8m, up 2.6% year-on-year
- Online gaming win surged 28.1% to $213.6m, reflecting sustained growth in the digital sector
- Casino win fell 8.5% to $208.7m, with traditional gaming formats facing continued challenges
The New Jersey Division of Gaming Enforcement has reported total gaming revenue of $499.8m for October 2024, reflecting a 2.6% year-on-year increase.
Growth was driven by robust performance in the internet (online) gaming sector, even as other categories, such as traditional casino gaming and sports wagering, faced declines.
Casino win declines amid industry shifts
Casino win for the state’s nine casino hotel properties decreased 8.5% to $208.7m in October 2024. Year-to-date, casino win has reached $2.36bn, down 1.6%.
Notably, slot machine revenue experienced a modest decline of 1.9% for the month, while table game revenue fell significantly by 25%.
The decline highlights the challenges faced by traditional gaming formats as consumer preferences shift toward online platforms.
Internet gaming drives growth
Online gaming continued its upward trajectory, with October 2024 revenue increasing by 28.1% to $213.6m.
Year-to-date, online gaming win reached $1.95bn, representing a 23.7% increase. The growth in online gaming reflects the sector's growing importance to New Jersey's gaming market, driven by player demand and technological advancements.
Mixed results for sports wagering
Sports wagering revenue experienced a 16% decline in October 2024, falling to $77.5m. However, year-to-date sports wagering revenue increased by 13.9%, reaching $912.8m.
Broader trends and context
The October 2024 figures align with broader trends observed earlier this year. For example, in August 2024, New Jersey reported total gaming revenue of $555.1m, which included a 27.8% increase in internet gaming revenue but a 34.7% decline in monthly sports wagering revenue.
These results highlight the ongoing evolution of New Jersey's gaming industry, with online platforms showing robust growth while traditional and retail gaming formats face headwinds.
The industry’s shift toward digital and mobile gaming experiences has allowed operators to reach a broader audience and adapt to changing consumer preferences.
Good to know: The decline in October is attributed to reduced betting activity during the month, which aligns with seasonal trends. Despite this, online sports betting continues to contribute significantly, accounting for the majority of the state’s sports wagering handle
Looking ahead
The New Jersey gaming industry remains positioned for continued transformation as operators adapt their strategies to capitalise on the growing demand for internet gaming.
With year-to-date total gaming revenue reaching $5.22bn – a 9.3% increase – the state continues to demonstrate the resilience of its gaming market.
Regulatory updates, technological innovations and shifts in consumer behaviour could play a pivotal role in shaping the future trajectory of New Jersey’s gaming industry.
Operators are expected to focus on expanding their online offerings and refining their sports wagering strategies to maintain growth across all sectors.
