Key points:
- Overall state revenue was down 0.9% year-on-year to $533.9m
- Sports betting revenue fell 28.4%, while iGaming grew 20.9%
- Both DraftKings and FanDuel reported a decline in year-on-year sports betting revenue
The state of New Jersey has released its financial results for the first month of 2025.
In total, gaming revenue came to $553.9m, down a marginal 0.9% from this time last year, with total gross revenue taxes from gaming coming to $62.1m.
Revenue by vertical
Breaking revenue down by vertical, internet gaming contributed the most significant portion to the total, making $221.6m, up 20.9%. This was also the highest rate of growth among the three sectors, with results from the other verticals tempering this growth to result in overall state decline.
Casino hotel revenue was up 2.6% from this time last year, making $210.1m in January. Of this total, slot machine revenue accounted for 69.2%, making $145.4m, up 2%, while table game win came to $64.6m, up 4.1%.
However, it was sports wagering that saw a sizeable decline, down 28.4% year-on-year, counteracting growth from the iGaming vertical. Revenue from this segment totalled $122.2m. Sports betting handle totalled $1.15bn, while online sports betting accounted for $1.06bn.
Slot and table revenue by operator
Breaking down revenue by operator, Borgata reported both the highest slot and table game win, at $40.2m and $20.2m respectively. This reflected growth of 10.6% in slot win and a 5.2% decline in table game win.
Indeed, while there was a mix of both growth and decline across properties, table game win for certain properties faced significant drops. Most notable of these was a 43.4% decline in table win from Caesars, making $3.3m. Caesars was also the property to report the largest overall combined decline in revenue year-on-year, with a combined slot and table revenue of $13.7m, down 11.7%.
On the other end of the spectrum, Tropicana reported the most significant increase in overall revenue, up 13.2% to $15.1m.
Good to know: New Jersey is currently drafting a bill to regulate sweepstakes. This bill has received vocal support from the SPGA
Online gaming revenue by operator
Unsurprisingly, FanDuel and DraftKings reported the highest iGaming revenue in New Jersey in January, making $49.7m and $44.1m respectively. Interestingly, DraftKings was the only operator in the state to report single-digit growth, up 8%.
The most significant online revenue growth was reported by Jackpocket, up 507.7%. However, with growth from $0.2m to $1.3m, this figure is less significant.
Other operators to experience sizeable growth included Hard Rock Bet at 58.7%, making $12.5m, Golden Nugget at 77%, making $10.5m and Caesars Palace, up 43.5% to $14.8m.
On the other end of the spectrum, bet365 reported a significant decline in online revenue, reporting a loss of $0.9m to last year’s win of $1.1m. Other drops in revenue included a 39.9% dip from ESPN Bet to $2.3m and a 35.2% dip from Bally Bet to $3.6m. Indeed, the mix of growth and decline across the state in January was relatively evenly split, with 13 reporting growth and 12 reporting declines.
Online sports wagering revenue by operator
While FanDuel and DraftKings once again outperformed their competition by a sizeable margin, making $53.1m and $35.6m respectively (the third-highest earner, BetMGM, reported revenue of $7.4m), both reported double-digit declines in revenue. Indeed, FanDuel reported the second-largest decline in online betting revenue of the state’s 15 online sports betting operators, down 34.2%, with only SportTrade reporting a lower figure, down 83.3% to $97,059.
While some operators reported an increase in sports betting revenue, with Caesars Sportsbook up 50.4% to $3.5m, Hard Rock Bet up 89.8% to $1.9m and bet365 up 29.1% to $4.8m, the decline of the state’s two highest earners, which combined accounted for 74.9% of the $118.5m online sports betting revenue total (retail sports wagering made an additional $3.6m, down 6.4%), made a significant dent in year-on-year growth.
