NJ Gambling Revenue Steady, iGaming Up, Sports Bet Falls
### Key Takeaways
In December 2024, New Jersey’s gambling industry reported mixed results. While total revenue remained nearly stable at $522.6 million (-0.1% year-over-year), there were significant differences among the individual segments. Traditional casino operations saw slight declines, while the iGaming (online gambling) sector continued to grow strongly. The sports betting market, however, experienced a substantial downturn.
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Slight Declines in Casino Revenue
Revenue from land-based casinos amounted to $231.8 million in December 2024, representing a 0.3% decrease compared to the previous year. However, there were notable differences among individual operators within this segment. Borgata Atlantic City maintained its market leadership with $62.7 million in revenue, marking a 6.8% increase. In contrast, Bally’s saw the sharpest decline, with a 13.1% drop, reducing its revenue to just over $10 million.
Slot machine revenue fell by 4.2% to $168 million, while table games generated $63.8 million, an increase of 11.6%. These figures highlight that traditional casino games continue to play an important role despite ongoing challenges.
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iGaming Remains a Growth Driver
The iGaming sector continued its growth trajectory, generating $228 million in revenue in December 2024—a 26.5% increase compared to the previous year. Golden Nugget was particularly successful, increasing its revenue by 25.3% to $66.2 million. Resorts and Borgata also posted impressive gains of 26.7% and 31.2%, respectively.
This trend underscores that online gambling is becoming an increasingly important revenue source for New Jersey’s gambling industry. The flexibility and accessibility of iGaming offerings appear to be driving continued strong demand.
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Sports Betting Faces Significant Decline
Sports betting revenue experienced a sharp decline of 42.6% in December 2024, amounting to $62.8 million. Despite the downturn, Meadowlands Racetrack remained the largest operator with $30.6 million in revenue, though it also saw a 40.2% drop. Interestingly, Bally’s Atlantic City and Harrah’s were the only operators in this segment to report growth. Harrah’s stood out with a 44.5% increase.
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2024 Annual Review: A Mixed Picture
For the full year 2024, New Jersey’s gambling industry generated $6.3 billion in revenue, representing a 9% increase compared to 2023. iGaming contributed significantly to this growth with $2.39 billion (+26.5%). Sports betting also delivered solid results, generating $1.09 billion (+8.7%).
Traditional casino operations, however, saw a slight decline, with revenue falling to $2.82 billion (-1.1%). Within this segment, slot machine revenue decreased by 0.7% to $2.1 billion, while table games revenue dropped by 2% to $721.4 million.
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Our Assessment
The figures from New Jersey reveal that the gambling industry is undergoing a transformation. While traditional casino operations are facing slight declines, the iGaming sector continues to grow rapidly. This underscores the importance of digital offerings for the future of the industry. However, the decline in the sports betting segment is a warning sign, potentially indicating market changes or saturation.
For players, this means that operators will increasingly focus on online offerings. This could lead to a greater variety of games and bonuses but also highlights the need to pay close attention to the reliability and security of platforms.
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