In March, New Jersey saw a notable rise in gambling revenue, climbing 8.1% to reach $526.6 million (£422.5 million/€495.2 million), largely fuelled by an exceptional showing from the state's igaming sector.
New Jersey gambling revenue 2024
In March 2023, revenue reached an impressive total of $487.4 million. The total was also up 14.1% from $461.5m in New Jersey in February this year.

In the Garden State, land-based gambling once more accounted for the largest share of revenue among all active markets. Land-based gambling generated revenue of $239.8 million, reflecting a year-on-year increase of 4.9%.

Slot machines generated $172.7 million of the total land-based revenue, reflecting a growth of 4.8%. The remaining $67.0 million came from table games, reflecting a 4.9% increase compared to the previous year.

New Jersey smashed igaming revenue record again
Turning to online gambling, revenue here reached $197.2m, up 19.9% from 2023 and a new monthly record for New Jersey. In New Jersey, igaming revenue has reached a point where it trails total land-based revenue by only $42.6 million.

Online slots accounted for $194.8m of igaming revenue in March, a rise of 19.4%. In a contrasting development, revenue from internet poker experienced a decline of 5.4%, totalling $2.4 million.

Golden Nugget continues to dominate the igaming landscape in New Jersey, achieving a remarkable monthly revenue of $57.1 million. Resorts Digital secured the second position with $48.9 million, surpassing the Borgata, which reported $43.8 million.

Challenges in sports wagering during March 
In the realm of sports betting, there has been a decline in revenue, which dropped by 3.6% to reach $89.7 million. This figure represents a notable increase of 32.7% compared to the total of $67.6 million recorded in February.

In March, players placed a staggering $1.33 billion in bets on sports, marking a remarkable increase of 36.3% compared to the previous year. Of this total, $12.6m was wagered online and $43.8m at retail sportsbooks.

For an extended period, Meadowlands, in collaboration with partners FanDuel, PointsBet, and SuperBook, has been at the forefront of the industry. In March, Meadowlands reported a revenue of $51.7 million.

In this segment, DraftKings and Resorts World once more secured the second position, generating revenue of $24.2 million. Borgata and BetMGM secured the third position with a total of $6.3 million.

New Jersey's revenue for the year so far stands at $1.55 billion.
In terms of the year-to-date, total market revenue for the three months to the end of March stood at $1.55bn. This figure represents an increase of 15.7% compared to the corresponding period in 2023.

Revenue from land-based gambling remains steady at $656.1 million, with a slight decline in slots, which fell by 0.4% to $474.4 million, while table games experienced an increase of 1.4%, reaching $181.8 million.

Revenue from igaming has increased by 22.0%, reaching a total of $562.8 million. The report highlights a total of $555.7 million generated from slots, reflecting an increase of 22.5%, while poker revenue stands at $7.1 million, showing a decline of 4.6%.

Even with the drop in March, sports betting revenue has seen a significant increase of 22.0%, reaching $328.0 million. During this period, total player expenditures reached $4.13 billion, with $4.00 billion placed in online bets and $129.3 million through retail channels.

Is New Jersey poised to increase taxes on online gambling?
The results come as New Jersey operators potentially face a tax hike for online gambling. Recently, Senator John McKeon took a significant step by formally presenting a new bill aimed at raising the tax rate for online gambling and sports betting to 30%.

At present, the taxation rates for online gambling and sports betting stand at 15% and 13% of gross gaming revenue, respectively.

If lawmakers give their approval to the proposal, it is set to take effect on the following 1 January after the date of enactment, according to the bill text.