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New Jersey smashes gambling revenue records in January

| By Robert Fletcher
New Jersey has reported a strong start to 2024, with igaming revenue hitting an all-time high and sports betting revenue and handle reaching new monthly records in January.
New Jersey January

Total gambling revenue in New Jersey for January reached $559.1m (£442.9m/€518.4m). This was 28.0% ahead of $436.9m in January 2023 and 7.1% higher than $522.2m in December last year.

Land-based casinos remain the primary source of gambling revenue in New Jersey. During January, revenue here stood at $205.0m, down 3.1% year-on-year. 

Physical slots, traditionally one of the main money-makers in New Jersey, saw revenue slip by 5.8% to $143.0m. However, land-based table games revenue edged up 3.7% to $62.1m.

Igaming closes the land-based gap with record January

While the land-based market faltered in January, the situation in igaming could not be more different. Revenue from igaming in New Jersey reached $183.3m, up 19.9% year-on-year and a new monthly record.

Online slots accounted for $180.8m of all revenue here, a rise of 20.4%. However, revenue from internet poker slipped 8.2% to $2.5m.

Golden Nugget remains the igaming leader in New Jersey with $52.2m in revenue in January. Resorts Digital ranked second with $49.3m, then Borgata with $42.0m.

New Jersey sports betting market continue to grow

Turning to sports wagering and more records fell in January. For the month, revenue from sports betting hit a record $170.8m, up 136.1% from $72.3m.

sports betting hit a record $170.8m, up 136.1% from $72.3m.

This was driven by an all-time high spend by players. Total handle for January was $1.72bn, a 5.3% increase from last year. Online betting spend reached $1.67bn, with retail at $47.4m.

Meadowlands and partners FanDuel, PointsBet and SuperBook remain the frontrunners with $113.0m in revenue. Following in a distant second was DraftKings and Resorts World on $40.3m, then Borgata and BetMGM with $8.0m.

Could New Jersey be set for a new record in 2024?

The January results place New Jersey in a strong position to break yearly records in 2024. For the past year, the state posted all-time high figures for several areas, including total revenue of $5.78bn.

Igaming revenue here reached $1.92bn, a new record and 15.7% higher than in 2022. As for sports betting, revenue also hit a new yearly high of $1.01bn, up 31.9% from 2022 and the first time the state surpassed the $1.00bn mark. 

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