iGaming revenue reached $243.9 million in New Jersey during the month of March, setting a new monthly record for the industry in the state. The performance offset a decline in sports betting and land-based casinos.
The New Jersey Department of Gaming Enforcement (NJDGE) released the data on April 16. According to the agency, total gambling revenue reached US$546.1 million. This figure represents an increase of 3.7% compared to March 2024. In addition, the result was 12.6% higher than that recorded in the previous month.
The biggest highlight was iGaming, which grew 23.7% compared to the same period last year. Despite this significant growth, this was only the fourth time that iGaming led gaming revenue in New Jersey in a month.
On the other hand, revenue from sports betting — both online and land-based — fell to US$71.3 million. This performance represents a 20.5% drop compared to the previous year. The drop was attributed to the lack of surprises in March Madness, which favored bettors. The amount was also below the US$73.6 million obtained in February.
In terms of betting volume, the total was US$1.11 billion between online and retail bets. This figure represents a 16.5% reduction year-on-year.
FanDuel leads sports betting in March in New Jersey
New Jersey has 14 active online sportsbooks, compared to 27 in 2018. FanDuel took the lead in March, with revenue of $23.4 million. This was down from the $33.9 million reported in February. Year-to-date, FanDuel has already generated $110.4 million in revenue.
DraftKings reported $19.9 million in revenue in March. That’s down about $400,000 from the previous month. BetMGM came in third with $8 million in revenue, followed by Fanatics Sportsbook ($4.4 million), Caesars ($3.2 million) and bet365 ($2.8 million).
In the retail segment, the Meadowlands had the highest revenue, with $2 million. Monmouth Park came in second, with $432,393.
In the month, online betting generated US$1.06 billion, while physical bookmakers collected US$44.4 million in bets.
Several factors contributed to the revenue decline, including the lack of upsets in the NCAA Tournament, which saw all four No. 1 seeds advance to the Final Four for the first time since 2008, and only the second time in history.
iGaming remains the main driver of growth
FanDuel, in partnership with the Golden Nugget Atlantic City, led the iGaming performance. Together, they recorded $52.3 million in revenue, indicating a 25.7% year-over-year growth.
Next, DraftKings and Resorts Casino Hotel reported a 20.3% increase over the previous year, totaling US$49.6 million in revenue.
BetMGM and Borgata came in close behind with $31.6 million. Borgata’s own platform brought in $22.4 million. Caesars and Tropicana Atlantic rounded out the top five with $15.7 million.
In total, $241.3 million came from categories called “other authorized games,” such as online slots. Online poker contributed the remaining $2.6 million.
Soft2Bet launches in New Jersey, regulator continues dispute with Kalshi
As iGaming continues to evolve, New Jersey is set to launch a new online gaming platform soon. Soft2Bet will debut in the state this summer, the result of a deal with Caesars Entertainment.
The state regulator is also involved in a legal dispute with Kalshi, a prediction market specialist. Kalshi claims its sports event contracts are legal despite being ordered to cease operations in New Jersey.
Soft2Bet operates under more than a dozen global licenses in different jurisdictions. The company claims that its software has increased players’ screen time by 400%.