The casino records just keep falling in The Garden State.
August 2024 was the best month ever for gaming in New Jersey, with winnings almost nearly topping $200 million. On top of that, online casinos also kept growing compared to last year.
The $198.4 million generated is the highest monthly total ever recorded in the state and an increase of nearly 28% year over year. This beats the previous record of $197.2 million set in March. In fact, the last five months have been the best ever for online casino winnings in New Jersey.
July Revenue Was Good, August Even Better in New Jersey
July was a great month for the New Jersey gaming industry, falling just $2 million short of the record. However, August finally broke the five-month-old high.
Here are the revenue totals for 2024 and their overall ranks in the nearly 11-year history of online casinos in New Jersey:
- January: $183 million (7th)
- February: $182 million (8th)
- March: $197 million (2nd)
- April: $188 million (5th)
- May: $192 million (4th)
- June: $187 million (6th)
- July: $195 million (3rd)
- August: $198 million (1st)
This is the second straight month that revenue has increased in New Jersey. August saw a 1.5% increase from July and a 28% year-over-year increase. Operators are on track to hit $200 million in NJ online gambling revenue, possibly as early as the fall, especially with football season back in action.
Atlantic City Numbers Don’t Affect State Numbers
What’s scary is that the numbers coming out of Atlantic City don’t affect the overall numbers that the state is generating.
Atlantic City’s land-based casinos continued to win less than they did before the COVID-19 pandemic, but state revenue records continue to fall. Atlantic City’s core business—money won from in-person gamblers—continues to struggle. Six of the nine casinos won less from people physically on their premises than they did in August 2019, before the pandemic broke out.
Last month, Atlantic City casinos collectively won $294 million from in-person gamblers, an increase of almost 5% from the previous year. However, this is still below pre-COVID profitability levels.
Only 3 New Jersey Casinos Profiting from In-Person Gambling
New Jersey’s casinos, horse tracks, and their online partners earned over $555 million in August, which is a 4.4% increase from last year.
Casinos focus mainly on in-person gambling because they have to share online sports betting revenue with third parties. Out of the nine casinos, only Borgata, Hard Rock, and Ocean made more money from in-person gambling than they did before the pandemic.
Borgata led the market again, earning about $126 million from both in-person and online gambling. Hard Rock came in second with nearly $72 million, while Golden Nugget followed with around $70 million, thanks mostly to its online operations.
Don’t Expect The New Jersey Gambling Numbers to Let Up
New Jersey’s online gambling industry has seen impressive growth in 2024. Aside from the record-setting numbers in August, the year-over-year performance is astounding. The industry’s upward trend highlights its strong performance and promising future.
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