The NJDGE has just released a report detailing the state's record-breaking revenue for August, at $198.4 million. This breaks the previous record in March of $197.2 million. The online casino revenue for the state has been climbing steadily from the start of this year, edging ever closer to the $200 million mark.

New Jersey's online casino market continues to grow, setting yet another state record for revenue in August. The New Jersey Division of Gaming Enforcement reported that online casinos in the state produced $198.4 million, edging past the previous record of $197.2 million set in March. This significant milestone brings the state closer to a highly anticipated achievement - reaching $200 million in monthly online casino revenue, a feat accomplished only by Pennsylvania and Michigan.

Revenue surge continues

New Jersey's online casinos have been enjoying robust revenue gains throughout 2024, marking consistent increases in the past two months. In July, for example, despite a slow beginning to the summer season, online casinos generated $195.4 million, and by August, that figure jumped to $198.4 million, representing a 1.5% increase over the previous month. This growth also marks a notable 27.8% year-over-year rise compared to August of 2023, demonstrating the steady expansion of the state's online gaming industry.

Over the past seven months, online casinos in New Jersey have achieved revenue of $190 million (even more) in four separate months, showcasing a strong upward trajectory. With just $1.6 million short of $200 million in August, the state is well-poised to potentially break that barrier soon.

Consistent growth since January

New Jersey's online casino revenue growth has been remarkable in 2024, with substantial earnings every month. Here's a breakdown of the monthly online casino revenues for the year:

In January, online casino revenue reached $183.3 million. In February, the sector produced $182.3 million in revenue. March was the biggest revenue earner thus far at $197.2 million (the previous record), followed by a slight dip in April at $187.9 million. But in May, the industry started to climb back up again with $192.1 million in revenue, and in June, it reached $186.8 million. July saw a robust growth of $195.4 million, and August was the showstopper at $198.4 million (a new record).

With such consistent growth, online casinos in the state are edging closer to achieving a $200 million month, a significant achievement that would place New Jersey alongside Pennsylvania and Michigan as one of only three US states to hit that mark.

Top performers lead the way

As expected, the biggest names in the online gambling industry continue to dominate New Jersey's market. Topping the list for August is DraftKings, which raked in $43.2 million in revenue. Hot on its heels is FanDuel, with $41.3 million, followed by BetMGM with $22.16 million, and Borgata at $20.3 million.

These four operators consistently lead the pack, reflecting the strong brand recognition and loyal customer base they've built in the highly competitive NJ online gambling landscape. Together, they account for a significant portion of New Jersey's online gaming revenues, but they're far from the only players in the market.

Diverse lineup of operators

In total, there are 28 online casinos in New Jersey contributing to the state’s record-setting revenue in August. Among them were Betway, Jackpot City, and Wheel of Fortune, though these platforms posted more modest revenues, with each earning $778,163 or less. Despite their smaller contributions, the presence of such diverse operators highlights the competitiveness of the market.

A noteworthy newcomer to the state's online gambling scene is Fanatics. Having only launched its online casino operations in May, Fanatics has already made impressive headway in revenue growth. In its first month, the operator generated $963,543, and by August, its revenue had surged to about $2.6 million. This rapid increase showcases the potential for new entrants in New Jersey's online casino sector, especially those with well-established brands in other areas, like sports apparel and merchandise.