New Jersey’s online gambling industry continued its remarkable upward trajectory in November 2024, setting new benchmarks across multiple sectors. The New Jersey Division of Gaming Enforcement reported that internet gambling revenue reached $214 million, narrowly exceeding October’s record-breaking $213 million. This marked the third consecutive month of surpassing the $200 million threshold, a milestone in the state’s internet gaming history.

James Plousis, chairman of the New Jersey Casino Control Commission, cited by Associated Press, emphasized the importance of online gaming and sports betting in the industry’s recovery, stating, “The continuing success of online gaming and sports wagering has helped total gaming revenue achieve its best November monthly result in over a decade.” However, a significant portion of this revenue must be shared with external partners, such as sportsbooks and technology providers, which reduces the direct benefits for Atlantic City’s casinos.

While online gambling boomed, in-person gaming revenue from Atlantic City’s nine casinos remained relatively stagnant. The total in-person gambling revenue of $223.9 million matched pre-pandemic levels from November 2019, but only three casinos—Hard Rock, Ocean, and Resorts—exceeded their pre-pandemic performance.

Sports Betting Handle Surges to Historic Levels

New Jersey also experienced an unprecedented surge in sports betting activity. November’s sports betting handle reached $1.62 billion, marking a 47.3% increase compared to November 2022 and a 20.3% jump from October 2023. This record-breaking handle placed New Jersey back in the spotlight, ending New York’s dominance in monthly sports wagering records.

With this growth, New Jersey’s year-to-date sports betting handle exceeded $10 billion for the third consecutive year. The state also maintained its position as the national leader in all-time sports wagering, with a cumulative handle of over $44.4 billion. Despite the high volume of bets, operators saw a modest hold rate of 5.9%, leading to $95.9 million in adjusted gross revenue for November.

The Meadowlands Racetrack, partnering with FanDuel, PointsBet, and SuperBook, contributed significantly to the state’s sports betting revenue. It achieved $50.5 million in November, continuing its streak as the top-performing venue. Resorts Digital, allied with DraftKings, reported $38 million in revenue, nearly double its performance from the same month last year. Monmouth Park’s $2.5 million in revenue represented a staggering 163% year-over-year increase, buoyed by the closure of a competing sportsbook at Freehold Raceway.

Industry Trends and Future Outlook

New Jersey’s gaming industry has undergone significant changes, with online platforms becoming an increasingly dominant force. The COVID-19 pandemic played a pivotal role in this shift, as it drove players towards digital alternatives during extended casino closures. Even as restrictions eased, many players have continued to prefer the convenience of online gaming.

While internet gambling and sports betting have brought substantial revenue, their benefits are shared with third-party operators. For Atlantic City’s casinos, in-person gambling remains a critical focus. Borgata led the market in in-person revenue at $57.5 million, a year-over-year increase of 11.4%, followed by Hard Rock and Ocean with $44.3 million and $34 million, respectively.

Overall, New Jersey’s gaming revenue—including online gaming, sports betting, and traditional gambling—totaled $556 million for November, a 15.4% increase compared to the previous year. This strong performance highlights the state’s adaptability and resilience, setting a promising tone for continued growth in 2024.