New Jersey's record-breaking iGaming income drops again in October

New Jersey's record-breaking iGaming income drops again in October

New Jersey's record-breaking iGaming income drops again in October

 New Jersey's gambling income went up 2.6% year-over-year in October, thanks to another record-breaking month for online gambling.
 Igaming in New Jersey  March
 At the same time, the sportsbooks in the Garden State showed signs of NFL scores hitting performance that was good for players.  In their Q3 results, major operators have said that this is a risk to their income in the fourth quarter.

 All of New Jersey's gaming channels and verticals brought in a total of $499.8 million (£394.4 million/€472.5 million) in October.  It's more than the $487.1 million monthly total from last year, but it's still 10.5% less than the $558.3 million that was made in September of this year.

 Of the $55.0 million in taxes that licensees paid that month, internet gaming was once again the main reason.  It added $31.9 million to that amount through a 15% gross income levy.  Another $13.0 million came from brick-and-mortar casinos, which were taxed at 8% of GGR. Online sports betting, which was taxed at 13%, brought in $9.9 million, and retail sports betting, which was taxed at 8.5%.

 In New Jersey, online gambling brings in more money than land-based casinos.
 According to data from the New Jersey Division of Gaming Enforcement, online gambling was once again the most popular type of gambling in October.  Gamers won $213.6 million in the month, which is 28.1% more than the same time last year.  This is 2.8% more than the previous record set in September, which was $208.1 million.

 The money made from games like online slots and tables went up by 28.5% to $211.3 million.  But the money made from peer-to-peer poker dropped 1.0% to $2.3 million.

 With the growth, online gambling brought in more than twice as much money as land-based casinos did in October ($209.7 million).

 When it comes to online gambling, FanDuel made the most money ($48.3 million).  The company, which is owned by Flutter, works with the Golden Nugget Atlantic City in New Jersey.

 Along with Resorts Casino Hotel, DraftKings fell to second place with $45.6 million in online gambling sales.  BetMGM, which is a partner of Borgata, came in third with $25.5 million in total sales.

 Golden Nugget made the most money from online gambling this month, with $67.1 million.  BetRivers, Betway, Jackpot City, and DraftKings' Golden Nugget Online Gaming are some of the sites that work with this provider.

 Igaming income went up, but revenue from real slot machines went down by 1.9% to $159.9 million.  The money made from land-based table games dropped by 25.0% to $48.8 million.

 16.0% less money is made from sports betting in New Jersey.
 But things were very different in the sports betting market, even though online gambling was still growing.  $77.5 million was made here, which is 16.0% less than the same time last year and 35.2% less than September.

 There was a 12.5% drop in player spending, from $1.29 billion last year to $1.12 billion this year.  But this was 37% more than the $1.13 billion that was bet in September.  People spent a total of $1.09 billion online and $43.8 million in stores.

 In October, the state-wide hold in New Jersey was 6.85%, down from 11.28% in September.  This fits with DraftKings' Q3 report that said players' NFL wins would hurt their performance in October. As a result, the company had to lower its sales and earnings predictions for the whole year.  FanDuel, the parent company of Flutter, has said that its accurate pricing is a key part of reducing the same kind of effect on sales and earnings.

 If you want to bet on sports, FanDuel is still the best.
 When we looked at how well each operator did, FanDuel, which was paired with Meadowlands Racecourse, came out on top with $34.8 million in sales.  Along with its partner, Resorts Casino Hotel, DraftKings is still in second place with $22.2 million.

 Hold actually got better as it moved down the charts after the top two.  Both BetMGM and the Borgata got $7.3 million, which was third place.  The MGM-Entain joint venture has been focused on lowering prices and improving products in the lead up to the start of the NFL season.

 With $3.7 million in sales, Bet365 is now in fourth place.

 After that, Caesars Interactive and Monmouth Park brought in $3.1 million.  Another Monmouth partner, Bet Rivers, made $930,826 in October.

 One of the other companies is Fanatics, which makes $1.6 million a year and works with Bally's.  Another Resorts partner, ESPN Bet, came in second with $1.6 million in sales.

 Hard Rock Bet did not get such good news, though.  Because it worked with the Hard Rock Hotel and Casino Atlantic City, it said it lost $1 million.

 $5.22 billion in sales so far this year
 As for the year so far, the New Jersey market made a total of $5.22 billion in sales in the 10 months ending in October.  This is $9.3% more than the $4.77 billion that was made at the same time in 2023.

 A big part of this rise is due to the growth of online gambling, which saw sales rise 23.7% to $1.95 billion.  For the whole year, land-based casinos brought in the most money, but this year they only brought in 2.36 billion dollars, 1.6% less than last year.

 Even with the drop in October, the total amount of money made from sports betting this year was up 13.9% to $912.8 million.  Over the course of 10 months, players spent 14.0% more on sports betting, or $10.33 billion.

 Over the past 10 months, this has brought in $560.7 million in taxes for New Jersey.  By itself, internet casinos brought in $292.0 million, which was the majority.  The state got $151 million from casinos, with $115 million coming from online sports betting.  The amount of money from retail bets was only $2.5 million.