The number one US market continues to grow, as the New Jersey Division of Gaming Enforcement has reported a 2.6% year-on-year increase or a total gaming revenue of $499.8 million for the month of October 2024.
This robust growth can be attributed mainly to the online gaming sector, which is the only vertical that reported an incline in revenue when compared to its counterparts such as sports wagering and traditional casino gaming.
All nine casino and hotel properties reported a decrease of $208.7m to 8.5% in October 2024, noting a total year-to-date decline to $2.36bn, or 1.6%.
More specifically, revenue from slot machines reported a slight decline of 1.9% for October, whereas revenue from table games experienced a significant decline of 25%, thus highlighting the ongoing trend of consumers shifting more toward online gaming platforms.
When it comes to sports wagering, the Division reported a 16% decline or a drop to $77.5, for October 2024. Yet, when looking at year-do-date sports wagering, the vertical still experienced an increase of 13.9% for the month, reaching a substantial $912.8m.
It is good to mention that the downward spiral can be attributed to reduced betting activity during the month of October, something that frequently occurs with seasonal trends.
In spite of this trend, online sports wagering is still a massive contributor to the total gaming revenue, accounting for the majority of New Jersey’s sports wagering handle.
On the other hand, online casino gaming proceeded with its constant upward trajectory, where the vertical reported a substantial increase in revenue of $213.6m for October 2024, increasing by 28.1%.
When compared to year-to-date, the online casino gaming sector reached a whopping $1.95bn in October, experiencing an increase of 23.7%, and further reflecting the ever-growing importance to the gaming market of New Jersey, driven by technological advancements and player demand.
Similar to this, year-to-date total gaming revenue in New Jersey reached $5.22bn, which is a 9.3% increase from the same period in 2023, proceeding to demonstrate the impressive persistence of this gaming market.
