The New Jersey iGaming market has again set new records this November 2024. Total gambling revenue reaching $556.9 million, according to the latest report from the New Jersey Division of Gaming Enforcement. This represents a significant improvement over the previous year’s $482.4 million and a substantial 11.4% increase from October’s $499.8 million. If you want to get previous data on gambling in New Jersey, check our Bwager.com pay per head blog for more information.
Land-based casino operations reclaimed their position as the leading revenue generator in November, after temporarily falling behind online casino revenue in recent months. The brick-and-mortar sector generated $223.9 million. This marks a 4.2% year-over-year increase and a 7.3% improvement from October. This growth was driven by strong performances in both physical slot machines, which saw a 4.3% year-over-year increase to $167.7 million, and table games, which grew 4.0% to reach $56.2 million.
New Jersey iGaming Market is Setting New Records
The New Jersey iGaming market continued its impressive trajectory, setting another monthly record with revenue of $214 million. This gives us a 24.7% increase from the previous year while marginally surpassing October’s record of $213.6 million. The majority of this revenue came from online slots and table games, which contributed $211.7 million, up 24.9% year-over-year. Peer-to-peer poker added $2.3 million to the total, showing a 12.7% improvement compared to November 2023.
Despite a slight 1.1% decline to $2.59 billion, land-based casinos remain the largest revenue contributor year-to-date. Sports betting has also shown strong growth, with revenue up 15.0% to $1.03 billion and handle increasing by 8.4% to $11.59 billion. Barring any unexpected developments in December, 2024 is on track to be a record-breaking year for New Jersey’s gambling industry. So if there is a perfect time to learn how to be a successful bookie, its now.
Sports Betting in New Jersey
Sports betting in New Jersey presented an interesting picture in November. While the total handle decreased by 21.9% year-over-year to $1.22 billion, improved hold rates led to significant revenue growth. Online betting accounted for $1.17 billion of the handle, with retail betting contributing $53.1 million. Sports betting revenue reached $119.0 million, marking a 24.1% increase from the previous year and an impressive 53.6% jump from October. This improvement can be attributed to a more favorable hold rate of 9.72% in November, a significant recovery from October’s lower performance.
Looking at the year-to-date performance through November, New Jersey’s gambling market appears poised to set several annual records in 2024. Total market revenue for the first eleven months reached $5.78 billion, representing a 9.9% increase over the same period last year. This growth has been particularly driven by the iGaming sector, which saw a 23.8% increase to $2.16 billion. You too can offer both iGaming and sports betting to your players, thanks to the best pay per head bookie software.
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