The Garden State’s gambling scene looks to be thriving lately, with August being a major success for both iGaming and traditional casinos in New Jersey. Online gambling continues to grow in popularity, reaching new heights of success month after month. Meanwhile, Atlantic City’s retail casinos flirt with $300 million in monthly revenue for the first time in years.
In August, iGaming revenue in New Jersey was reported to reach $198.4 million. Golden Nugget maintained its position as the leading master licensee in the iGaming market, with its affiliated skins, including FanDuel, Betway, and BetRivers, generating a combined $55.0 million in revenue. However, DraftKings emerged again as the top iGaming operator, securing $43.2 million in online casino revenue.
The reliable growth of online gambling in New Jersey can be attributed to several factors, but chief among them may be the flexibility of payment methods available to players. In particular, prepaid card casinos are becoming more and more popular month after month. Many of these online operators are embracing prepaid card payments, creating more ease for players to deposit and withdraw funds. This flexibility has likely contributed to the market growth.
In addition to prepaid cards, other payment methods such as e-wallets, bank transfers, and cryptocurrencies have also played a role in driving the iGaming market forward. The diversity of options allows players to choose whichever method would best suit their preferences and financial habits.
And while the iGaming market is setting new records, Atlantic City casinos are also enjoying their best month in years. Atlantic City Casinos have bounced back from a disappointing July with an astonishingly profitable August. The New Jersey Division of Gaming Enforcement reported the total monthly revenue to be a staggering $294 million. To put this figure into perspective, August 2024 represents the best single month for Atlantic City casinos in over two years and the third-best month since 2016.
Bortega remains Atlantic City’s top earner, raking in $74.2 million, effortlessly outperforming its nearest competition, Hard Rock, who brought in $55.4 million for the month. But curiously, Bortega was the only Atlantic City casino to report a decline in revenue in August. Borgata suffered a notable 2.4% revenue drop compared to July.
Fortunately, every other Atlantic City casino demonstrated incredible growth, making up for Borgata’s shortfall. Most impressive was Harrah’s Atlantic City, with a remarkable increase of 30.7%. Also notable was Ocean Casino Resort, increasing by 20.5% and Ceasers Casino, increasing by 20%.
This encouraging turnaround could not be more timely, as worries were mounting for the New Jersey Gambling Industry after a less-than-stellar summer performance for retail casinos. While the sunnier months were disappointing for New Jersey - August’s figures suggest momentum is building for a very lucrative fall season.
Cynics may point out August’s success was partly due to its calendar advantages: this August included nine weekend days, compared to July’s eight. August 31st also marked the beginning of Labor Day weekend, a busy holiday for casinos. Regardless of these factors, the strong performance is encouraging.
While August was a standout month for traditional casinos and iGaming, it's important to note that the New Jersey sports betting sector is facing challenges. In fact, revenue for the sports betting sector in August was down a whopping 37% compared to August 2023.
Despite the challenges in sports betting, the overall performance of New Jersey's gambling market in August demonstrates the industry's resilience and potential for continued growth. The Garden States thriving iGaming industry and strong retail casino presence position New Jersey as an industry leader for gambling in the United States for the foreseeable future.
