Doug Bonjour is a veteran sportswriter with more than a decade of experience, including in the realm of sports betting. He’s written for the New York Times, Associated Press, CBS Sports and Hearst Connecticut Media...
Read Full BioRevenue from iGaming hit a record $243.9 million in March across New Jersey, offsetting declines for sports betting and land-based casinos.
Data released on April 16 by the New Jersey Department of Gaming Enforcement (NJDGE) showed that total gambling revenue reached $546.1 million. This represented a 3.7% increase over March 2024 and was 12.6% above the previous month.
The most significant driver was iGaming, which rose 23.7% year-over-year. Despite that increase, it marked just the fourth time iGaming has generated the most gambling revenue in New Jersey in a single month.
Revenue from online and retail sportsbooks dropped 20.5% year-over-year to $71.3 million, as a lack of upsets in March Madness led to bettor-friendly outcomes. This was also down from February’s total of $73.6 million.
As for handle, $1.11 billion was spent across online and retail, reflecting a 16.5% decrease from last year.
FanDuel Tops New Jersey Sportsbooks in March
There are 14 active online sportsbooks in New Jersey, down from 27 in 2018.
FanDuel reported the largest March revenue at $23.4 million, below February’s $33.9 million. At $110.4 million, FanDuel also has the highest year-to-date revenue.
DraftKings generated $19.9 million in March, down approximately $400,000 from the previous month. BetMGM was a distant third in revenue at $8 million, followed by Fanatics Sportsbook ($4.4 million), Caesars ($3.2 million), and bet365 ($2.8 million).
Meanwhile, Meadowlands ($2 million) topped all retail sportsbooks. Monmouth Park ($432,393) was second.
Online betting took in $1.06 billion in wagers, while retail sportsbooks collected $44.4 million in wagers.
A few factors may have contributed to the decline in revenue, such as the lack of upsets in the NCAA Tournament. The men’s tournament saw all four No. 1 seeds reach the Final Four for the first time since 2008 and just the second time ever.
iGaming Remains the Key Growth Driver
FanDuel and Golden Nugget Atlantic City were the top performers in iGaming, with their $52.3 million revenue, which represents a 25.7% year-over-year increase.
Close behind were DraftKings and Resorts Casino Hotel, up 20.3% year-over-year to $49.6 million.
Next were BetMGM and Borgata, at $31.6 million, followed by Borgata’s own platform, at $22.4 million. Caesars and Tropicana Atlantic rounded out the top five, at $15.7 million.
In total, $241.3 million came from “other authorized games,” such as online slots. The remaining $2.6 million was attributed to online poker.
Soft2Bet to Enter NJ, Regulator Jostles With Kalshi
As iGaming totals continue to increase, New Jersey is preparing to introduce a new online gaming platform. Soft2Bet is set to arrive this summer in the Garden State, through a market agreement with Caesars Entertainment.
The state regulator is also embroiled in a legal battle with prediction markets Kalshi, which alleges that its sports event contracts are legal despite being ordered by NJ to cease and desist.
Soft2Bet, which holds over a dozen global licenses across jurisdictions, claims its software has boosted player screen time by 400%.
