NJ Online Casinos Generate $182.3 Million for February

February is always a short month of the year, so it’s not surprising that New Jersey online casinos came super close to hitting a new all-time high in revenue earnings. The New Jersey Division of Gaming Enforcement released the February totals, showing that just over $182 million was earned for the month. This was an increase of 28% year over year and 24% higher than the first two months of 2023.

The full total for February was $182.3 million. The latest record was hit in January 2024, when $183.3 million was generated. This was a new monthly high for the full ten years of online gaming in New Jersey. February was the first time in four months that NJ casinos did not set a new revenue record.

Last year, the iGaming industry brought in $1.92 billion, almost 16% higher than in 2022. This year, the state is set to bring in a much higher revenue amount, breaking new records by the end of the year.

The big revenue generators for February were Golden Nugget Casino, Resorts Digital, and Borgata. It’s important to note that the online casino license holders report results for multiplier providers—the total accounts for every online casino site under the license.

The most revenues for the month came from Golden Nugget. The brand earned $51.4 million and paid just over $7.7 million in taxes. Golden Nugget operates its own online casino and has FanDuel, BetRivers, and Betway under its licensing.

Resorts Digital was a close second, with $48 million in earnings and $7.4 million in taxes. Resorts operates its own casino and offers its license to Mohegan Sun, DraftKings Casino, and PokerStars.

Rounding out the list was Borgata Casino. The brand brought in $40 million and paid $5.9 million in taxes. BetMGM, Pala, Wheel of Fortune, Borgata, Party Casino, and Party Poker operate under its license.

Aside from the top three, most of the other online casinos did well in February. Hard Rock Casino saw a huge boost from last February, with an 82.7% increase. The brand earned just over $10 million for the month.

Ocean Casino Resort also had a good February, earning $6 million and increasing its monthly total by 59% year over year. Bally’s was up 46.4% with just over $8 million in earnings. So far, Bally’s is up over 50% from the first two months of 2023. Tropicana AC brought in over $11 million, which is over 70% higher than last year.

Unfortunately, there was one online casino operator that saw a huge decrease in earning potential. Caesars Interactive provided $5.6 million in earnings, with a big decrease from last year at over 32%. The brand was unable to come up with a larger total for the month.

The first two months of revenue totals for New Jersey casinos are massive and indicate that 2024 could be better than ever for the state. Will the trend continue, or will other factors contribute to lower total earnings?

Online gaming revenues may soar even higher if a smoking ban is implemented for land-based venues. On April 5, a big announcement will reportedly occur at the Statehouse regarding smoking in the gaming venues.

Land-based casinos feel that a full ban will result in fewer players. However, if that is the case, gamblers may just turn to online services for their entertainment, pushing the online services to even higher numbers.

So, we may see a ban coming that may give online gaming earnings a little push. Or we may not. It will certainly be interesting to see what this big announcement is coming up in a few weeks.