New Jersey's gambling industry earned more money from players than ever before in 2024. The casinos won nearly $5.7 billion, breaking the previous record of $5.2 billion. When adding the money from sports betting at horse tracks, the total reached $6.3 billion.
So why aren't the casinos happier? It's because a significant portion of this record income came from internet gambling and sports betting, which they have to share with tech partners and sportsbooks. As a result, the casinos don't keep all of the revenue.
New Jersey Online Casinos On a Hot Streak
New Jersey online casinos ended 2024 on a winning streak for the ages, achieving record revenue for five consecutive months.
December was a banner month. according to the New Jersey Division of Gaming Enforcement, the state’s online casinos generated $228 million.
Throughout 2024, online casinos in New Jersey earned a $2.4 billion total, setting a new yearly record. Since launching in 2013, these platforms have accumulated $9.8 billion in total revenue and are expected to surpass $10 billion sometime this month. But this is a trend that has been seen in other states with legal online casinos.
Although iGaming has been legal in the Garden State since 2013, the COVID-19 pandemic sparked interest in this area, leading to significant growth. The industry has grown by 24% since 2023.
Atlantic City Casinos “Struggle” in December
iGaming revenue in December was slightly less than that of Atlantic City casinos, which brought in $231.8 million. The only time this year that online casino earnings exceeded those of physical casinos was in October.
New Jersey’s Sweepstakes Casino Games May Be Regulated
In other New Jersey online casino news, Assemblyman Clinton Calabrese introduced Assembly Bill 5196, which aims to classify sweepstakes casinos and social casinos, offering promotional credits for cash or prizes, as internet gaming operators.
These apps and websites let people play casino-style games without needing to deposit cash. After creating an account, they’re awarded free gold coins or sweepstakes coins. They can also purchase tokens with a credit or debit card.
Since sweepstakes casinos provide free coins for signing up or logging in, players can make non-cash wagers. This approach helps sweepstakes casinos avoid cash betting regulations in states like New Jersey.
If Calabrese’s law does pass, sweepstakes and social casino sites would be treated the same as real-money online casinos. They would be forced to partner with New Jersey casinos.
What’s Next For Sweepstakes Casino Bill?
For AB5196 to become law, it must pass both chambers of the state legislature and be signed by Governor Phil Murphy. A bill typically starts in a committee and then goes to the General Assembly for a vote. If it passes, it moves to the State Senate for the same process. Committees can change the bill or add amendments before voting. The governor can either veto or sign any bill that reaches their desk.
In short, it will be a while before we find out its fate.
But if sweepstakes casino revenue adds to New Jersey's already booming casino earnings, the state seems poised to set records for a long time.
