The Division of Gaming Enforcement (DGE) has just released the latest figures for New Jersey gambling revenue in March 2025. There are some interesting figures to analyze, but the total gaming revenue is up by 3.7% year-on-year to $546.1 million.
The iGaming sector has seen the biggest rise in revenues, as the digital gaming world continues to skyrocket. March saw iGaming revenues hit $243.9 million, representing a 23.7% climb year-on-year. But how have the other key areas of the market performed? Let’s take a closer look.
When looking at year-on-year growth for physical casinos located in the state, there were only two winners. Borgata Hotel Casino & Spa generated $58.4 million, a 3.3% increase, while Hard Rock Atlantic City recorded a small 0.2% growth to $44.5 million. But on the whole, the land-based casino model is on the decline, with a 3.7% decline in the industry from March 2024 to 2025. Despite this, the sector still accounts for $230.9 million of all total gaming revenues, which is a cool 42.2% of the total market. Moreover, slot machine revenue rose slightly (0.5% to $173.6m), although table games played a significant role in dragging these numbers back down (falling 14.6% to $57.3m).
The decline in physical casinos could be indicative of the move towards a more digitalized way of playing. This can be further highlighted by the sharp and continued increase in iGaming revenues, which hit $243.9 million, representing a 23.7% climb year-on-year.
New Jersey sportsbooks have continued the downward momentum experienced in the month prior. Total revenue from sports betting fell by 20.5% to $71.3 million. The majority of these revenues were generated by the online market, with a total of $68 million compared to a mere $3.3 million in revenue from retail. However, both contributed a similar percentage decrease, with online falling by 20.6% and retail by 17.3% year-on-year.
There are a few worthy success stories from March 2025, with DraftKings and BetMGM both reporting significant increases in online sports betting revenue. DraftKings saw an increase of 12.4% to $19.9 million, while BetMGM grew by a whopping 35.8% to $8 million. Moreover, the addition of new entrants is hoped to stimulate growth in the coming months/years, with BetFanatics and Bally Bet generating close to $4.6 combined after not operating in the state during the previous March.
So, who are the biggest losers attributed to the decline in NJ sports betting revenues? FanDuel remained the top online sportsbook in March but reported a massive 20.7% dip in revenue year-on-year to $23.4 million.
Despite much of the sports betting industry reporting declines, there have been some positives for those in the retail sector for certain operators. Borgata, Harrah’s, and Ocean Casino have been among some of the winners in this area, with significant increases:
In contrast, racetrack venues have faced challenges recently. Meadowlands Racetrack, which includes FanDuel’s retail sportsbook, was down by 11.8% from the previous year, despite generating over $2 million in revenue.
The recent figures from the New Jersey gaming report could suggest the state is in a transition period. iGaming continues to thrive, driving overall growth and accounting for nearly half the market. Meanwhile, land-based casinos and sports betting (both online and retail) are showing signs of struggle, despite rare success stories like Borgata and Ocean Casino.
While physical venues still pull in solid revenue, their share is shrinking as users move toward iGaming alternatives. The real question now is how traditional casinos and sportsbooks will adapt to stay in the game.
