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Finding surprises in the New Jersey online casino market is becoming increasingly difficult. April 2024 represented another monthly record in terms of gross gaming revenue. It was the usual suspects atop the pile, too.
DraftKings Casino and FanDuel Casino continued to lead the way, with an almost insignificant difference. The gap between them and the rest of the field is significant, although market share isn’t the end-all for the various licensees.
Stellar 2024 continues for New Jersey online casinos
According to the New Jersey Division of Gaming Enforcement (NJDGE), online casinos in the state combined to win almost $187.9 million from players during April. That’s an 18.2% increase compared to April 2023 and the new standard for the month of April in the state.
April also marks the fifth consecutive month in which New Jersey online casino win has topped $180 million. As a result, the running total of $750.7 million in win for the calendar year to date represents a 21.1% uptick compared to the same period in 2023.
Furthermore, April is the second month in which the NJDGE provided a breakdown of online casino win by operator. The breakdown shows that nothing has changed from March’s online casino figures.
DraftKings, FanDuel grab a fifth each
In terms of their gross gaming revenue from online casino play for April, the top five apps in New Jersey remain unchanged from March. The following are their win totals for the month and their market share by percentage.
- DraftKings Casino: $39.2 million, 20.9%
- FanDuel Casino: $39.1 million, 20.8%
- BetMGM Casino: $22.9 million, 12.2%
- Borgata Online: $17.3 million, 9.2%
- Caesars Palace: $11.4 million, 6%
The only small change from March was that FanDuel Casino was slightly ahead of DraftKings during that month. While these numbers do point to which New Jersey online casinos are best at getting players to deposit and play, they don’t tell the whole story.
Revenue is not profit
Perhaps the most important thing to note about these numbers is that they do not represent profit for the operators. Rather, it’s simply the amount left over from players’ wagers after paying out winnings.
The operators pay all their expenses out of this money, including a share to their land-based partners in New Jersey and taxes to the state. With operational expenses and partner percentages closely kept trade secrets, it’s impossible to tell how much profit these operators are clearing, if any.
That means that just because DraftKings and FanDuel are leading in market share regarding wins does not necessarily mean they are the most profitable online casino brands in New Jersey. It also doesn’t automatically mean that operators with a lower market share in revenue are not profitable.
At the same time, the operators trailing DraftKings and FanDuel wouldn’t turn down a bigger share of the market. So far, though, it’s looking like upsetting the order would be a massive undertaking.
You can check out how New Jersey revenue compares with other legal online casino states with our US iGaming revenue page.
