Online Casino Gaming in New Jersey Dethroned Its Retail Counterparts in 2025
It was just two years ago that the New Jersey Division of Gaming Enforcement reported that the state's iGaming operators had experienced a rise in revenue to almost $2 billion - more specifically, $1.92 billion.
Per full-year 2025 numbers released by DGE on Friday, that figure now is at nearly $3 billion - more specifically, $2.91 billion.
The most noteworthy aspect of the latter figure is that it narrowly edged out the total revenue for the nine Atlantic City properties in the state's brick-and-mortar casino industry. That number was $2.89 billion, nearly identical to the $2.82 billion figure for 2023 and $2.85 billion for 2024.
The key factor in 2025 was December dollars - off-peak for visitation to South Jersey, but a fine time for residents with some extra free time around the Christmas holiday season to try their luck at iGaming online.
The casinos took in $216.7 million last month - down 6.7% from December 2024. By contrast, the iGaming operators in the state collected $273.2 million for the month, reflecting growth of almost 20% from just 12 months earlier. That made up all the difference in the informal “competition."
But the brick-and-mortar casino operators win, too
The nine Atlantic City casinos each have private revenue-sharing arrangements with their online casino partners - an arrangement worked out more than a decade ago as a way to help protect the jobs of thousands of employees at each brick-and-mortar casino. That deal appears to have been an important benefit for the South Jersey economy, which has the casino industry as its largest employer.
So while a rise in in-person gaming revenue would be the ideal scenario for casino owners, holding steady on that front while claiming ever-rising portions (generally believed to be around one-fourth of iGaming dollars) of money from the partners also could be a viable alternative to success.
Nearly half of the total iGaming revenue in New Jersey in 2025 came via the two biggest brands, with FanDuel, $655.5 million, coming in at number one. BetMGM ($376 million) and Borgata ($252.8 million) also were among the seven brands that claimed $100 million or more. The relatively low cost of entry enabled 28 online casino websites to operate in New Jersey in 2025.
Half of those sites featured double-digit rises in revenue last year, but six others declined in revenue in 2025. Those included Harrah's, which was down almost 30% to just $9 million; PokerStars, with a decline of more than 20% to $13 million; and Monopoly, down 17.5% to $14.8 million.
Borgata still reigns supreme in Atlantic City
For the past two decades, the Borgata casino in Atlantic City's Marina District has been the gold standard in the industry. That remained true in 2025, as the casino's $800.8 million in revenue easily outpaced the city's two casinos that each opened on the iconic Boardwalk in mid-2018 - Hard Rock ($550.8 million) and Ocean casino ($468.1 million, and the only one to produce a double-digit rise in revenue in 2025).
The middle three slots were claimed by Harrah's ($225 million), Tropicana ($216.8 million), and Caesars ($203.9 million).
Golden Nugget once again edged out Bally's to avoid last place in casino revenue, with each at below $140 million. Resorts - the first Atlantic City casino to open in 1978 - topped both at $159.9 million.
Looking back to 2019 - the first full year of operation for Hard Rock and Ocean, and the last full year before the COVID-19 pandemic severely limited casino visitation - unsurprisingly also shows Borgata as the market leader.
But at that stage, Harrah's, Tropicana, and Caesars were only barely behind No. 2 Hard Rock, with Ocean in sixth place while still developing its loyalty base. Golden Nugget, Resorts, and Bally's occupied the same bottom tier then that they did in 2025.
The total casino revenue figure in 2019 was $2.69 billion - remarkably similar to the post-COVID numbers of $2.79 billion in 2022, $2.82 billion in 2023, $2.85 billion in 2024, and then $2.89 billion in 2025.
The overall conclusion to be made from these 2025 figures supplied by regulators would seem to be that both retail casino and mobile sportsbook revenues have reached their full levels – but that the iGaming sector in New Jersey is far from attaining its peak.
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