We’ve nearly got the complete gambling revenue figures for the three major states of Pennsylvania, New Jersey, and Michigan, and the figures for October are incredibly interesting.Legal Online Casinos Set New Revenue Records: October 2024
As you will see below, online casino revenue continues to grow across all states, while sports betting has had a slight dip despite the NFL and NBA regular seasons being in full flow. We take a look at these figures and offer industry insight below.Legal Online Casinos Set New Revenue Records: October 2024
With October bringing the start of the NFL season and NBA season, it is typically expected that sports betting revenue increases, but the results have been hit and miss across the 3 key major states.Legal Online Casinos Set New Revenue Records: October 2024
Michigan saw a 30% drop in revenue to $32.3 million which is one of the lowest figures the state has had for some years. This was countered slightly by a continued growth in total wagers to $583 million which represents a 6% increase from last year.
New Jersey remains a hotspot for sports betting and it ranks 3rd in the overall state list. Despite this, its total wagers handled dropped to $1.13 billion which equates to a 13% decrease. Additionally, total revenue took a dive by 16% with $77.5 million being generated by NJ Sportsbooks in October.
Pennsylvania followed a similar trend as the other two top performers but actually had an improved total wagers handled volume of $858 million which is a 4% boost. On the flip side, revenue generated plunged by 21% to $58.1 million.
Comparatively, online casino revenue for these 3 states in October was superb and the figures are some of the best we’ve seen to date. This reflects the strength of the casino industry and the potential for growth despite poor legislative support.
Michigan has now passed the $200 million generated in gross revenue for 3 months, with October being the 2nd in a row. Gross revenue was $221 million which meant after deductibles, the state collected $56.9 million in taxes.
Following suit, New Jersey has also recorded back-to-back months with $200+ million in gross revenue. Casinos in the state netted $213 million in October which resulted in $37.2 million tax gains.
Pennsylvania online casino revenue eclipses the other states and it remains the powerhouse in iGaming in the US by generating $245 million in gross revenue. This represents a year-over-year increase of 31% and since December 2023, Penn State has smashed the $200 million mark 8 out of 10 months. $245 million in gross revenue resulted in tax gains of $83.1 million for the state which was also a record.
Sports betting revenue will stay around the same mark as the legislation is far improved compared to online casinos. For the latter, the lack of state legality is really the only barrier to greater success and more online casino revenue.
This is because online casinos and poker are still only legal in 7 US states compared to the 38 states for sports betting. The October figures serve as a reminder that despite these barriers, the US online casino industry is healthy and has the power to grow regardless.
