iGaming revenue in New Jersey achieves new highs, despite a decrease in in-person gambling activities
Revised Article:
By: Grant M09/17/2024 08:01 Financial NewsPhoto by Wikimedia Commons, CC by 2.0
The Skinny
- In-person casinos struggle to top pre-pandemic numbers
- Online gaming soars, bringing in almost $200 million in adjusted gaming revenue
- New Jersey collects over $56 million in tax payments
Hailing from the hallowed halls of Virginia Tech and the track & field arena, Grant - a dedicated sports fan and bettor - brings you the latest scoop on the sports betting industry. With stints at Forbes and VSiN under his belt, Grant's earned a solid reputation in the biz. When he's not crunching numbers, you can find him pumping iron, strolling around town, or catching the day's marquee game Check out Grant's portfolio here
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The sports betting world is on the rise, with a dramatic shift towards online gaming making waves compared to the more traditional in-person casino scene.
Online Gaming Gets a Boost
- The global online gambling (iGaming) market is poised to reach a whopping $154 billion by 2030, with a projected compound annual growth rate (CAGR) of roughly 12% from 2025 to 2030 [1].
- The online sports betting market in particular is estimated at around $53.78 billion in 2025 and is expected to almost double to $93.31 billion by 2030, boasting a CAGR of approximately 11.65% within this time frame [2].
- This growth can be attributed to the internet's widespread reach, innovative developments in betting platforms, and loosening restrictions in legalization worldwide. In the US, sports betting is legal in 36 states as of 2023, up from 32 in 2021, racking up nearly $150 billion in legal sports wagers in 2024 alone [2][3].
- Major online betting operators such as Bet365, Flutter Entertainment, and The Stars Group are vying for market supremacy through expansion, product innovation, and mergers [2].
In-Person Casinos Trailing
- It's not all sunshine and rainbows for your brick-and-mortar casinos, though. Traditional casino gaming, including in-person sports betting and other games, has also seen growth but at a relatively slower pace. The US commercial casino industry notched $49.89 billion in revenue from traditional casino games in 2024, marking a slightly over 1% increase compared to the year prior [5].
- Across the nation, commercial gaming revenue (capturing casinos, sports betting, and iGaming) registered a 7.5% increase in 2024, hitting $72.04 billion, with 28 out of 38 states hitting record-breaking commercial gaming revenue, signaling steady but more cautious growth in physical venues versus online platforms [5].
Head-to-Head Comparison
| Category | Online Sports Betting/iGaming | In-Person Casinos and Traditional Betting ||-------------------------|----------------------------------------------------------|---------------------------------------------------------------|| Market Size (2025 est.) | ~$54 billion (sports betting); projected $154 billion (iGaming) | ~$50 billion (traditional casino revenue in US) || Growth Rate (CAGR) | Around 11.6-12% through 2030 | About 1% growth in traditional casino revenue (2024 vs 2023) || Key Drivers | Internet proliferation, regulatory relaxation, innovation | Established casino venues, slower growth, still relevant || Legalization Trend (US) | 36 states with legal sports betting, increasing yearly | Casinos well-established but limited by physical location || Leading Players | Bet365, Flutter Entertainment, 888 Holdings, Entain, The Stars | Casino operators, local/regional gaming businesses |
The Lowdown
The sports betting industry is off to the races, with online sports betting and iGaming leading the charge while in-person casino gaming growth remains steady but comparatively modest. This pattern reflects a broader shift in gambling preferences skewing towards digital and mobile betting over traditional physical venues [1][2][3][5].
- Online sports betting and iGaming are projected to reach an enormous market size of around $154 billion by 2030, with a growth rate of about 12%.
- Despite the overall growth in the sports betting industry, traditional in-person casinos and conventional betting are displaying a relatively slower pace of growth, with the US commercial casino industry netting just over $50 billion in revenue from traditional casino games in 2024.
- The sports betting landscape is becoming increasingly competitive, as major online operators such as Bet365, Flutter Entertainment, and The Stars Group are making strategic moves through expansion, product innovation, and mergers to secure their standing in the rapidly evolving market.
