New Jersey's gambling market continues to demonstrate its enduring appeal and resilience, achieving a 7.4% year-on-year growth in June. The state's combined earnings from land-based casinos, igaming, and sports betting reached an impressive $491.0 million for the month.
Although June's figures surpass the $457.2 million recorded the previous year, they represent a slight decline of 3.7% compared to May's $510.0 million. Even so, the data offers a promising outlook for New Jersey's gambling industry.
Land-Based Casinos Steady
Revenue from land-based casinos saw a modest increase of 1.0%, amounting to $244.1 million in June. Slot machines were a significant contributor, generating $184.0 million, a 0.6% rise. Table games performed slightly better, posting a 2.5% increase to reach $60.1 million.
Igaming: A Robust Surge
Igaming continues to be a major growth area for New Jersey's gambling sector. Revenues surged by 25.2% year-on-year, up to $186.8 million. Although this sector trailed behind the land-based casino revenue by $57.3 million, its upward trajectory is notable.
Within the igaming category, 'other authorized games' contributed $184.4 million, marking a 25.6% increase. However, peer-to-peer poker saw a decline, with revenues dropping 2.9% to $2.5 million. Among the significant contributors, Golden Nugget generated $51.5 million in igaming revenue, up 23.3% from the previous year, while Resorts Digital saw a substantial 36.4% increase to $48.6 million. The Borgata also posted a noteworthy 8.8% rise, achieving $42.9 million in igaming revenue.
Sports Betting Segment Faces Challenges
While the overall market performed well, the sports betting segment faced some challenges. Revenue declined by 9.5% year-on-year to $60.1 million and was down 23.7% from May's $78.8 million. However, the betting activity remained strong, with New Jersey residents placing $748.4 million worth of bets, a 26.6% increase from last year’s $591.1 million. Online bets dominated the market, amounting to $719.0 million, while retail sportsbooks took in $29.5 million in bets.
In terms of individual operator performance, FanDuel led the pack with $29.1 million in sports betting revenue, followed by DraftKings at $14.4 million. Other notable contributions came from BetMGM with $3.7 million, Bet365 with $3.4 million, and Fanatics Sportsbook with $1.8 million.
Tax Contributions and Market Outlook
New Jersey’s gambling industry also made significant contributions to state taxes, totaling $47.8 million in June. This included $16.2 million from land-based casino gross revenue tax, $28.0 million from igaming internet gross revenue tax, and $3.6 million from internet sports wagering tax. Retail sports wagering from casinos added $7,782, while racetracks paid $71,191 in sports wagering taxes.
Looking at the broader picture, New Jersey's gambling market generated $3.06 billion in total revenue for the first six months of the year, a 12.2% rise from last year’s $2.73 billion. Land-based casinos contributed $1.36 billion to this total, with slot machines accounting for $998.3 million and table games adding $357.8 million over the same period.
Igaming revenue for the first half of the year reached $1.1 billion, a 21.4% increase from the previous year. 'Other authorized games' played a significant role, contributing $1.12 billion to igaming revenue, up 21.8%. Peer-to-peer poker, however, saw a dip, contributing $14.1 million, down 4.2%.
Sports betting revenue for the first half of the year stood at $573.1 million, reflecting a robust 30.0% year-on-year increase. The year-to-date handle surpassed $6.76 billion, with online sports betting contributing a hefty $6.53 billion, and retail locations adding $231.0 million.
The resilience of New Jersey’s gambling market is evident. Despite challenges in the sports betting sector, the significant growth in igaming and stable performance of land-based casinos paint a positive picture for the future of gambling in the Garden State.