New Jersey's gambling market has shown a noteworthy 7.4% growth in June, with combined earnings from land-based casinos, igaming, and sports betting reaching a substantial $491.0 million. This is a significant improvement over last year’s $457.2 million, although it reflects a 3.7% decline from May’s $510.0 million.
Land-Based Casino Performance
In the realm of land-based casinos, revenue saw a modest 1.0% increase, totaling $244.1 million. Slot machines were a major contributor, generating $184.0 million and reflecting a slight rise of 0.6%. Table games, however, showed a more robust performance with a 2.5% increase, reaching $60.1 million.
Igaming's Surge
Igaming notched an impressive growth rate of 25.2% year-on-year, achieving $186.8 million in revenue. However, it still trailed behind the land-based sector by $57.3 million. Within the igaming sector, "other authorised games" were particularly strong, contributing $184.4 million, up 25.6%. Peer-to-peer poker did not share in this success, declining by 2.9% to $2.5 million.
Top Igaming Performers
Among the top performers in the igaming arena, Golden Nugget led the pack with $51.5 million in revenue, a 23.3% improvement from the previous year. Resorts Digital followed closely, posting $48.6 million, marking a notable 36.4% year-on-year increase. The Borgata also made strides, generating $42.9 million, an 8.8% rise from last year’s figures.
Challenges in Sports Betting
Sports betting faced some hurdles, with revenue declining by 9.5% year-on-year to $60.1 million. This was also a steep drop of 23.7% from May's $78.8 million. However, the enthusiasm for sports betting remains high, as evidenced by the $748.4 million in bets placed by New Jersey residents, a remarkable 26.6% increase from last year’s $591.1 million. The majority of these bets, totaling $719.0 million, were placed online, while retail sportsbooks took in $29.5 million in bets.
Sports Betting Revenue Breakdown
FanDuel led the sports betting revenue chart with $29.1 million. DraftKings followed, generating $14.4 million. BetMGM and Bet365 reported $3.7 million and $3.4 million, respectively. Fanatics Sportsbook contributed $1.8 million to the sports betting revenue.
Tax Contributions
New Jersey’s gambling industry contributed significantly to the state’s finances with $47.8 million in taxes in June. This included $16.2 million from the land-based casino gross revenue tax, $28.0 million from the igaming internet gross revenue tax, and $3.6 million from the internet sports wagering tax. Retail sports wagering from casinos contributed $7,782 in taxes, and racetracks paid $71,191 in sports wagering taxes.
Year-to-Date Highlights
For the first six months of the year, the total market revenue reached an impressive $3.06 billion, up 12.2% from last year’s $2.73 billion. Land-based casinos contributed $1.36 billion to this total, with slot machines generating $998.3 million and table games adding $357.8 million.
Igaming continued its upward trajectory with $1.1 billion in revenue for the first six months, showing a 21.4% increase from the previous year. "Other authorised games" played a significant role, contributing $1.12 billion, up 21.8%. Peer-to-peer poker's performance was less encouraging, with a 4.2% decline to $14.1 million.
Sports Betting Performance
Sports betting revenue for the first half of the year amounted to $573.1 million, reflecting a robust 30.0% year-on-year increase. The total handle for sports betting for the year-to-date crossed $6.76 billion, with online sports betting accounting for a staggering $6.53 billion and retail locations adding $231.0 million.
Overall, New Jersey’s gambling market illustrates resilience and growth, particularly in the igaming and land-based casino sectors, even as the sports betting sector faces certain challenges. The state continues to be a key player in the gambling industry, leveraging both its robust land-based offerings and dynamic online platforms.