New Jersey's gambling market has demonstrated its resilience, posting a 7.4% growth in June despite facing headwinds in certain sectors. The Garden State's combined earnings from land-based casinos, igaming, and sports betting reached a robust $491.0 million for June. This figure not only overshadowed last June's $457.2 million but also highlighted the minor dip of 3.7% from May's impressive $510.0 million.
Land-Based Casinos Show Steady Gains
June's revenue from land-based casinos saw a modest uptick of 1.0%, totaling $244.1 million. Slot machines were a significant driver, generating $184.0 million—a slight increase of 0.6%. Table games contributed $60.1 million, marking a 2.5% rise.
Igaming Sector Continues to Surge
The igaming sector showcased remarkable growth, with revenues surging by 25.2% year-on-year to reach $186.8 million. Notably, revenues from "other authorized games" within the igaming category soared by 25.6% to $184.4 million. However, peer-to-peer poker faced challenges, with revenues declining by 2.9% to $2.5 million.
Leading the charge in igaming, Golden Nugget reported a significant rise of 23.3%, generating $51.5 million. Resorts Digital followed suit with an impressive 36.4% year-on-year increase, totaling $48.6 million. The Borgata also experienced growth, reporting $42.9 million, up 8.8% from the previous year's figures.
Sports Betting Faces Declines Amidst Thriving Online Bets
Sports betting revenue in June witnessed a 9.5% year-on-year decline, amounting to $60.1 million—down notably by 23.7% from May’s $78.8 million. Nevertheless, New Jersey residents placed bets worth $748.4 million, a substantial 26.6% increase from last year’s $591.1 million. Of this, online bets dominated with $719.0 million, while retail sportsbooks took in $29.5 million.
FanDuel led the sports betting space with $29.1 million in revenue, followed by DraftKings at $14.4 million. BetMGM and Bet365 produced $3.7 million and $3.4 million, respectively, while Fanatics Sportsbook contributed $1.8 million.
Tax Contributions Reflect Industry Growth
The gambling industry contributed significantly to New Jersey’s tax coffers in June, providing $47.8 million overall. Included in this sum were $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 contributed $7,782, while racetracks accounted for $71,191 in sports wagering taxes.
Mid-Year Performance Strong
For the first half of the year, New Jersey's gambling market has shown strong performance with total market revenue reaching $3.06 billion—a 12.2% rise from last year’s $2.73 billion. Land-based casinos contributed $1.36 billion to this figure, with slot machines generating $998.3 million and table games providing $357.8 million.
Igaming revenue, impressive as ever, climbed 21.4% from the previous year, totaling $1.1 billion for the first six months. Revenues from other authorized games within the igaming sector hit $1.12 billion, up 21.8%, while peer-to-peer poker contributed $14.1 million, a 4.2% decline.
Sports betting remained robust for the first half of the year, with revenues of $573.1 million, a 30.0% year-on-year increase. The year-to-date handle for sports betting surpassed $6.76 billion, with online sports betting contributing a remarkable $6.53 billion and retail venues adding $231.0 million.
Despite the challenges faced by the sports betting sector in June, New Jersey's gambling market has showcased its resilience and adaptability, with solid gains in both the land-based and igaming sectors. This growth trajectory reflects the dynamic and evolving nature of the state’s gambling industry.