In a remarkable twist of events, New Jersey's gambling market has posted a robust 7.4% growth in June, despite a second consecutive month of decline in sports betting revenue. Setting a new benchmark, the combined earnings from land-based casinos, igaming, and sports betting reached an impressive $491.0 million. This figure significantly surpasses last June's $457.2 million, though it lags 3.7% behind May’s $510.0 million.
Land-Based Casinos Lead the Charge
Once again, land-based casinos have proven to be the powerhouse of New Jersey’s gambling landscape. The revenue from this segment nudged up by a solid 1.0% to $244.1 million. Slot machines accounted for a lion’s share of this income, generating $184.0 million—a modest rise of 0.6%. Meanwhile, table games saw a more significant increase, up 2.5% to $60.1 million.
iGaming Revenue Soars
A noteworthy aspect of June's growth story was the remarkable performance of the igaming sector. Overall revenue for this market surged by 25.2% year-on-year, hitting $186.8 million. Despite its remarkable growth, igaming revenue still trailed the well-established land-based sector by $57.3 million.
Within the igaming arena, "Other authorised games" emerged as the top money-spinner, contributing $184.4 million, an upswing of 25.6%. On the flip side, peer-to-peer poker saw a slight decline, down 2.9% to $2.5 million.
Key Players in the iGaming Market
The competition among igaming operators remains fierce. Golden Nugget continued its reign as the market leader, raking in $51.5 million, up 23.3% from the previous year. Not far behind, Resorts Digital generated $48.6 million, marking an impressive 36.4% year-on-year increase. The Borgata rounded out the top three with $42.9 million, representing an 8.8% boost from last year’s figures.
Sports Betting Struggles
In contrast to the buoyant performance of land-based and igaming sectors, sports betting experienced a downturn. The total revenue for June was down 9.5% year-on-year to $60.1 million, also trailing May's $78.8 million by 23.7%. However, consumer engagement indicated a different story: New Jersey residents placed bets worth $748.4 million, a notable 26.6% increase from last year's $591.1 million. The bulk of these wagers, $719.0 million, were placed online, while $29.5 million came from retail sportsbooks across the state.
Top Performers in Sports Betting
Among the key players in the sports betting market, FanDuel, operating under the Meadowlands license, retained its top position with $29.1 million in revenue. DraftKings, via Resorts Digital, secured second place with $14.4 million. Not far behind, BetMGM (Borgata) reported $3.7 million, while Bet365 (Hard Rock) and Fanatics Sportsbook (Bally’s) contributed $3.4 million and $1.8 million, respectively.
Tax Contributions and State Revenue
In terms of tax contributions, New Jersey’s gambling industry added $47.8 million to the state coffers in June. The breakdown includes $16.2 million from land-based casino gross revenue tax (at 8.0%), $28.0 million from a 15.0% igaming internet gross revenue tax, and $3.6 million generated by a 13.0% internet sports wagering tax. Additionally, retail sports wagering from casinos contributed $7,782 at an 8.5% tax rate, while racetracks paid $71,191.
Half-Year Performance
Looking at the first six months of the year, the total market revenue has reached $3.06 billion, a 12.2% rise from last year’s $2.73 billion. Land-based casinos contributed $1.36 billion of this, with $998.3 million from slot machines and $357.8 million from table games. iGaming revenue climbed to $1.1 million, marking a 21.4% increase from 2023, with $1.12 billion from other authorized games (up 21.8%) and $14.1 million from peer-to-peer poker (down 4.2%).
Despite the June setback, the sports betting market remains on an upward trajectory for the year, boasting 30.0% higher revenue at $573.1 million with a year-to-date handle surpassing $6.76 billion. Out of this, $6.53 billion was spent on online sports betting, while $231.0 million came from retail locations.
Overall, the figures underscore an evolving yet resilient gambling market in New Jersey, balancing the highs of igaming and land-based casino performance with the ongoing challenges in the sports betting sector.