New Jersey’s gambling market continues to show impressive growth, posting a 7.4% rise in June. The combined earnings from land-based casinos, igaming, and sports betting surged to $491.0 million for the month, surpassing last June's $457.2 million. However, it's worth noting that this figure is still 3.7% behind May’s $510.0 million.
Land-Based Casinos' Steady Climb
Land-based casinos reported a modest increase in revenue by 1.0%, totaling $244.1 million. Slot machines were a major contributor, generating $184.0 million, reflecting a 0.6% rise. Table games weren’t left behind, with a 2.5% increase, reaching $60.1 million. A steady performance from the land-based sector underscores its importance in the overall gaming ecosystem.
Igaming: The Rising Star
Igaming revenue witnessed a significant surge, increasing by 25.2% year-on-year to $186.8 million. Even though igaming revenue trailed land-based casino earnings by $57.3 million, its rapid growth cannot be ignored. "Other authorized games" significantly boosted igaming earnings, contributing $184.4 million, up 25.6%. However, not all areas saw growth – peer-to-peer poker revenue declined by 2.9%, settling at $2.5 million.
Several key players in the igaming sector posted notable performances. Golden Nugget led the charge with a 23.3% increase from the previous year, generating $51.5 million. Resorts Digital followed closely, raking in $48.6 million, marking a substantial 36.4% year-on-year increase. The Borgata also fared well, generating $42.9 million, an 8.8% uptick from the previous year’s figures.
Sports Betting: A Mixed Bag
While igaming and land-based casinos showed robust growth, the sports betting sector faced some challenges. Revenue from sports betting declined by 9.5% year-on-year to $60.1 million and was down 23.7% from May’s $78.8 million. Nonetheless, New Jersey residents placed bets worth $748.4 million, a significant 26.6% increase from the previous year’s $591.1 million.
Online betting continues to dominate, with $719.0 million of the total bets being placed online. Retail sportsbooks also contributed, albeit on a smaller scale, taking in $29.5 million in bets. Key players in the sports betting market like FanDuel and DraftKings generated $29.1 million and $14.4 million, respectively. Other notable contributions came from BetMGM ($3.7 million), Bet365 ($3.4 million), and Fanatics Sportsbook ($1.8 million).
Tax Contributions
New Jersey’s gambling industry continues to be a significant revenue generator for the state, contributing $47.8 million in taxes 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 and racetracks added $7,782 and $71,191 in taxes, respectively.
Year-to-Date Performance
Looking at the first six months of the year, the total market revenue reached an impressive $3.06 billion, a 12.2% rise 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 $357.8 million. Igaming revenue for the first half of the year was $1.1 billion, up 21.4% from the previous year. This includes contributions from other authorized games at $1.12 billion, up 21.8%, while peer-to-peer poker lagged with a 4.2% decline, contributing $14.1 million.
Sports betting revenue for the first half of the year was $573.1 million, up a remarkable 30.0% year-on-year. The year-to-date handle for sports betting surpassed $6.76 billion, with online sports betting contributing a substantial $6.53 billion and retail locations adding $231.0 million.
Overall, the gambling market in New Jersey demonstrates resilience and adaptability. Growth in the igaming and land-based casino sectors underscores the dynamism of this market, although the sports betting sector faces some headwinds. The state's robust performance during the first half of the year sets a promising trajectory as the industry navigates its challenges and opportunities.