New Jersey’s gambling market showcased significant growth in June, reporting a 7.4% increase. The state's combined earnings from land-based casinos, igaming, and sports betting reached an impressive $491.0 million for the month. This figure not only surpasses the previous June’s $457.2 million but also highlights the industry's resilience, even though it fell slightly short of May’s $510.0 million by 3.7%.
Land-Based Casinos Steadily Climb
The land-based casino sector maintained a steady trajectory with revenue growing by 1.0% to $244.1 million. Slot machines led the charge, generating $184.0 million, a modest 0.6% rise. Table games performed notably well, seeing a 2.5% increase and pulling in $60.1 million. These figures reflect the sector's continued appeal and stability in the ever-changing gambling landscape.
Igaming's Remarkable Surge
One of the standout performers in June was the igaming sector, which saw a substantial year-on-year revenue surge of 25.2%, reaching $186.8 million. Despite trailing behind the land-based casino sector by $57.3 million, igaming demonstrated robust growth. "Other authorised games" in igaming were substantial contributors, bringing in $184.4 million, up 25.6%. However, peer-to-peer poker revenue saw a slight decline of 2.9%, settling at $2.5 million.
Individual Casino Performance
Among the prominent players in igaming, Golden Nugget led with $51.5 million, marking a 23.3% increase from the prior year. Resorts Digital also had a stellar performance, generating $48.6 million and marking a remarkable 36.4% year-on-year increase. Meanwhile, the Borgata reported $42.9 million in revenue, reflecting an 8.8% rise from last year's figures.
Sports Betting - A Mixed Bag
Sports betting faced challenges, with revenue declining by 9.5% year-on-year to $60.1 million and a notable decrease of 23.7% from May's total of $78.8 million. Nevertheless, New Jersey residents enthusiastically participated in sports betting, placing bets worth $748.4 million, a significant 26.6% increase from the previous year’s $591.1 million.
Online bets played a considerable role, amounting to $719.0 million, while retail sportsbooks took in $29.5 million. Among the major players in sports betting, FanDuel led the pack, generating $29.1 million in revenue, followed by DraftKings at $14.4 million. BetMGM and Bet365 reported $3.7 million and $3.4 million, respectively, while Fanatics Sportsbook contributed $1.8 million.
Tax Contributions and Market Resilience
New Jersey’s gambling industry also made significant tax contributions, amounting to $47.8 million in June. This includes $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, and racetracks paid $71,191 in sports wagering taxes.
Over the first six months of the year, the total market revenue reached an astounding $3.06 billion, marking a 12.2% rise from last year’s $2.73 billion. Land-based casinos were major contributors, with a combined $1.36 billion. Slot machines alone brought in $998.3 million, while table games added $357.8 million.
Igaming continued its upward trajectory with a revenue of $1.1 billion in the first six months, a 21.4% increase year-on-year. Revenue from "Other authorized games" reached $1.12 billion, up 21.8%, while peer-to-peer poker saw a slight dip of 4.2%, contributing $14.1 million.
Ongoing Growth in Sports Betting
Sports betting showed robust growth in the first half of the year, with revenue of $573.1 million, a 30% increase year-on-year. The year-to-date handle for sports betting surpassed $6.76 billion, with online sports betting contributing $6.53 billion and retail locations adding $231.0 million.
In conclusion, New Jersey's gambling market has demonstrated resilience and growth, particularly in the igaming and land-based casino sectors. Despite facing challenges in sports betting, the industry continues to thrive, reflecting a dynamic and evolving gambling landscape.