New Jersey's gambling industry demonstrated remarkable resilience in June, registering a 7.4% growth compared to the same month last year. With combined earnings from land-based casinos, igaming, and sports betting hitting $491.0 million, the state's gambling market continues to show robust performance, despite some sectors facing challenges.
In a year-on-year comparison, June's performance of $491.0 million surpassed last June's $457.2 million. However, it fell short by 3.7% when compared to May's $510.0 million. Despite this slight decline, the figures highlight a steady upward trajectory in revenue generation for the gambling sector in New Jersey.
Land-Based Casinos: A Modest Yet Steady Growth
Land-based casinos in New Jersey reported an uptick in revenue, recording a 1.0% increase to $244.1 million. Slot machines played a significant role, generating $184.0 million, which represents a 0.6% rise. Table games also saw moderate growth, with revenue climbing 2.5% to reach $60.1 million. This stability in land-based operations underscores the sector's enduring appeal among local and visiting gamblers.
Igaming: A Sector on the Rise
Igaming has emerged as a major growth driver for New Jersey's gambling industry. In June, igaming revenue surged by an impressive 25.2% year-on-year, bringing in $186.8 million. Although igaming revenue trailed the land-based sector by $57.3 million, its rapid growth trajectory is noteworthy. Notably, "other authorised games" in the igaming sector contributed $184.4 million, marking a 25.6% increase. Conversely, peer-to-peer poker saw a decline, with revenue dropping 2.9% to $2.5 million.
Leading the charge in the igaming sector was Golden Nugget, which generated $51.5 million, up 23.3% from last year. Resorts Digital also posted a strong performance with $48.6 million, reflecting a remarkable 36.4% year-on-year increase. The Borgata, too, contributed significantly, recording $42.9 million in revenue, which is an 8.8% increase from the previous year’s figures.
Sports Betting: A Mixed Bag
Sports betting in New Jersey experienced a mixed performance. Despite a 9.5% decline in revenue year-on-year to $60.1 million and a 23.7% drop from May's $78.8 million, the total amount wagered showcased a different story. New Jersey residents placed bets worth $748.4 million in June, reflecting a 26.6% increase from last year's $591.1 million. Online bets dominated, amounting to $719.0 million, while retail sportsbooks saw $29.5 million in bets.
Several key players stood out in the sports betting arena. FanDuel led with $29.1 million in revenue, followed by DraftKings with $14.4 million. BetMGM reported $3.7 million, Bet365 contributed $3.4 million, and Fanatics Sportsbook brought in $1.8 million.
Tax Contributions and Economic Impact
New Jersey’s gambling industry contributed a substantial $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 added $7,782 in taxes, while racetracks paid $71,191 in sports wagering taxes.
The broader economic impact of the gambling industry during the first six months of the year is noteworthy. The total market revenue reached $3.06 billion, marking a 12.2% rise from last year’s $2.73 billion. Land-based casinos contributed $1.36 billion, with slot machines accounting for $998.3 million and table games adding $357.8 million.
Igaming continued its impressive growth trajectory with revenue for the first six months totaling $1.1 billion, up 21.4% from the previous year. Other authorized games contributed $1.12 billion to igaming revenue, up 21.8%, while peer-to-peer poker saw a decline, contributing $14.1 million, down 4.2%.
Sports betting revenue for the first half of the year was robust at $573.1 million, reflecting a 30.0% year-on-year increase. 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.
Overall, the New Jersey gambling market displays a potent mix of resilience and growth, buoyed by the rising popularity of igaming and a steady performance in land-based casinos. Despite challenges in the sports betting sector, the market's upward trend signals a healthy and dynamic landscape for gamblers and operators alike.