New Jersey's gambling market continues to demonstrate robust growth, showcasing resilience in the face of various industry challenges. The state reported a commendable 7.4% increase in the gambling market for June, with combined earnings from land-based casinos, igaming, and sports betting reaching $491.0 million. This figure is a significant uptick from last June's $457.2 million, although it trails May's $510.0 million by 3.7%.
Land-Based Casinos: Steady but Modest Gains
Revenue from land-based casinos marked a slight increase, rising 1.0% to $244.1 million in June. Slot machines were a cornerstone of this growth, generating $184.0 million—a 0.6% climb. Table games also saw notable success, with a 2.5% increase to $60.1 million.
Igaming: A Dramatic Surge
The igaming sector experienced a remarkable surge, recording a 25.2% year-on-year increase to $186.8 million. Despite this impressive growth, igaming revenue still lagged behind the land-based sector by $57.3 million. Within this domain, "other authorised games" contributed significantly, generating $184.4 million, a 25.6% increase from the previous year. Conversely, peer-to-peer poker revenue saw a minor decline, dipping 2.9% to $2.5 million.
Individual operators within the igaming sector reported mixed outcomes, with Golden Nugget leading the pack with $51.5 million in revenues—a 23.3% increase from the previous year. Resorts Digital showcased an impressive 36.4% year-on-year growth, with revenues hitting $48.6 million. The Borgata also performed well, recording $42.9 million in igaming revenue, up 8.8% from last year.
Sports Betting: A Sector Under Pressure
The sports betting landscape presented a more nuanced picture. Revenue declined by 9.5% year-on-year, settling at $60.1 million, and took a sharper 23.7% dip from May's $78.8 million. Nonetheless, New Jersey residents remained enthusiastic participants, placing bets worth $748.4 million—a 26.6% increase from last year’s $591.1 million. Online bets dominated the sector, accounting for $719.0 million, while retail sportsbooks took in $29.5 million.
FanDuel emerged as a key player in sports betting, generating $29.1 million in revenue, followed by DraftKings with $14.4 million. BetMGM and Bet365 contributed $3.7 million and $3.4 million, respectively, while Fanatics Sportsbook added $1.8 million to the pot.
Economic Contributions
New Jersey's gambling industry also played a crucial role in the state’s economy, contributing $47.8 million in taxes for June. This figure encompasses $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 in taxes, while racetracks paid $71,191.
Mid-Year Performance
For the first six months of the year, New Jersey's gambling market revenue reached an impressive $3.06 billion, marking 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 adding $357.8 million.
Igaming continued its upward trajectory, raking in $1.1 billion for the first half of the year—a 21.4% increase from the previous year. "Other authorised games" were a dominant force within igaming, contributing $1.12 billion, up 21.8%. However, peer-to-peer poker experienced a slight decline, contributing $14.1 million—down 4.2% year-on-year.
Sports Betting: A Mixed Bag
Sports betting revenue for the first half of the year stood at $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 $6.53 billion and retail locations adding $231.0 million.
Despite facing challenges in the sports betting sector, New Jersey's gambling market exhibits resilience, buoyed by robust growth in both igaming and land-based casino sectors. As the state continues to navigate this complex landscape, the gambling industry remains a significant economic driver, contributing substantial tax revenues and demonstrating steady growth.