New Jersey's Gambling Market Shows Steady Growth in June

New Jersey's gambling market has showcased a steady yet substantial growth, posting a 7.4% increase in June. The combined earnings from land-based casinos, igaming, and sports betting reached an impressive $491.0 million, a higher figure compared to last June's earnings of $457.2 million. However, it slightly trailed behind May’s $510.0 million, registering a 3.7% decrease.

Land-Based Casino Revenue

The land-based casino sector reported a notable performance with a 1.0% increase in revenue, totaling $244.1 million. A significant contributor to this growth was the slot machines, which generated $184.0 million, representing a 0.6% uptick. Table games also performed well, achieving a 2.5% rise to reach $60.1 million in revenue.

Igaming Sector Surge

Igaming emerged as a strong performer in New Jersey's gambling market, surging by 25.2% year-on-year to $186.8 million. Although still trailing the land-based sector by $57.3 million, the igaming segment’s potential for growth is evident. Particularly notable contributions were made by "other authorized games," which saw a 25.6% increase, amounting to $184.4 million.

Among the top performers in the igaming space, Golden Nugget generated $51.5 million—a 23.3% increase from the previous year. Resorts Digital demonstrated an even more substantial growth, with a 36.4% rise, resulting in $48.6 million in revenue. The Borgata also marked an 8.8% increase with $42.9 million in earnings. However, peer-to-peer poker slightly declined by 2.9%, earning $2.5 million.

Sports Betting Dynamics

Despite the overall growth, the sports betting sector faced challenges with a 9.5% decline in revenue year-on-year, totaling $60.1 million. This was also a 23.7% drop from May's $78.8 million. Nevertheless, New Jersey residents displayed a sustained interest in sports betting, placing bets worth $748.4 million—a 26.6% increase compared to last year’s $591.1 million. Out of these, online bets constituted a whopping $719.0 million, while retail sportsbooks took in $29.5 million.

Market leaders in sports betting continued to show dominance. FanDuel generated $29.1 million, DraftKings recorded $14.4 million, BetMGM reported $3.7 million, and Bet365 contributed $3.4 million. Fanatics Sportsbook also made a notable entry with $1.8 million in revenue.

Tax Contributions and Market Overview

New Jersey’s gambling industry made substantial tax contributions, amounting to $47.8 million 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 contributed $7,782 in taxes, while racetracks paid $71,191 in sports wagering taxes.

Over the first six months of the year, the market’s total revenue reached a remarkable $3.06 billion—an impressive 12.2% increase from last year's $2.73 billion. The land-based casino sector contributed significantly, with $1.36 billion in total revenue. Slot machines generated $998.3 million, and table games added $357.8 million.

Igaming also continued its upward trajectory, with revenue hitting $1.1 billion, up 21.4% from the previous year. "Other authorized games" played a crucial role, contributing $1.12 billion to igaming revenue, while peer-to-peer poker saw a minor decline at $14.1 million, down 4.2%. Sports betting also showed considerable promise with a total revenue of $573.1 million, marking 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 $231.0 million.

Despite challenges in the sports betting sector, New Jersey’s gambling industry has shown resilience, backed by strong performances in the igaming and land-based casino sectors. The state's gambling market continues to thrive, driven by adaptability and robust growth across its various segments.