New Jersey's gambling market has demonstrated notable resilience, showing consistent growth across multiple sectors in June. The state's overall gambling revenue rose by 7.4% year-on-year, reaching a substantial $491.0 million, exceeding last June's $457.2 million. However, this figure falls short by 3.7% compared to May’s peak of $510.0 million.
Land-Based Casinos and Igaming Surge
Revenue from land-based casinos saw a marginal increase of 1.0%, totaling $244.1 million for the month. Slot machines contributed significantly to this, generating $184.0 million, which marks a 0.6% rise. Table games also showed positive growth, with a 2.5% increase leading to $60.1 million in revenue.
The igaming sector experienced a remarkable surge, with revenues soaring by 25.2% year-on-year to $186.8 million. Despite this impressive growth, igaming revenue still trailed behind the land-based sector by $57.3 million. Within the igaming category, "other authorized games" were particularly lucrative, contributing $184.4 million, reflecting a 25.6% increase. On the other hand, peer-to-peer poker saw a decline of 2.9%, bringing in just $2.5 million.
Casino-Specific Performances
Among the key players, Golden Nugget emerged as the top performer in the igaming segment with a revenue of $51.5 million, up by 23.3% from the previous year. Resorts Digital wasn't far behind, generating $48.6 million, marking a 36.4% year-on-year increase. The Borgata also posted a solid performance, with igaming revenue reaching $42.9 million, an 8.8% increase from last year's figures.
Sports Betting Faces Decline Amid Increased Betting Activity
While igaming and land-based casinos thrived, the sports betting sector faced some challenges. Revenue from sports betting dipped by 9.5% year-on-year to $60.1 million, and it was also down 23.7% from May's $78.8 million. Despite the revenue drop, New Jersey residents placed a substantial $748.4 million worth of bets, a significant 26.6% increase from last year's $591.1 million. Majority of these bets, valued at $719.0 million, were made online, whereas retail sportsbooks recorded $29.5 million in bets.
Among sports betting operators, FanDuel led the pack with $29.1 million in revenue. DraftKings followed, generating $14.4 million, while BetMGM and Bet365 reported $3.7 million and $3.4 million respectively. Fanatics Sportsbook also made a notable contribution with $1.8 million in revenue.
Tax Contributions and Overall Market Health
New Jersey's gambling industry made significant tax contributions in June, totaling $47.8 million. 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. Additionally, retail sports wagering from casinos and racetracks contributed $7,782 and $71,191 in taxes respectively.
Looking at the broader picture, the total market revenue for the first half of the year reached an impressive $3.06 billion, marking a 12.2% rise from last year's $2.73 billion. Land-based casinos accounted for $1.36 billion of this total, with slot machines and table games contributing $998.3 million and $357.8 million respectively. Igaming revenue for the first six months stood at $1.1 billion, reflecting a robust 21.4% increase from the previous year. "Other authorized games" brought in $1.12 billion, up 21.8%, while peer-to-peer poker contributed $14.1 million, albeit with a 4.2% decline.
Sports Betting YTD Performance
The sports betting sector also showed strong year-to-date performance, with total revenue of $573.1 million, up 30.0% year-on-year. The year-to-date handle for sports betting surpassed $6.76 billion, with online sports betting contributing a massive $6.53 billion and retail locations adding $231.0 million.
New Jersey's gambling market demonstrates a resilient growth trajectory, buoyed by the strength of its igaming and land-based casino sectors, despite some hurdles in the sports betting domain. With continuous adaptations and strategic advancements, the state’s gambling industry continues to forge ahead, solidifying its position as a powerhouse in the national gambling landscape.