New Jersey's gambling market experienced a notable 7.4% growth in June, underscoring the region's resilient gaming industry. The combined earnings from land-based casinos, igaming, and sports betting reached an impressive $491.0 million, surpassing last June's $457.2 million, although falling short by 3.7% of May’s $510.0 million.
Land-Based Casinos Show Steady Growth
Revenue from land-based casinos saw a modest increase of 1.0%, totaling $244.1 million. Slot machines were a significant contributor, generating $184.0 million, marking a 0.6% rise. Meanwhile, table games experienced a more robust growth of 2.5%, reaching $60.1 million.
Igaming on the Rise
Igaming stood out as a booming sector, with a 25.2% year-on-year surge to $186.8 million. Despite trailing the land-based sector by $57.3 million, igaming has shown impressive gains. Within this sector, "other authorized games" were particularly noteworthy, contributing $184.4 million, up 25.6%. However, peer-to-peer poker witnessed a decline, with revenues falling by 2.9% to $2.5 million.
The standout performers in the igaming sector included Golden Nugget, which generated $51.5 million, up 23.3% from the previous year. Resorts Digital also posted significant gains, with $48.6 million in revenue, marking a 36.4% increase year-on-year. The Borgata followed closely with $42.9 million, representing an 8.8% increase from last year's figures.
Sports Betting Takes a Hit
While other sectors flourished, sports betting encountered challenges, with a 9.5% decline in revenue year-on-year, totaling $60.1 million. This figure also reflects a 23.7% drop from May's $78.8 million. Despite these hurdles, New Jersey residents placed bets worth $748.4 million, a substantial 26.6% increase from last year’s $591.1 million. A significant portion of these bets, amounting to $719.0 million, were placed online, while retail sportsbooks collected $29.5 million in bets.
Leading the sports betting revenue were FanDuel with $29.1 million, DraftKings with $14.4 million, BetMGM with $3.7 million, Bet365 with $3.4 million, and Fanatics Sportsbook with $1.8 million.
Tax Contributions and Market Overview
New Jersey’s gambling industry also made substantial tax contributions, amounting to $47.8 million in June. This sum included $16.2 million from the land-based casino gross revenue tax, $28.0 million from the igaming internet gross revenue tax, and $3.6 million from the internet sports wagering tax. Retail sports wagering from casinos contributed $7,782 in taxes, while racetracks paid $71,191 in sports wagering taxes.
Mid-Year Market Performance
The total market revenue for the first six months of the year reached a remarkable $3.06 billion, reflecting a 12.2% rise from last year’s $2.73 billion. Land-based casinos contributed $1.36 billion to this total. Slot machines proved to be major revenue generators, contributing $998.3 million for the first six months, while table games provided $357.8 million.
Igaming continued its upward trajectory with $1.1 billion in revenue for the first half of the year, up 21.4% from the previous year. The growth in "other authorized games" was notable, with contributions of $1.12 billion, a 21.8% increase. Peer-to-peer poker, however, declined by 4.2%, bringing in $14.1 million.
Sports Betting Year-to-Date Performance
In contrast, sports betting showed a significant year-on-year increase in revenue for the first half of the year, reaching $573.1 million, up 30.0%. The year-to-date handle for sports betting surpassed an impressive $6.76 billion, with online sports betting contributing $6.53 billion and retail locations adding $231.0 million.
Overall, the gambling market in New Jersey demonstrates resilience and growth, particularly in the igaming and land-based casino sectors. Despite facing challenges in the sports betting sector, the state's gambling industry shows promising signs of sustained success and resilience.