In June, New Jersey's gambling market exhibited notable resilience and growth, with a 7.4% increase, reflecting a strong performance amid various sector dynamics. The combined earnings from land-based casinos, igaming, and sports betting reached a substantial $491.0 million. This figure not only exceeds last June's $457.2 million but also marks a slight 3.7% decline compared to May's $510.0 million.
Land-Based Casinos Show Steady Growth
Revenue from land-based casinos saw a modest yet significant increase of 1.0%, amounting to $244.1 million. Slot machines were a major contributor, generating $184.0 million, which is up by 0.6%. Table games also exhibited a healthy growth of 2.5%, bringing in $60.1 million. This growth underscores the enduring appeal of traditional casino gaming amidst rapid digital transformation in the gambling sector.
Igaming's Surge Continues
Igaming revenue experienced an impressive 25.2% year-on-year surge, reaching $186.8 million, although it still trailed behind the land-based sector by $57.3 million. "Other authorized games" within the igaming realm contributed significantly with $184.4 million, reflecting a 25.6% increase. However, peer-to-peer poker reported a 2.9% decline, with revenue dropping to $2.5 million.
Among the key players in the igaming sector, Golden Nugget led the pack with $51.5 million in revenue, a 23.3% increase from the previous year. Resorts Digital followed with $48.6 million, marking an impressive 36.4% year-on-year rise. The Borgata also made notable gains, generating $42.9 million, up by 8.8% from last year’s figures.
Sports Betting Faces Challenges
Despite the overall market growth, sports betting faced some setbacks. Revenue in this sector declined by 9.5% year-on-year to $60.1 million, a significant drop of 23.7% from May's $78.8 million. Nonetheless, New Jersey residents demonstrated a robust betting enthusiasm, placing bets worth $748.4 million, a 26.6% increase from last year’s $591.1 million. Online bets dominated the scene, amounting to $719.0 million, while retail sportsbooks took in $29.5 million in bets.
In terms of individual contributions, FanDuel led the sports betting market with $29.1 million in revenue. DraftKings followed with $14.4 million, while BetMGM and Bet365 reported $3.7 million and $3.4 million, respectively. Fanatics Sportsbook also made a mark with $1.8 million in sports betting revenue.
Tax Contributions and Economic Impact
The gambling industry in New Jersey contributed significantly to the state's economy, paying $47.8 million in taxes in June. Land-based casino gross revenue tax accounted for $16.2 million, while igaming internet gross revenue tax amounted to $28.0 million. Internet sports wagering tax contributed an additional $3.6 million. Retail sports wagering from casinos and racetracks added $7,782 and $71,191, respectively, to the tax coffers.
First Half of the Year Performance
For the first six months of the year, the total market revenue reached $3.06 billion, reflecting a 12.2% rise from last year’s $2.73 billion. Land-based casinos contributed significantly with $1.36 billion in revenue, with slot machines and table games contributing $998.3 million and $357.8 million, respectively.
Igaming revenue for the first half of the year was $1.1 billion, up 21.4% from the previous year. Other authorized games continued to drive growth, contributing $1.12 billion, up 21.8%, while peer-to-peer poker slightly declined to $14.1 million, down 4.2%.
Sports betting showed strong performance overall, with revenue for the first half of the year amounting to $573.1 million, a 30.0% increase year-on-year. The year-to-date handle for sports betting surpassed $6.76 billion, with online sports betting contributing $6.53 billion. Retail locations added $231.0 million to the year-to-date handle.
The June performance highlights the resilience of New Jersey's gambling market, marked by steady growth in the igaming and land-based casino sectors, despite facing challenges in sports betting. The sustained economic contributions and robust betting volumes reflect a thriving industry adapting to evolving market dynamics.