New Jersey: Decline in Sports Betting Revenue Doesn’t Stop Overall Gambling Growth in June

New Jersey Gambling Market Grows Despite Sports Betting Revenue Decline in June

In June, New Jersey’s combined land-based casino, igaming, and sports betting revenue reached $491.0 million (£378.6m/€450.3m). This figure surpassed the $457.2 million recorded in the same month last year but was 3.7% below the $510.0 million reported in May.

Land-Based Casino Performance

Land-based casinos remained the top revenue generators for New Jersey in June, with revenue increasing by 1.0% to $244.1 million. This includes $184.0 million from slot machines, up 0.6%, and $60.1 million from table games, a rise of 2.5%.

Growth in Igaming

The igaming sector saw the most significant growth, with total revenue increasing by 25.2% year-on-year to $186.8 million, just $57.3 million behind the traditional casino sector. “Other authorized games” brought in $184.4 million of igaming revenue, up 25.6%, while peer-to-peer poker revenue dropped 2.9% to $2.5 million.

Golden Nugget led the igaming market with $51.5 million in revenue, a 23.3% increase from last year. Resorts Digital followed with $48.6 million, up 36.4%, and Borgata came third with $42.9 million, an 8.8% increase.

Sports Betting Revenue Decline

Sports betting revenue declined for the second consecutive month, falling 9.5% year-on-year to $60.1 million and 23.7% below May’s $78.8 million. Despite this, New Jersey consumers spent $748.4 million on sports betting, up 26.6% from last year’s $591.1 million, with $719.0 million wagered online and $29.5 million at retail sportsbooks.

FanDuel (Meadowlands) led the market with $29.1 million in revenue, followed by DraftKings (Resorts Digital) with $14.4 million. BetMGM (Borgata) reported $3.7 million, Bet365 (Hard Rock) $3.4 million, and Fanatics Sportsbook (Bally’s) $1.8 million.

Tax Revenue

In June, New Jersey collected $47.8 million in taxes from gambling activities. This included $16.2 million from an 8.0% gross revenue tax on land-based casinos, $28.0 million from a 15.0% internet gross revenue tax on igaming, and $3.6 million from a 13.0% internet sports wagering tax. Additionally, $7,782 came from an 8.5% retail sports wagering tax from casinos, with racetracks contributing another $71,191.

First Half-Year Performance

For the first six months of the year, New Jersey’s total market revenue reached $3.06 billion, up 12.2% from $2.73 billion in the same period last year. Land-based casinos generated $1.36 billion, consistent with the previous year, with $998.3 million from slot machines and $357.8 million from table games.

Igaming revenue increased by 21.4% to $1.1 billion, with $1.12 billion from other authorized games, up 21.8%, and $14.1 million from peer-to-peer poker, down 4.2%. Despite the June decline, sports betting revenue for the first half of the year grew by 30.0% to $573.1 million, with a total handle of $6.76 billion. Online sports betting accounted for $6.53 billion, and retail locations for $231.0 million. The state collected $331.3 million in taxes from all operators during this period.