In a robust display of economic resilience, New Jersey's gambling market experienced a notable growth spurt in June. The Garden State posted an impressive 7.4% increase, culminating in a striking $491.0 million combined earnings from its multifaceted gambling ecosystem encompassing land-based casinos, igaming, and sports betting.
This recent figure eclipses last June’s $457.2 million, though it trails marginally behind May’s $510.0 million by 3.7%. The intricacies within these segments reveal a mixed bag of performances, reflecting both triumphs and trials in New Jersey’s gambling landscape.
Land-Based Casinos: Steady Ascent
The land-based casino sector observed a modest yet meaningful hike, with revenues ticking up by 1.0% to reach $244.1 million. Slot machines continue to be a linchpin, generating $184.0 million—an increase of 0.6%. Table games, another vital component, didn’t lag: revenues for this segment rose by 2.5%, totaling $60.1 million.
Igaming: Soaring to New Heights
While the land-based sector enjoyed moderate gains, igaming raced ahead with a year-on-year surge of 25.2%, amassing $186.8 million. Although still trailing the land-based counterparts by $57.3 million, igaming’s performance marks a solid leap, driven primarily by “other authorised games,” which contributed $184.4 million—a compelling 25.6% boost.
Key players in igaming such as Golden Nugget and Resorts Digital posted stellar results. Golden Nugget saw a 23.3% rise, generating $51.5 million, while Resorts Digital marked a significant 36.4% uptick, reaching $48.6 million. The Borgata also showed positive movement with $42.9 million in igaming revenue—a year-on-year increase of 8.8%. However, peer-to-peer poker segment saw a slight decline, falling 2.9% to $2.5 million.
Sports Betting: Mixed Fortunes
Sports betting, a vital yet volatile segment of New Jersey’s gambling market, showcased mixed results. Revenue dipped by 9.5% year-on-year to $60.1 million, and suffered a sharper decline of 23.7% from May’s $78.8 million. Yet, resident betting enthusiasm didn’t wane: wagers soared by 26.6% to hit $748.4 million compared to last year’s $591.1 million.
Online bets dominated, reaching $719.0 million, while retail sportsbooks accounted for $29.5 million in placements. In this realm, FanDuel led the field with $29.1 million in revenue, followed by DraftKings at $14.4 million. BetMGM and Bet365 contributed $3.7 million and $3.4 million respectively, with Fanatics Sportsbook pitching in $1.8 million.
Tax Contributions and Market Dynamics
The economic impact of New Jersey’s gambling industry extends well beyond revenues. In June alone, the sector handed over $47.8 million in taxes. This included $16.2 million from land-based casino gross revenue tax and a substantial $28.0 million from igaming internet gross revenue tax. Sports wagering added to the state’s coffers with $3.6 million from internet sports wagering tax, alongside smaller contributions from retail sportsbooks and racetracks.
Looking cumulatively at the first half of the year, the market reaffirmed its strength. Total revenues ascended to $3.06 billion, marking a 12.2% rise from the previous year’s $2.73 billion. Land-based casinos generated $1.36 billion of this total, reinforced by slot machines ($998.3 million) and table games ($357.8 million). Igaming continued its upward trajectory, raking in $1.1 billion and "other authorized games" contributing $1.12 billion—an increase of 21.4% from the previous year.
Sports betting remained a heavyweight contributor with $573.1 million in revenue for the first half of the year, reflecting a formidable 30.0% year-on-year growth. The total handle rose beyond $6.76 billion, with online sports betting driving $6.53 billion and retail locations adding $231.0 million.
Despite the challenges in the sports betting sector, New Jersey’s gambling market, buoyed by strong performances in igaming and stable land-based revenues, continues to demonstrate robust growth and adaptability. The evolving dynamics signal a balanced and strategic advance, positioning New Jersey as a resilient and flourishing hub in the broader national gambling landscape.