New Jersey's gambling market continues to show robust growth, with a notable 7.4% year-on-year increase in June. This burgeoning market saw combined earnings from land-based casinos, igaming, and sports betting reaching an impressive $491.0 million for the month, surpassing last June’s $457.2 million. However, the figures trail May's peak of $510.0 million by 3.7%.
Land-based casinos contributed significantly, recording a year-on-year revenue rise of 1.0% to $244.1 million. Slot machines played a pivotal role, generating $184.0 million, a modest increase of 0.6%. Table games outpaced slots in growth rate, with a 2.5% uptick, bringing in $60.1 million.
Igaming has surged dramatically, marking a 25.2% year-on-year increase to reach $186.8 million. Despite trailing land-based revenue by $57.3 million, igaming's growth trajectory is remarkable. Within this sector, "other authorized games" totaled $184.4 million, up 25.6%, underscoring the growing appeal of diverse online gaming options. However, peer-to-peer poker faced a slight decline, with revenue slipping by 2.9% to $2.5 million.
Leading the charge in igaming were Golden Nugget, Resorts Digital, and Borgata. Golden Nugget reported an impressive $51.5 million, a 23.3% rise from last year. Resorts Digital outperformed with a 36.4% boost, generating $48.6 million. Meanwhile, Borgata saw a steady increase, raking in $42.9 million, an 8.8% annual growth.
The sports betting sector experienced mixed results. Although revenue dipped by 9.5% year-on-year to $60.1 million and fell 23.7% from May's $78.8 million, New Jersey residents placed bets totaling $748.4 million—a 26.6% increase from last year’s $591.1 million. Online betting dominated, with $719.0 million, while retail sportsbooks took in $29.5 million in bets.
Significant contributors in the sports betting arena included FanDuel, which led 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. New entrant Fanatics Sportsbook contributed $1.8 million.
The tax contributions from New Jersey’s gambling industry reflected its financial health, with a total of $47.8 million in June. 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. Retail sports wagering from casinos added $7,782, while racetracks paid $71,191 in sports wagering taxes.
For the first half of the year, New Jersey’s gambling market recorded total revenue of $3.06 billion, representing a 12.2% increase from the previous year's $2.73 billion. Land-based casinos contributed $1.36 billion, with slot machines accounting for $998.3 million and table games $357.8 million. Igaming revenue soared to $1.1 billion, up 21.4%. "Other authorized games" were the primary driver within the igaming sector, adding $1.12 billion—a 21.8% increase. Peer-to-peer poker remained an area of concern, with a 4.2% decline to $14.1 million.
Sports betting revenue for the first half of the year reached $573.1 million, up 30.0% year-on-year. The total sports betting handle for the year so far has surpassed $6.76 billion, with online sports betting contributing $6.53 billion and retail locations adding $231.0 million.
In conclusion, the New Jersey gambling market exemplifies resilience and adaptability, with significant growth in both the igaming and land-based casino sectors. The figures underscore the market's ability to thrive amidst challenges, particularly in the sports betting arena. As the year progresses, the focus will likely remain on leveraging this growth and addressing areas like peer-to-peer poker to ensure sustained success.