The betting revenue figures for June in New Jersey produced a bag of mixed results. Compared to the same period last year, there were increases, especially for New Jersey’s new and established online casinos. There was a fall in sports betting revenue but that’s more to do with the lack of sporting action so was expected.
The total land-based casino, sports betting and online casino revenue figure for June was $491 million. That was ahead of the $457.2 million that was recorded for the same period in 2023. It was 3.7% down on the May 2024 revenue total, dipping below the half a billion dollar mark that had been achieved in the previous month.
New Jersey is renowned for its land-based casinos. June again saw them earn the most gambling revenue in the state with $244.1 million. Of that total, $184 million came from slot games.
Recent years have seen huge growth in the popularity of online casinos. That was definitely seen in June of this year. The revenue figure of $186.8 million was an impressive 25.2% higher than that achieved in the same period in 2023. The online figure was only $57.3 million below the total recorded by land-based casinos.
The igaming market leader is Golden Nugget. They will have been delighted with the $51.5 million June revenue total. That was 23.3% higher than the amount they achieved last year.
Just behind them in second place was Resorts Digital on $48.6 million. That was certainly a total that will have greatly pleased them. It was 36.4% higher than the figure they achieved in the same period last year. The third highest revenue figure was recorded by Borgata with $42.9 million, 8.8% higher than in 2023.
The sports betting revenue fell for the second successive month. That’s disappointing of course but closer analysis of the results create a more favorable analysis.
June saw the ending of the NBA season and there were no NFL matches being played. That being the case, it was not surprising at all to see the figures for sports betting falling.
That has been so since the 2018 US Supreme Court Judge ruling that forever changed the US gambling industry. New Jersey had been one of the main campaigners to see the laws changed.
The situation was that the Federal Government had the final say on whether sports betting would be legalized. The 2018 ruling changed it so that the individual state could make that decision and New Jersey was quick to make sports betting legal.
Total revenue for sports betting in June was $60.1 million and that’s 9.5% lower than the June 2023 figure. It was also 23.7% lower than the figure recorded in May 2023.
There are still huge amounts being wagered by gamblers in New Jersey. $748.4 million was bet on sports events in June. That’s a big jump from the $591.1 million that was seen last year. It’s online betting that is doing best with $719 million of that total being wagered at online sports betting sites.
The most successful of the online sports betting sites was FanDuel (Meadowlands) with revenue of $29.1 million with DraftKings (Resorts Digital) in second at $14.4 million.
When the new NFL season begins, the sports betting revenue figures are again expected to be on the increase.
One of the key reasons that betting is legal in New Jersey is the amount of gambling tax that makes its way into the state coffers. $47.8 million was received in June. The tax rates vary with the rate being 8% for land-based casinos and 15% for those online.
With sports betting, the tax for online sites is 13% and that saw New Jersey receive $3.6 million in June. The tax rate for retail venues is 8.5%, NJ.Bet reports.
The first six months of this year have seen total market revenue of $3.06 billion. That’s 12.2% ahead of the figure that was recorded for the first six months of 2023. New Jersey received $331.3 million in tax from those licensed to operate in the state.
Of that figure, $1.36 billion came from land-based casinos. The total for slot machines just failed to get to $1 billion with a $998.3 million figure recorded.
Online revenue broke through the $1.1 billion and that’s 21.4% higher than seen in 2023. Sports betting is still doing well despite that recent fall. Revenue of $573.1 million is up 30% with the total handle for the first six months being $6.76 billion. Of that total, $6.53 billion came from online wagers.
