New Jersey's gambling market continues to thrive, posting a notable 7.4% growth in June. The combined earnings from land-based casinos, igaming, and sports betting surged to $491.0 million, an increase from last June's $457.2 million. However, this figure is slightly behind May’s $510.0 million, reflecting a 3.7% decline.
The land-based casino sector showed resilience, with a 1.0% revenue increase to $244.1 million. Slot machines, in particular, generated $184.0 million, marking a 0.6% rise, while table games saw a 2.5% increase, reaching $60.1 million.
In terms of igaming, New Jersey experienced a significant surge. Revenue from this sector skyrocketed by 25.2% year-on-year to $186.8 million, though it still trailed the land-based sector by $57.3 million. Notably, "other authorized games" within the igaming sector contributed $184.4 million, reflecting a robust 25.6% increase. Peer-to-peer poker, however, saw a decline of 2.9%, bringing in $2.5 million.
Key players in the igaming segment reported impressive growth. Golden Nugget generated $51.5 million, up 23.3% from the previous year. Resorts Digital followed closely with $48.6 million, marking a substantial 36.4% increase. The Borgata was also a strong performer, with $42.9 million, an 8.8% rise from last year's figures.
While the igaming and land-based segments witnessed growth, the sports betting sector faced challenges. Sports betting revenue declined by 9.5% year-on-year to $60.1 million, a significant drop of 23.7% from May's $78.8 million. Despite this, New Jersey residents placed bets worth $748.4 million, a remarkable 26.6% increase from last year's $591.1 million. Online bets amounted to $719.0 million, with retail sportsbooks handling $29.5 million in bets.
Leading operators in the sports betting arena also reported varied results. FanDuel generated the highest revenue at $29.1 million. DraftKings followed with $14.4 million, BetMGM reported $3.7 million, Bet365 contributed $3.4 million, and Fanatics Sportsbook added $1.8 million.
The fiscal impact of New Jersey’s robust gambling market is evident, with a contribution of $47.8 million in taxes in June alone. This included $16.2 million from land-based casino gross revenue tax, $28.0 million from igaming internet gross revenue tax, $3.6 million from internet sports wagering tax, $7,782 from retail sports wagering at casinos, and $71,191 from racetrack sports wagering taxes.
Looking at the broader picture, the total market revenue for the first six months of the year reached an impressive $3.06 billion, marking a 12.2% rise from last year’s $2.73 billion. Land-based casinos contributed $1.36 billion, with slot machines accounting for $998.3 million and table games bringing in $357.8 million. Igaming revenue for the first six months stood at $1.1 billion, up 21.4% from the previous year. "Other authorized games" within igaming contributed $1.12 billion, a 21.8% increase, while peer-to-peer poker saw a 4.2% decline to $14.1 million.
Sports betting revenue for the first half of the year reached $573.1 million, reflecting a substantial 30.0% year-on-year increase. The year-to-date handle for sports betting surpassed $6.76 billion, with online sports betting contributing $6.53 billion and retail locations adding $231.0 million to the handle.
The gambling market in New Jersey demonstrates resilience and growth, particularly in the igaming and land-based casino sectors, despite the hurdles faced by the sports betting segment. The consistent increase in overall revenue and substantial tax contributions highlight the significant role of gambling in the state's economy.