New Jersey’s gambling industry has reported a year-on-year increase of 13.9% in revenue for June, despite witnessing a month-on-month drop. The total statewide revenue for the month was $457.2m, which was a rise from the $401.5m figure in June 2022 but marked a 13.9% dip from May of the current year.
Land-based Gambling Continues to Dominate
Even in an increasingly digital world, land-based gambling remained the primary source of revenue during the month, generating $241.6m.
This shows a healthy 5.4% increase from the previous year. Breaking it down further, slot machines pulled in a hefty $183.0m of the land-based revenue, a rise of 7.0%. Meanwhile, revenue from table games saw a slight increase, climbing 0.9% to reach $58.1m.
In the realm of iGaming, revenue rose by 12.1% from the previous year’s $133.1m to hit $149.3m. This included a 12.1% year-on-year increase in online slots revenue to $146.7m, and a significant 16.1% jump in internet poker revenue to $2.5m.
Sports Wagering and Market Leaders
Despite a 6.7% decrease in handle to $591.1m, sports wagering revenue achieved a remarkable growth of 69.1% compared to last year, reaching $66.4m. In terms of player spending, online platforms took the lion’s share with $558.6m, while retail sportsbooks netted $32.5m.
Meadowlands, in partnership with FanDuel, continued to lead the market with $27.5m in sports betting revenue.
They were followed by Resorts Digital and DraftKings at $25.3m, and then Borgata and BetMGM at $5.0m.
NJ Gambling Revenue Up: the Implications for US iGaming Industry
In the first six months of the year, total gambling revenue in New Jersey stood at a robust $2.73bn, a 12.1% increase over the same period last year. These figures and the shifts within the industry present significant implications for the broader iGaming landscape:
- Growing Acceptance of Online Gambling: With a 14.3% rise in online gambling revenue to $930.8m, the New Jersey market demonstrates the increasing acceptance and popularity of online platforms, promising expansion opportunities for operators.
- Dominance of Land-based Casinos: Land-based casinos continue to hold a substantial revenue share, reinforcing the importance of physical locations in the overall gaming experience.
- Sports Betting Popularity: With a 42.8% surge in sports betting revenue to $440.8m, the market indicates a growing interest in sports wagering, heralding potential avenues for further growth and innovation in this segment.
As New Jersey’s gambling industry navigates the ebb and flow of revenues, the trends and insights derived offer valuable lessons for the wider iGaming industry to learn and adapt from.