Total market revenue in July amounted to $547.8m (£423.4m/€496.7m) according to New Jersey Division of Gaming Enforcement figures. This is 8.2% more than $506.2m in New Jersey last year and also 11.6% more than June this year.

Despite the year-on-year decline, land-based gambling remains the main source of revenue. In July, land-based revenue topped $272.3m, down from $290.0m last year. Of this, $207.3m came from slots, a drop of 4.8%, while table games revenue also fell 10.0% to $65.0m.

How far is igaming from overtaking land-based in New Jersey?

The decline in land-based revenue begs the question: could it be surpassed by igaming? For July, igaming revenue hit $195.4m, a 25.9% increase from the same month last year.

Of all igaming revenue, $192.8m was attributed to slots and table games, an increase of 26.4%. The remaining $2.6m came from peer-to-peer poker, down 2.4%.

New Jersey icasino gross revenue by skin

Master licensee iCasino skin Gross revenue
Bally’s AC BallyCasino $5,707,197
Bally’s AC VirginCasino $1,628,199
Bally’s AC Fanatics $2,452,037
Borgata Borgata $18,774,803
Borgata BetMGM $25,262,988
Borgata PartyPoker $1,369,322
Borgata Pala/Stardust $938,633
Borgata Wheel of Fortune $704,883
Golden Nugget Golden Nugget Online Gaming $8,679,224
Golden Nugget FanDuel $37,761,067
Golden Nugget BetRivers $6,528,522
Golden Nugget Betway $157,848
Golden Nugget Jackpot City $417,876
Hard Rock Hard Rock Bet $10,353,857
Hard Rock Bet365 $1,669,923
Harrah’s AC Jackpocket $970,669
Ocean Casino Resort Ocean $1,553,782
Ocean Casino Resort Parx $1,271,499
Ocean Casino Resort Tipico $3,054
Ocean Casino Resort Playstar $2,490,233
Resorts Resorts Casino $1,941,427
Resorts Mohegan Sun $1,199,012
Resorts PokerStars $1,379,929
Resorts DraftKings $41,668,119
Resorts ESPN Bet $2,780,711
Tropicana Caesars Palace $12,185,659
Tropicana Tropicana Casino $2,674,231
Tropicana Harrah’s Casino $1,224,618
Tropicana WSOP $1,646,525

While the skins operating under Golden Nugget’s collectively generated the most revenue, New Jersey’s breakdown of revenue by skin shows DraftKings led the market with $41.7m in revenue for the month. FanDuel, one of Golden Nugget’s skins, followed in second on $37.8m.

Sports betting revenue jumps 31.2%

July is traditionally a quieter month for sports betting but New Jersey’s sportsbooks were the fastest growing segment in the market.

Total player spend hit $652.3m, a rise of 11.1%, with $624.3m coming from online and $28.0m retail. A strong 12.3% hold meant operators generated revenue of $80m, up 31.2% year-on-year.

New Jersey sports betting revenue by skin

Master licensee Sports betting skin Gross revenue
Bally’s AC Sporttrade ($199,293)
Bally’s AC Fanatics $2,661,170
Borgata BetMGM $5,248,028
Borgata Borgata $789,471
Golden Nugget Golden Nugget
Online Gaming
Golden Nugget Betway $75,897
Hard Rock Hard Rock Bet $1,152,267
Hard Rock Bet365 $3,029,262
Hard Rock Unibet
Harrah’s AC Prophet Exchange
Harrah’s AC BetParx $147,724
Ocean Casino Resort Tipico $1,223
Ocean Casino Resort Prime $398,061
Resorts DraftKings $25,947,164
Tropicana Caesars Sportsbook $2,914,938
Freehold Raceway ESPN Bet $2,437,139
Freehold Raceway PlayUp
Meadowlands FanDuel $31,932,815
Meadowlands PointsBet
Meadowlands Superbook $40,494
Monmouth Park Caesars Sportsbook $447,179
Monmouth Park BetRivers $928,369

With revenue of $31.9m, FanDuel leads the market ahead of DraftKings on $25.9m. BetMGM is best of the rest on $5.2m, with Caesars Sportsbook ($2.9m), Fanatics ($2.7m) and ESPN Bet ($2.4m) its closest challengers.

iGaming biggest tax contributor in New Jersey

New Jersey collected a total of $56.8m in taxes for July. The majority of this – $29.4m – was attributed to igaming activity, which is taxed at 15% on gross revenue.

Internet sports betting, taxed at 13% of gross revenue, generated $10.1m in tax, while retail sports betting, which has a lower tax rate of 8.5%, led to $122,142 in tax.

The remaining $17.1m in monthly tax during July came from the 8=% gross revenue tax on land-based casinos.

The year so far: Land-based down, igaming and sports up

Looking at the state’s year-to-date figures, total revenue for the seven months to the end of July was $3.61bn. This is 11.5% higher than at the same point last year.

Land-based casino win is 1.0% lower at $1.63bn, but still the main source of revenue. Slots revenue slipped 1.1% to $1.21bn and table games 0.8% to $422.8m.

Igaming revenue is 22% ahead of last year at $1.33bn. This includes $1.31bn from other authorised games, up 22.4%, and $16.7m poker, down 4.0%.

Sports betting revenue also increased 30.1% to $653.1m, partly due to a 28.9% increase in handle to $7.41bn.

As for tax, some $388.1m was collected by the state in the seven-month period.

Original article: https://igamingbusiness.com/finance/new-jersey-gambling-revenue-july-2024/

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