Traditional casino revenue decline fails to stymie New Jersey in July

Article by : Charles Perrin Aug 21, 2024

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New Jersey’s iGaming industry continues to shine judging by the latest revenue results published by New Jersey’s Division of Gaming Enforcement (NJDGE).

Indeed, total gaming revenue for July 2024 hit a staggering $547.8 million, representing an 8.2% year-on-year rise, according to the state’s official governing gambling body.

The rise of iGaming can claim responsibility for the inexorable growth in New Jersey, and this is despite the drop in traditional land-based revenues garnered.

Broken down further, online gaming in New Jersey weighed in with a reported win of $195.4 million in July 2024, indicating a 25.9% uptick.

Brought into a wider context, New Jersey saw an overall gaming revenue lift of 7.4% compared to June 2024.

In July 2024, 10 of the state’s 29 online casinos enjoyed banner months.

That, however, didn’t include DraftKings, whose April win is still the strongest claimed over the past five months.

Sports wagering also saw a substantial rise in gross revenues, reaching $80 million for July 2024, which, in turn, reflected a 31.2% jump on the previous month.

Yes, the results have shown a shift towards internet gaming, while some bettors have chosen to shun land-based revenues.

Despite the feel-good factor for many of the state’s operators, we reported that Borgata was slapped with a $75,000 fine by regulators after overstating promotional credits by over $4.5 million which led to an underpayment of gross tax revenues for June 2024.

That is unlikely to dampen things too much, and New Jersey has shown incredible consistency over the past few months.

The results, as we have seen, speak for themselves, and perhaps there is no ceiling as to what the New Jersey iGaming industry can go on to achieve for the remainder of 2024.