New Jersey Gaming Market Continues Boom in July
The state of New Jersey recorded overall growth in its gaming industry in July 2024, boosted by significant gains in its internet gaming and sports wagering segments.
The latest figures build on the steady growth the New Jersey gaming market has been experiencing for several months.
LISTEN TO THIS ARTICLE:According to the data released by New Jersey's Division of Gaming Enforcement (DGE), the state's total gaming revenue for July hit $547.8 million, an 8.2% increase from last year.
The positive revenue was aided by the iGaming industry, which achieved a win of $195.4 million in the month. The total marks a 25.9% year-over-year increase. With this market's upward trend, total internet gaming wins for the year have reached $1.33 billion, a 22.0% growth compared to the same period in 2023.
Revenue from sports wagering in the state also saw a notable 31.2% year-over-year increase to $80.0 million. The increase in the iGaming and sports betting market underscores the growing importance of internet-based platforms in New Jersey's gaming ecosystem.
Land-Based Casinos See Win Decline
However, in contrast to the results from the online gaming and sports betting sectors, the land-based casino industry saw a decline in July. New Jersey's nine casino hotel properties reported a casino win of $272.3 million in the month, a 6.1% decline from the previous year. The year-to-date casino win has now amounted to $1.63 billion, a slight 1.0% decrease year-on-year.
The collective performance of these sectors culminated in total gaming revenue of $3.61 billion for state operators, marking an 11.5% uptick.
The latest figures build on the steady upward trajectory of the New Jersey gaming market for several months now, including June, when gaming revenue surged 7.4% year-on-year. Although traditional casino operations have experienced consistent declines, these losses are usually offset by robust performances in internet gaming and sports wagering.
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DGE Acts against Industry Missteps
Earlier this month, the DGE ordered bet365 to pay more than $500,000 to numerous bettors after the company was found to have changed betting odds without first obtaining regulatory approval.
A month earlier, the regulator fined DraftKings $100,000 for reporting incorrect sports betting data as part of its trading figure returns to the state.
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