New Jersey: Record online gaming revenues drive growth in August
Date: 2024-09-18 Author: Alex Crawford Categories: PAYMENT SOLUTIONS
Total revenue for August was $555.1 million (£420.0 million/€498.7 million), up from $531.6 million in the same month last year and up 1.3% from $547.8 million in July.
Online gaming was the clear winner in August, with revenues up 27.8% year-on-year to reach a new record of $198.4 million.
Of this, online slots revenue was $196.0 million, up 28.2% year-on-year. Meanwhile, peer-to-peer online gaming revenue remained flat at $2.4 million.
Golden Nugget once again led the online gaming sector, with licenses under its brand including FanDuel, Betway, and BetRivers generating $55.0 million in revenue.
However, as in July, DraftKings led the online casino space with $43.2 million in revenue, ahead of FanDuel, which earned $41.3 million. Fanatics also had a record revenue of $2.6 million.
Sports Betting Failures
Sports betting was the only sector to see a decline in revenue in August, with total revenue of $62.7 million, down 34.7% year-over-year.
Players spent $698.8 million on sports betting, down 3.7% year-over-year. Of that total, $666.3 million was spent online and $32.5 million was spent at retail sportsbooks across the state.
That represented an overall market retention of 9.0% for the month, down significantly from July’s 12.3%.
Among operators, FanDuel partner Meadowlands led the way with $25.0 million. FanDuel once again led the way with $24.2 million in August, followed by DraftKings with $15.5 million and BetMGM in third with $4.5 million.
Other Events in New Jersey
Land-based casinos remain the dominant source of gambling revenue in New Jersey, bringing in $294.0 million in August, up 4.9% year-over-year.
Slot machine revenues rose 5.3% to $221.6 million, while table game revenues increased 3.8% to $72.4 million.
The Borgata remained New Jersey’s top land-based casino with revenues of $74.2 million in August, while the Hard Rock came in second with $55.4 million for the month.
New Jersey on track for a record year
For the first eight months of 2024, total market revenue was $4.16 billion, up 10.5% year-over-year.
Online gaming revenues for the period grew 22.7% to $1.52 billion, driven by a 23.2% increase in slot revenues. Poker revenues declined 3.5%.
Sports betting revenues increased 19.7% to $715.8 million for the same period, despite a decline in August. At the same time, land-based casino revenues fell 0.2% to $1.92 billion, driven by a drop in slot and table game revenues.
