Traditional casino revenue decline fails to stymie New Jersey in July

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.

Key highlights from the NJDGE report:

• Online gaming in New Jersey reported a win of $195.4 million, a 25.9% uptick compared to the previous year.

• Overall gaming revenue rose 7.4% compared to June 2024.

• 10 of the state’s 29 online casinos enjoyed banner months in July 2024.

However, DraftKings wasn’t among the top performers, as its April win remains the strongest claimed over the past five months.

Sports wagering also performed strongly, with gross revenues reaching $80 million for July 2024, reflecting a 31.2% jump on the previous month.

Other notable developments:

• Borgata was fined $75,000 after overstating promotional credits by over $4.5 million, leading to underpaid taxes for June 2024.

• Despite this, New Jersey has maintained incredible consistency in its iGaming growth.

• The results underline the state’s dominant position in the U.S. iGaming landscape.

The results speak for themselves, and perhaps there is no ceiling to what New Jersey’s iGaming industry can achieve for the remainder of 2024.