New Jersey’s gaming industry saw a notable 8.2% increase in total gaming revenue for July 2024, reaching $547.8 million, according to the latest figures released by the state’s Division of Gaming Enforcement. This marks the highest level of total gaming revenue for July in over a decade, largely driven by near-record internet gaming wins and robust sports wagering revenue. However, despite the overall increase, in-person gaming revenue experienced a decline, raising concerns within the industry.
Internet Gaming and Sports Betting Lead Growth
The growth in total gaming revenue was fueled by significant gains in internet gaming and sports wagering. Internet gaming win for July 2024 reached $195.4 million, reflecting a strong 25.9% increase compared to $155.2 million in July 2023. Year-to-date, internet gaming has generated $1.33 billion, up 22.0% from the previous year.
Sports wagering also saw impressive growth, with gross revenue for July 2024 hitting $80.0 million, a 31.2% increase from $61.0 million in July 2023. Year-to-date, sports betting has contributed $653.1 million to the industry, marking a 30.1% rise compared to the same period in 2023.
James Plousis, chairman of the New Jersey Casino Control Commission, emphasized the significance of these results, stating, “Atlantic City’s total gaming revenue reached its highest level for the month of July in over a decade, thanks to near-record internet gaming win and strong sports wagering revenue.”
Decline in In-Person Casino Win
While the overall gaming revenue numbers are promising, the traditional brick-and-mortar casino sector did not fare as well. Casino win for the nine casino hotel properties in Atlantic City dropped by 6.1% year-on-year, falling from $290.0 million in July 2023 to $272.3 million in July 2024. This decline highlights the ongoing challenges faced by the physical gaming establishments as they compete with the growing popularity of online and mobile gaming platforms.
Year-to-date, the casino win for these properties stood at $1.63 billion, a slight decrease of 1.0% compared to the same period last year. This drop in in-person gaming revenue underscores the shifting dynamics within the industry, as more players opt for the convenience of online and sports betting options.
Positive Outlook Despite Challenges
Despite the challenges faced by traditional casinos, the overall growth in gaming revenue is a positive indicator for New Jersey’s gaming industry. The total gaming revenue for the year-to-date period reached $3.61 billion, reflecting an 11.5% increase from $3.23 billion in the same period last year.
The increase in total gaming revenue, driven by the online and sports betting sectors, suggests a resilient industry that continues to adapt to changing consumer preferences. As the year progresses, it will be crucial to monitor whether the in-person gaming segment can stabilize or if the trend towards digital and remote gaming will continue to dominate.
Source:
New Jersey Division of Gaming Enforcement Announces July 2024 Total Gaming Revenue Results, STATE OF NEW JERSEY | DEPARTMENT OF LAW & PUBLIC SAFETY, August 16, 2024.