The New Jersey Division of Gaming Enforcement announced the latest gaming revenue results for July 2024, reflecting an increase in iGaming and sports betting that balances the decrease in land-based revenue.
Casinos, racetracks, and their partners reported $547.8 million for the month, representing an 8.2% increase compared to $506.2 million in July 2023. The year-to-date figures amount to $3.61 billion, also registering an increase of 11.5%, compared to $3.23 billion for the prior period.
The nine casino hotel properties in Atlantic City generated $272.3 million in winnings for July 2024. While this represents a decrease of 6.1% compared to the $290 million reported in the same month of 2023, land-based gambling remains the fundamental source of revenue. Similarly, the year-to-date figures ($1.63 billion) for July 2024 struggled to match the year-to-date figures for July 2023, reflecting a decrease of 1.0%.
The iGaming revenue for July 2024 stood at $195.4 million, reflecting a 25.9% increase compared to $155.2 million reported in July 2023. Slots and table games contributed the lion’s share, or a total of $192.8 million, whereas the remaining $2.6 million was generated by peer-to-peer poker.
James T. Plousis, Chairman of the New Jersey Casino Control Commission, commented on the July figures and confirmed that casinos saw their best revenue results for over a decade, largely attributable to online gambling.
Sports Wagering Gross Revenue Rebounded to $80 Million in July 2024
Following the unsatisfactory results for June 2024, the sports wagering revenue reported by casinos, racetracks, and their partners rebounded to $80 million for July 2024. The previous month saw one of the lowest totals of $60.1 million, reported since February 2023.
The July 2024 sports wagering figures represent a 31.2% increase compared to the same month in 2023. As for the year-to-date period, sports wagering gross revenue stood at s $653.1 million, a 30.1% increase compared to the same period in 2023. Overall, sports wagering in July 2024 reached a record high ever since sports betting was authorized in the state.
FanDuel sits on top of all sportsbook operators in the state in terms of revenue, with $31.9 million reported in July 2024. It is followed by DraftKings, with $25.9 million. BetMGM ranks third, with $5.2 million.
Borgata reported $789,471 in sportsbook revenue. The operator, an online gaming and sports betting partner of BetMGM, was fined by the New Jersey Division of Gaming Enforcement. The regulator imposed a $75,000 fine on the operator for overstating its iGaming promo credits by over $4.5 million for the period between October 2023 and May 2024.
In terms of state revenue, New Jersey has collected nearly $388.1 million in gambling taxes since the beginning of 2024.
