New Jersey’s Division of Gaming Enforcement has announced that the state’s total gaming revenue for July 2024 reached $547.8 million, marking an 8.2% increase compared to the same period last year. This growth was fueled primarily by significant gains in the internet gaming and sports wagering sectors, which managed to offset a decline in traditional casino revenue.

New Jersey’s Gaming Revenue Surges in July 2024, Driven by Internet Gaming and Sports Wagering

Casino Revenue Decline Amidst Sectoral Shifts

Despite the overall increase in gaming revenue, the nine casino hotel properties in New Jersey reported a combined win of $272.3 million in July 2024, representing a 6.1% decrease from the previous year. The casino win for the year to date stands at $1.63 billion, down 1.0%. This decline underscores the challenges faced by traditional brick-and-mortar casinos as online gaming and sports betting continue to gain traction among consumers.

Internet Gaming and Sports Wagering Lead the Charge

The standout performer in July 2024 was internet gaming, which saw a 25.9% year-on-year increase, bringing in $195.4 million. This growth is indicative of the rising importance of online platforms within New Jersey’s gaming ecosystem. Year-to-date, internet gaming has generated $1.33 billion, reflecting a 22.0% increase compared to the previous year.

Similarly, the sports wagering sector demonstrated robust growth, with gross revenue hitting $80.0 million in July 2024, a 31.2% rise from July 2023. For the year so far, sports wagering revenue has amounted to $653.1 million, up 30.1%.

Cumulative Impact on Total Gaming Revenue

The combined contributions from casino, internet gaming, and sports wagering sectors pushed New Jersey’s total gaming revenue for July 2024 to $3.61 billion, representing an 11.5% year-on-year increase. This growth follows a similar trend observed in June 2024, where a 7.4% rise in gaming revenue was reported.

Contextual Growth in New Jersey’s Gaming Industry

New Jersey’s gaming industry continues to experience substantial growth, particularly in the online and sports betting segments. The state’s mature and competitive online casino market, which is among the few legally recognized in the United States, has been a significant driver of this upward trend. As consumer preferences shift towards digital platforms, New Jersey’s gaming revenue is expected to maintain its positive trajectory.

Conclusion: The New Jersey’s Gaming Industry

New Jersey’s gaming industry is evolving, with internet gaming and sports wagering emerging as dominant forces. While traditional casino revenue has seen a decline, the growth in online gaming and sports betting has more than compensated, leading to a significant rise in total gaming revenue. As the state continues to adapt to changing market dynamics, it remains a key player in the US gaming landscape.

FAQs About New Jersey’s Gaming Revenue Surges in July 2024, Driven by Internet Gaming and Sports Wagering

1. What was New Jersey’s total gaming revenue for July 2024?

New Jersey’s total gaming revenue for July 2024 was $547.8 million, reflecting an 8.2% increase year-on-year.

2. How did traditional casino revenue perform in July 2024?

Traditional casino revenue for July 2024 totaled $272.3 million, marking a 6.1% decrease compared to the same period last year.

3. What drove the growth in New Jersey’s gaming revenue?

The growth was primarily driven by significant increases in internet gaming and sports wagering, with the former rising by 25.9% and the latter by 31.2%.

4. What was the internet gaming revenue for July 2024?

Internet gaming revenue for July 2024 was $195.4 million, a 25.9% increase compared to July 2023.

5. How has sports wagering revenue performed in 2024?

Sports wagering revenue for July 2024 totaled $80.0 million, a 31.2% increase from the previous year. Year-to-date, the revenue stands at $653.1 million, up 30.1%.

6. What are the broader trends in New Jersey’s gaming industry?

New Jersey’s gaming industry has consistently seen growth in internet gaming and sports wagering, offsetting declines in traditional casino operations. The state’s online casino market is one of the most mature and competitive in the US.