New Jersey’s Casino and iGaming Boom Overshadowed by Weak Sports Betting in August

The New Jersey Division of Gaming Enforcement has recently unveiled its latest report, highlighting the performance of the state’s gaming sector in August. While the overall industry saw steady growth across most areas, sports betting had a notably disappointing month compared to previous results.

Slight Overall Revenue Growth

In August, New Jersey’s casinos, racetracks, and their partners brought in $555.1 million in revenue, reflecting a 4.4% increase compared to the $531.6 million recorded during the same period last year. On a broader scale, the total gaming revenue for the year up to this point reached $4.16 billion, marking a significant 10.5% rise from the $3.77 billion collected in the previous year-to-date period.

While sports betting faced a setback, casino revenue continued to recover, shaking off the pandemic’s lingering effects. The iGaming sector, in particular, showed remarkable strength with its best performance to date. Despite sports betting underperforming in August, the sector had maintained positive momentum for the year, largely due to stronger months earlier in 2024.

Performance Breakdown by Sector

The casino industry in Atlantic City performed well, with its nine casino hotels reporting a 4.9% year-on-year increase in revenue, reaching $294 million. Year-to-date, the total casino win for these properties stands at $1.92 billion, a figure that aligns closely with August’s 2023 results.

Meanwhile, the online gaming segment continued its upward trend, posting a notable 27.8% increase in revenue, amounting to $198.4 million. This was a significant jump from the $155.3 million reported during the same period last year. For the year so far, Internet gaming win reached $1.52 billion, showing a 22.7% boost compared to the $1.24 billion collected during the same time in 2023.

Sports Betting Stumbles in August

One area that lagged behind was sports betting. In August 2023, the industry reported $96 million in gross revenue from sports wagering. However, this year, that figure took a substantial hit, with New Jersey’s casinos, racetracks, and their partners reporting only $62.7 million in revenue—a steep 34.7% decrease year-on-year.

Despite this decline, the year-to-date sports wagering figures tell a more optimistic story. Thanks to stronger results earlier in the year, the sector reported $715.8 million in gross revenue for 2024 so far. This represents a 19.7% increase compared to the $597.9 million reported for the same period last year. This suggests that although August was weak, the sports betting industry remains in relatively good shape overall.

The Push for Smoke-Free Casinos

Meanwhile, another important issue continues to simmer in New Jersey’s gambling industry: the fight for smoke-free casinos. Many casino workers, frustrated by the current rules allowing indoor smoking, have been pushing for legislation that would make all casinos in the state smoke-free. The movement saw a fresh wave of support recently, thanks to some new Republican backing, raising hopes that the smoking ban bill—previously stalled in 2023—might gain renewed momentum.

Despite this, the large casino operators remain cautious about embracing a smoke-free environment. They worry that banning indoor smoking could hurt their revenues. Still, with workers becoming more vocal about their concerns, the issue isn’t likely to disappear anytime soon.

Contrast with June Report

As we recently reported, in June 2024 New Jersey’s gaming industry reported a slight increase in total gaming revenue from its nine casino hotels, reaching $244.1 million, a 1.0% rise from June 2023. The year-to-date figures for casino revenues showed a stable performance at $1.36 billion, on par with last year. This consistency highlights the resilience of the state’s gambling sector, despite fluctuations in other areas such as sports wagering.

The iGaming sector saw remarkable growth, with June 2024’s Internet Gaming Win hitting $186.8 million, marking a significant 25.2% increase compared to the same month last year. Year-to-date, the sector reached $1.13 billion, a 21.4% rise from the previous year, demonstrating that online gaming continues to be a key driver of growth for New Jersey’s gaming industry. However, sports betting showed a decline in June, with revenues dropping 9.5%, although the year-to-date figures still showed a 30% increase compared to 2023.

New Jersey: A Leader in iGaming Market

New Jersey remains a leader in the US iGaming market, trailing only Michigan and standing out for its strict regulatory oversight. The state’s gaming regulator, the DGE, recently fined DraftKings for reporting inaccuracies, underscoring the importance of compliance. Despite some challenges in sports betting, the robust performance of the iGaming sector and strong regulatory framework position New Jersey for continued success in the competitive gaming industry.

While New Jersey’s overall gaming industry posted solid results in August, with casinos and iGaming sectors seeing impressive growth, the same can’t be said for sports betting. The sharp decline in sports wagering revenue stands out, though year-to-date figures suggest it’s only a temporary dip. Meanwhile, the debate over indoor smoking at casinos adds another layer of complexity to the industry’s future. With casino employees and activists advocating for a change, it remains to be seen how the balance between health concerns and revenue will play out in New Jersey’s gambling sector.

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