The gambling sector in New Jersey continues to witness robust growth, with an impressive upswing in revenue streams from both online and offline avenues. The revenue surge spans various gambling forms, including sports betting and online casino games like slots, baccarat, and roulette.
Surging Online Gambling Revenue
Online gambling has seen a particularly notable increase, with a year-on-year rise of 13.5% driving revenues to reach $155.2m. Key contributors included online slots games, which saw a 13.4% increase to $152.5m, while peer-to-peer poker revenue surged by 18.5% to reach $2.7m.
In the fierce competition within this market, Borgata secured the dominant position with $43.0m, overtaking Resorts Digital at $40.6m and former market leader Golden Nugget at $39.8m.
Sports betting is another growing sector in the state, with revenue across both digital and retail channels jumping 24.2% to reach a total of $93.7m for July 2020.
A Strengthened Sports Betting Sector
Sports betting in New Jersey also enjoyed a fruitful period, with a year-on-year revenue increase of 35.6% to hit $61.0m. This growth was facilitated by a modest rise in the total amount wagered, which increased by 1.4% to reach $587.0m.
Digital platforms commanded a substantial portion of this total, accounting for $561.6m, while $25.4m was staked at physical sportsbooks across New Jersey. Meadowlands, in partnership with FanDuel, reigned supreme with sports betting revenue of $25.7m. Resorts Digital and DraftKings followed at second place with $19.0m, and then Borgata and BetMGM with $6.1m.
Looking at the Bigger Picture: Year-to-Date Performance
The cumulative performance for New Jersey’s gambling sector for the year up to July end was also promising. Total revenue soared by 11.0% to reach $3.23bn.
Land-based casinos contributed a significant $1.65bn to this total, marking a 2.3% increase. Online gambling revenue rose even more sharply, registering a 14.2% increase to $1.09bn. Sports betting revenue also witnessed a whopping 41.9% increase to reach $501.8m.
However, the state’s year-to-date sport wagering handle for the seven-month period notably fell by 8.9% to $5.75bn, which comprised $5.45bn from online betting and retail bets amounting to $293.6m.
New Jersey’s gambling industry has managed to steer through the challenging COVID-19 backdrop, and continues to grow strong. The state remains competitive in terms of market share and is making headway in both online and live casino gaming and sports betting.