Year-over-year growth in sports wagering and igaming in New Jersey helped to offset a 6.1% decline in revenue from the state’s land-based market in July.
According to figures from the New Jersey Division of Gaming Enforcement, the total market revenue in July was $547.8 million, which is 8.2% higher than last year’s $506.2 million and 11.6% more than the previous month.
Despite the decline in land-based revenue, which totaled $272.3 million, down from $290.0 million last year, it remains the main source of income for the state. Of this amount, $207.3 million came from slots, a decrease of 4.8%, while revenue from table games also fell by 10.0% to $65.0 million.
The increase in igaming revenue raises the question of whether it could surpass land-based revenue. In July, igaming revenue reached $195.4 million, a 25.9% increase from the same month last year.
Out of the total igaming revenue, $192.8 million was from slots and table games, an increase of 26.4%, while the remaining $2.6 million came from peer-to-peer poker, down 2.4%.
Although Golden Nugget’s skins collectively generated the most revenue, New Jersey’s breakdown of revenue by skin showed that DraftKings led the market with $41.7 million in revenue for the month, followed by FanDuel, one of Golden Nugget’s skins, with $37.8 million.
Traditionally a quieter month for sports betting, New Jersey’s sportsbooks were the fastest-growing segment in the market in July. Total player spend reached $652.3 million, up 11.1%, with $624.3 million coming from online and $28.0 million from retail. Operators generated revenue of $80 million, an increase of 31.2% year-over-year, with a strong 12.3% hold.
FanDuel led the market with revenue of $31.9 million, ahead of DraftKings with $25.9 million. BetMGM followed with $5.2 million, while Caesars Sportsbook, Fanatics, and ESPN Bet were the closest challengers with revenue of $2.9 million, $2.7 million, and $2.4 million respectively.
For July, New Jersey collected a total of $56.8 million in taxes. The majority, $29.4 million, came from igaming activity, which is taxed at 15% of gross revenue.
Internet sports betting, with a tax rate of 13%, contributed $10.1 million in tax, while retail sports betting, taxed at 8.5%, led to $122,142 in tax. The remaining $17.1 million in monthly tax revenue in July came from the 8% gross revenue tax on land-based casinos.
Looking at the state’s year-to-date figures, total revenue for the first seven months of the year was $3.61 billion, an increase of 11.5% compared to the same period last year.
