The New Jersey Division of Gaming Enforcement has just announced a near-record revenue of $195.4 million for its online casinos this June. In the entire history of the state, June of 2024 was the second-most successful month ever, following March of 2024 with $197.2 million. This is a stark contrast to land-based casino revenues, which have reported a significant decrease through the summer months.

New Jersey's online casino industry, which has been thriving for over 11 years, continues to set high standards. July of 2024 nearly set a new monthly revenue record, reinforcing the state's reputation as a leader in the online gaming market.

Online casino revenue soars upward

The New Jersey Division of Gaming Enforcement reported that online casinos generated an impressive $195.4 million this July. This figure marks the second-highest monthly revenue total in the history of the state, trailing only the $197.2 million record set in March of 2024. The narrow margin of less than $2 million between the two months highlights the strength and resilience of New Jersey's online casino market.

July has consistently been a strong month for the state's online casinos, with revenue traditionally surpassing that of June. This year was no exception, as July 2024 saw a 4% revenue increase compared to June, which brought in $186.8 million. The year-over-year growth is even more striking because July 2023's revenue totaled $155.2 million. This substantial increase shows the ongoing expansion and vitality of New Jersey's iGaming industry.

James Plousis, the Casino Control Commission Chairman, attributed the robust performance to the diverse gaming options available and the enduring appeal of New Jersey's online casinos. "The diversity of gaming options and the strength of New Jersey's online casinos continue to provide resilience in a highly competitive marketplace - not only for the benefit of the gaming industry but also for the economy of the city, the region, and the state," Plousis said.

A competitive market with a diverse range of operators

New Jersey boasts the most extensive iGaming market in the United States, with 32 operators currently in the state. This diversity in operators has contributed to the market's strength, providing players with a wide array of choices and ensuring that the industry remains dynamic and competitive.

As of July of 2024, New Jersey's online casinos have generated $1.33 billion in revenue for the year, representing an increase of 22% from the same period in 2023. The upward trajectory indicates that the state is on track to surpass last year's record-setting annual revenue of $1.9 billion, with projections suggesting that the total could reach nearly $2.3 billion by the end of 2024.

Leading performers in July 2024

Among the 32 operators, DraftKings, along with FanDuel, have emerged as the top performers, each contributing significantly to the state's overall revenue. DraftKings led the pack with almost $41.7 million in revenue, followed closely by FanDuel with nearly $37.8 million. BetMGM also posted strong results, generating nearly $25.3 million, while Borgata and Caesars Palace rounded out the top five with almost $18.8 million and $12.2 million, respectively.

Other notable performers included Hard Rock Bet with close to $10.4 million, Golden Nugget with almost $8.7 million, and BetRivers with over $6.528 million. Even smaller operators like Bally, ESPN Bet, and Tropicana contributed to the state's impressive revenue total, demonstrating the broad appeal and reach of New Jersey's online gaming offerings.

Year-to-date performance and future projections

DraftKings has maintained its lead over FanDuel in the year-to-date standings, with $286.9 million in revenue compared to FanDuel's $273.7 million. The competition between the two giants is expected to continue driving growth in the market, pushing the industry toward even greater heights.

Looking ahead, New Jersey's online casinos are on pace to set a new annual revenue record, potentially reaching nearly $2.3 billion by the end of 2024. This would shatter the previous record of $1.9 billion set in 2023, further solidifying New Jersey's status as the premier online gaming market in the United States.