NJ iGaming Revenue Sets Another Record In July With $87.5M in Wagers

Despite the reopening of casino establishments in New Jersey, NJ online gambling sites have set another revenue record with $87.5 million in July.

The state casinos opened in early July following months of closures that could not affect the NJ’s flourishing online gambling industry.

New Jersey gambling sites combined to bring in $87.5 million for July, surpassing the previous record of $85.9 million set in May. Limited facilities at casino establishments, including mandatory masks, ban on smoking, and drinking, caused many residents to play from the comfort of their home.

In addition, sportsbooks added another $29.5 million, the lion’s share of which was extracted from online wagering, though land-based sportsbooks have reopened as well.

The latest data has been released by the NJ Division of Gaming Enforcement.

NJ online gambling revenue highlights

There are some significant highlights from the data:

  • NJ online casinos and poker sites make a record with a combined total of $87,492,952 for July.
  • Online casinos set another record with $82,674,391.
  • Online poker sites also drew a record $4,818,561, an increase of 36% over June.

Though online casinos slowed down slightly during July, poker did well thanks mostly to the WSOP NJ online series, enabling Caesars’ monthly poker revenue to more than double.

Partial increase, however, came at the expense of competing NJ online poker sites.

Partypoker and Pokerstars each saw some revenue drop.

However, Golden Nugget continues to lead the revenue among online casinos. It set an all-time record of $31.5 million in winnings. Resorts remained the runner-up leaving behind Borgata, which was one of only two casino licensees to witness its winning decline in July.

Further breakdown

Revenue / ∆ Monthly (normalized) / ∆ Yearly:

  • Total: $87.49 million / -0.3% / +122.5%
  • Online casinos: $82.67 million / -1.7% / +120.9%
  • Online poker: $4.82 million / +31.8% / +155.4%

Even limited activity at land-based establishments in Atlantic City has made a significant difference to the state and the gambling market. In July, gross gambling revenue was down by two-thirds compared to the last year. That shortfall is now just over one-fifth.

Furthermore, the rise in online gaming means the loss of revenues on the state’s end of thins is even smaller, as internet gambling is charged at a considerably higher rate. The state raised $26.4 million in gambling-related taxes, down approximately 4.7% from $27.7 million in 2019.

The most exciting part is that the resumption of retail gambling and a huge variety of sports betting options hasn’t affected internet casino revenue.

The increased online gambling trend was one of the positive aspects of the industry amidst the Covid-19. Understandably, the surge cannot last forever as bettors return to their usual routines.

However, around $5 million in fresh daily revenue from the land-based casinos has coincided with its mere $40,000 dip in daily online revenue. That’s a silver lining that some of the newly acquired casino clients during the lockdowns may hang around.

NJ online sports betting revenue

  • Total NJ sports betting: $29.6 million
  • Online sports betting: $27.0 million

With the return of American professional sports, NJ online sports betting revenue has been snowballing. Online betting sites won a whopping $29.6 million in July, an increase from $12.6 million in June. Optimism suggests August will do even better, with the NHL playoffs being played as well.

Though retail sportsbooks resumed operation, experts observed minimal action compared to the online betting sites. However, there are exceptions like Meadowlands Racing & Entertainment. Here, FanDuel Sportsbook accounted for around $1.9 million out of a total of $2.6 million in retail winnings. FanDuel’s online sportsbook also led with a 45% share of online revenue.

Overall hold for July was 7.0%, a decrease from 7.7% in June.

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