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New Jersey’s regulated betting and gaming market generated total gaming revenue of $264.5m in July

by Administrator

New Jersey’s regulated betting and gaming market generated total gaming revenue of $264.5m in July, buoyed by another strong performance from iGaming and improved results from sports betting and land-based gaming.

Total revenue fell by 21 per cent compared to the same period last year as Atlantic City casinos, retail sportsbooks and racetracks began re-opening at the start of the month following their mandated closure due to COVID-19.

NEW JERSEY GAMING REVENUE COMPARISON: JULY 2020 (US$)

  July 2020 July 2019 % Change
Land-Based 147.4m 277.2m (47%)
iGaming 87.5m 39.3m 123%
– Online Poker 4.8m 1.9m 155%
– Online Casino 82.7m 37.4m 121%
Sports Betting 29.6m 17.9m 65%
TOTAL 264.5m 334.4m (21%)

Revenue from iGaming soared 122.5 per cent year-on-year to $87.5m in July, comprising a 155 per cent increase in online poker revenue to $4.8m and a 121 per cent rise in online casino revenue to $82.7m.

Golden Nugget continued to lead the iGaming market as it grew revenue by 111 per cent to $31.5m for the month, although the biggest growth came from Ocean Casino, where revenue soared 217 per cent to $1.2m.

iGaming revenue at Resorts Digital rose 162.5 per cent to $18.0m, while Borgata revenue grew 140 per cent to $15.3m and Caesars Interactive revenue climbed 90 per cent to $9.7m. Tropicana revenue increased by 62 per cent to $6.2m, while revenue from Hard Rock increased by 195 per cent year-on-year to $5.6m.

Total sports betting wagers amounted to $315.1m in July, with online generating $295.8m of the total and retail just $19.3m. As a result, sports betting revenue increased by 65 per cent to $29.6m, with racetrack Meadowlands generating nearly half of the total as revenue rose 55 per cent to $14.1m.

The next biggest sports betting operator was Resorts Digital, which saw revenue climb 119 per cent to $8.2m, while Borgata revenue soared 245 per cent to $3.0m. Monmouth Park generated $1.7m in sports betting revenue, with Hard Rock at $856,358. The remaining five operators generated combined sports betting revenue of $357,825 during the month.

Land-based casino revenue fell by 47 per cent year-on-year to $147.4m, with Ocean Casino the only operator to record growth, up 23 per cent to $23.6m.

For the first eight months of 2020, total gaming revenue decreased by 33 per cent to $1.29bn. iGaming revenue increased by 99 per cent to $510.2m, with sports betting revenue up 9 per cent at $138.5m and land-based casino revenue down 58 per cent at $643.2m.

https://ddconsultus.com/en/new-jersey-gaming-market-recovers-in-july-as-igaming-continues-to-soar/