New Jersey online casino revenues top $38m as sports betting slows
Sports betting revenues hampered by seasonality and low margin but online casino continues to flourish
Online gaming continued to post significant revenue and growth numbers in New Jersey in June, despite the effects of seasonality which saw sports betting revenues tick back slightly from May.
June online gaming revenues came in at $38.1m, down around 0.5% from May but up 68% year-on-year.
Online casino specifically was up 73% year-on-year to $36.3m while poker was up 1% to $1.8m.
Sports betting revenue was down around 37% month-on-month to $9.7m, in part as the sporting calendar thinned out, and in part due to a lower hold for the month of 4.7% on completed events compared to 5.7% year-to-date.
The women’s World Cup was a surprise boost to operators, but patriotic bettors also made a dent in margin as the US won the competition. FanDuel said it paid out $400,000 on Team USA.
The Meadowlands license continued to generate the most revenue, led by FanDuel, with $4.4 m in June.
Resorts Digital — led by DraftKings — came in second at $2.7 mm, while Monmouth Park, which includes William Hill, came in third with $1.2m.
On the casino side, the Golden Nugget continued to lead the market with $13.6m in revenue, down a tick from $14.1m in May.
Interestingly, the land-based Golden Nugget property generated only slightly more revenue at $15.8m.
“Golden Nugget’s ability to generate nearly 50% of its revenue through its online casino without cannibalizing its brick-and-mortar operations should be a wakeup call to every state lawmaker and casino owner who still make the false assumption that such a dynamic is not possible,” said Steve Ruddock, lead online gambling analyst for PlayNJ.com.
“Online and retail gambling are not simply compatible, they’re mutually beneficial.”
Resorts Digital posted the second-best casino numbers with $6.9m, driven by DraftKing’s casino growth.
Borgata came in third with $6m flat.
Visit EGR’s US Sports Betting Tracker for more data.