As per the report by the New Jersey Division of Gaming Enforcement, the total casino gaming revenue in the Garden State for July 2024 has reached a whopping $547.8 million, marking a substantial year-on-year increase of 8.2%.
This progressive growth is driven by incomes from the iGaming and sports betting sectors, which is even more impressive considering that traditional casino revenue noted a decline when compared to the same period in 2023.
Brick-and-mortar casino gaming noted a decrease of 6.1%, or $272.3 million, and this includes all nine casino hotel properties, amounting to $1.63 billion in total, or a 1% decrease.
In comparison, online casino gaming proceeded with its incline trajectory, reporting a win of $195.4 million for July 2024, which is a fantastic 25.9% increase year-on-year. From here, online gaming alone marked a 22% increase, or $1.33 billion.
Online sports betting gross revenue is also on the rise in New Jersey, reporting a 31.2% increase, or $80 million for July 2024, with sports betting revenue noting yet another substantial increase of 30.1%, or $653.1 million.
If we combine all figures from these three sectors, then we get a total gaming revenue of $3.61 billion, which is an 11.5% increase year-on-year. Moreover, these revenue figures only confirm the upward-growing trend within the gaming industry in New Jersey, considering that there was also a 7.4% rise back in June 2024.
From here, we can make the conclusion that while online casino gaming and online sports betting have consistently reported increased revenues over the past several years, traditional casino gambling has constantly been on the decline.
This should come as no surprise, considering that the online casino market of New Jersey is one of the most competitive and progressive out of all 50 US states, especially if we take into account that most US states lag far behind in terms of fully regulating online casino gaming.
