New Jersey Surpass $100m In Online Casino Revenue 4th Month In A Row

For the fourth month in a row, online casinos and poker rooms in New Jersey surpassed $100 million in revenue, bringing the total to £107.1 million in June.

Revenue was up 26.1 percent from $84.9 million in June 2020, while down from $108.2 million in May, according to PlayNJ.

Online gaming has generated $634.2 million in revenue through six months of 2021, on track to break the record $970.3 million in sales set in 2020 and comfortably surpass $1 billion in revenue in a single year for the first time.

With $34.3 million in casino and poker revenue in June, Borgata/BetMGM took the lead. Golden Nugget came in second with $27.6 million.

Benefit to online casinos and poker rooms

Eric Ramsey, analyst for PlayNJ.com, said: “The positive effect of online sports betting, the race for market share, and the behavioural changes that stemmed from last year’s pandemic-related shutdowns continue to benefit online casinos and poker rooms.

“$1bn in annual revenue seems like a certainty now. And more growth could come this fall, even with Atlantic City recovering.”

Furthermore, while betting volumes in New Jersey’s online and retail sportsbooks decreased in June, a 9.3 percent hold brought revenue at sportsbooks to more than $71 million.

Capitalising on what’s on offer

Dustin Gouker, an analyst for the PlayUSA.com Network, which includes PlayNJ.com, explained: “Overall, New Jersey continues to perform far better than every other sports betting market in the US.

“No market can completely overcome a lack of betting inventory, but New Jersey’s sportsbooks continue to find ways to capitalise on what the sports world is offering, most notably the NBA Playoffs and baseball.”

According to government data released Friday, online and retail sportsbooks brought in $766.9 million in bets in June. This is down 5.8 percent from May’s $814.3 million, but up from $117.8 million in June 2020.

June’s action generated $71.3 million in gross gaming revenue, the highest level of operator revenue since January’s $82.6 million. Operator revenue increased by 34.7 percent from $52.9 million in May to $12.6 million in June 2020.

State and municipal taxes totalled $10.5 million as a result of June’s wagering. Furthermore, basketball bets accounted for $190.9 million in the month, easily the most of any sport.

NBA playoffs and baseball

Ramsey added: “While the sportsbooks in most states have been scouring the sports landscape for opportunities to drive interest, New Jersey’s books have successfully capitalised on the NBA playoffs and baseball.

With $38.1 million in gross revenue, up from $29.8 million in May, FanDuel Sportsbook/PointsBet once again led the market, with 89.1 percent of June’s handling coming through an online operator.

Retail sportsbooks, meanwhile, continued to benefit from relaxing restrictions, with wagers totaling $83.9 million in June, up from $79.6 million in May.

“It feels like market share in New Jersey is cemented right now,” Ramsey concluded. “Right now, the state could really benefit from a small shakeup. A new brand with a well-known name like SI could help. So too would unlocking local college sports betting.”