Takeaways From NJ Online Casino Revenue Hitting Over $133 Million In June
New Jersey online casinos had a decent showing in June, as they totaled just over $133 million in monthly revenue. Despite earnings falling for the third straight month, online NJ gambling is just behind its record-setting performance from March.
Based on June numbers released by the New Jersey Division of Gaming Enforcement, revenue was around $133.1 million. It came up short of the Garden State’s current record for one month of $140.7 million. Because this figure was right around the national record, some regression is expected.
Since going live in Nov. 2013, the NJ online casinos have grown substantially in popularity. June’s figures provide evidence of a more recent surge, where revenue is up significantly over the last 12 months.
Let’s examine this latest showing more closely and what NJ online casinos may have in store going forward.
Borgata, Golden Nugget, Resorts Digital set the pace
There isn’t much surprise at the top of the NJ online casino revenue chart, where three familiar names sit above the rest.
The Borgata, led by BetMGM and its namesake online casinos, topped $40 million once again in June. It accomplished this in March and went down as the first online license provider to exceed that mark.
While its June revenue didn’t quite match its personal best from May (almost $42.6 million), it was the only license holder above $40 million again. Overall, June profits ended up about $3 million shy of May’s figure of $133.1 million.
The brands operating under the Golden Nugget’s license aren’t terribly far behind, though. They managed more than $35.7 million this past month. This is slightly more than the month prior ($34.6 million).
Golden Nugget, FanDuel and SugarHouse online casinos all operate under the GN license.
The only other NJ licensee that continues to hold a significant market share is Resorts Digital Gaming (the online arm of Resorts Atlantic City). Led by DraftKings and Barstool, RDG generated just over $28 million in June.
Resorts also took a slight step back, as it was closer to $30 million in May. However, each license holder is seeing quality growth from 2021.
Borgata’s year-to-date comparison shows it’s up 26.7% from this point last year. Golden Nugget is at an improvement of 19.7%, whereas Resorts features the most drastic change, up 41.6% from 2021. The latter could be attributed to the fact that Barstool Casino didn’t launch until the second half of 2021.
These three license holders will continue to set the pace for NJ online casinos for the foreseeable future.
NJ online casino revenue drops for the third consecutive month
So even though casinos still produced over $133 million in profits, there is a negative trend occurring. Since breaking the $140 million point in March, revenue’s fallen for the third straight month.
April’s figure nearly exceeded $136.9 million, before May’s revenue right at $136 million. Now with June a few million off of that, this could be something to look for in the months ahead.
One explanation could be the time of year. With the summer months and nice weather here, perhaps more people are out enjoying themselves as opposed to gambling online.
This factor can also translate to more bettors actually attending their favorite AC casino and betting in person instead.
The month of July should give a good indication of if this is true or not. It’s very possible that earnings continue to look at little sluggish until the fall arrives.
Last year’s data supports this idea for the most part, even though July 2021’s earnings jumped up around $12 million following June.
2022 NJ online casino earnings well ahead of last year
As mentioned in regards to the state’s top online casino operators, the total revenue is increasing considerably when looking at last year.
The individual monthly figure of $133.1 million is a sizable boost of 24.4% from June 2021. This upturn is even more significant when breaking down the year-to-date numbers.
Through June, NJ online casino revenue surpassed $814.5 million in total. This is 28.4% better than a year ago, when it was at about $634.2 million.
Although Borgata, Golden Nugget, and Resorts come in much higher than others in the state, their NJ online casino revenue isn’t witnessing the most growth.
For this year, that title belongs to Ocean Casino, which is looking at a rise of 73.6% in revenue. Of course, it’s much easier to expand your profits when they’re much smaller than other establishments. Still, it’s an impressive feat, as it sits with slightly over $11.6 million for the current year.