Gambling in the USA
New Jersey Sportsbooks Show Remarkable Year-Over-Year Growth While Online Casinos Flourish in June, According to PlayNJ.com
New Jersey’s online casinos posted yet another near-record month in June while the state’s online and retail sportsbooks showed strength during a typically slow month. In all, June’s nearly $275 million handle was an impressive showing considering that the summer months are historically the slowest on the sports betting calendar, according to analysts from PlayNJ.com.
“To approach $275 million during a month where the only major sports betting event is the NBA Finals says something about the trajectory of New Jersey’s market,” says Dustin Gouker, lead sports betting analyst for PlayNJ.com. “Basketball clearly drives interest, but it also shows that interest in sports betting in general continues to expand.”
New Jersey’s sportsbooks accepted $273.2 million in bets in June, down 14% from $318.9 million in May, according to official reporting released Friday. The handle yielded $9.7 million in revenue, down 37% from $15.5 million in May.
June’s handle was up dramatically from $15.3 million in June 2018, and revenue has nearly tripled from $3.5 million in June 2018. Since launch, New Jersey sportsbooks have generated a handle of $3.2 billion and a win of $203.8 million. And New Jersey’s handle could surpass Nevada for the second consecutive month.
“The rate of growth will eventually level out, but I do not believe that time is at hand,” Gouker said. “The fact that New Jersey is now on par with Nevada, a market that has matured over generations, is remarkable. Competition from the launch of Pennsylvania’s sports betting apps could slow momentum, though.”
Online sports betting generated 83% — $226.7 million — of June’s handle, up from 82.6% in May. FanDuel Sportsbook/PointsBet generated $2.7 million in online gross revenue, or 28% of the state’s handle, edging Resorts/DraftKings. FanDuel Sportsbook at The Meadowlands lead the retail market with $1.7 million in June gross revenue.
“FanDuel has refused to loosen its grip on the New Jersey market,” Gouker said. “Other operators such as Monmouth Park and its associated online brands have shown plenty of growth, but at this point, it’s becoming difficult to see when FanDuel and DraftKings will will be seriously challenged.”
Online casinos
New Jersey’s online casino and poker industry generated $38.1 million in June revenue. June’s revenue was up 68% from $22.7 million gained in June 2018 and down slightly from $38.3 million in May.
The continued growth of online gambling — especially when online sports betting is factored in — shows that it could one day generate as much revenue as gambling in Atlantic City casinos. In fact, the Golden Nugget’s online casino brands — home to the Golden Nugget, Betfair, and SugarHouse online casino brands — could surpass Golden Nugget Atlantic City’s revenue before the end of the year. The Golden Nugget generated $13.6 million with its online casino games in June, down from $14.1 million in May. By contrast, Golden Nugget AC generated $15.8 million in June.
“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.”
About the PlayUSA.com Network:
The PlayUSA.com Network and its state-focused branches (including PlayNJ.com and PlayPennsylvania.com) is a leading source for news, analysis, and research related to the market for regulated online gaming in the U.S.
Spinomenal, the leading iGaming content provider, has made its US debut after launching an exciting collaboration with a leading operator in the state of New Jersey, and is anticipating many more valuable collaborations with top tier online casinos.
Following impressive growth rates, Spinomenal is making a major move into the New Jersey iGaming market, marking a key step in its global expansion. By entering this crucial U.S. region, Spinomenal will bring its innovative games to a new audience, strengthening its presence and leadership in the iGaming industry.
Spinomenal’s specially selected titles will be going live via Pariplay’s Fusion aggregation platform in the New Jersey market. Some of the outstanding titles being made available for NJ players are Demi Gods II, Majestic Wild Buffalo and Kitsune’s Scrolls.
This marks a major milestone in Spinomenal’s strategic expansion plan, as this debut establishes the company’s initial presence within the New Jersey market, with further growth anticipated across the US iGaming ecosystem. This move underscores Spinomenal’s commitment to expanding its global footprint and further solidifying its position as a leader in the online casino industry.
Lior Shvartz, CEO for Spinomenal commented: “After a decade of establishing and positioning Spinomenal as a leading provider in the iGaming industry, we have now taken a big leap and will provide our exciting content to the esteemed New Jersey audience. We are highly optimistic about entering this prominent market, following the process of obtaining approval from the DGE.”
The Mechoopda Indian Tribe has announced that the Mechoopda Economic Gaming Authority (MEGA) Board has made the decision to suspend operations at Mechoopda Casino. The final day of operations will be Friday, January 31, 2025.
The Mechoopda Casino says this decision comes after months of deliberation and efforts to address the various challenges affecting the casino’s operations.
Dennis Ramirez, Tribal Chairman of the Mechoopda Indian Tribe, said: “Suspending operations at the Casino is a heart-wrenching decision that affects not only our Tribe but also our valued employees, customers, and the surrounding community. While this chapter is closing, our commitment to the Casino’s long-term vision remains steadfast. For over 25 years, this project has been a cornerstone of our economic development goals, and we will continue to work toward its future reopening.”
The Tribe is taking steps to support both its employees and community partners during this transition period:
Employee Support: The Tribe is committed to offering resources and guidance to assist team members through this difficult time.
Remaining Open Until January 31: The Casino will remain open through its final day of operation, giving guests the opportunity to enjoy the remaining days of service.
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