The New Jersey Division of Gaming Enforcement has released its gaming revenue report for August 2024, showcasing a mixed performance across various sectors of the state’s gambling industry. The data highlights significant growth in online gaming, while traditional casino and sports wagering revenues experienced contrasting trends.
Atlantic City Casino Win
In August 2024, Atlantic City’s nine casino hotel properties reported a total casino win of $294 million. This represents a 4.9% increase from the $280.3 million reported in August 2023. Despite this monthly growth, the year-to-date figures for casino win remained stable at $1.92 billion, consistent with the same period in 2023.
The increase in monthly casino win indicates a positive trend for the traditional casino sector, reflecting a solid performance during the summer months. However, the year-to-date stability suggests that this growth may be part of a cyclical pattern rather than a dramatic shift in overall performance.
Internet Gaming Win
August 2024 saw a substantial increase in online gaming revenue, with internet gaming win reaching $198.4 million. This marks a notable 27.8% rise from the $155.3 million recorded in August 2023. The year-to-date figures for online gaming also demonstrated strong growth, totaling $1.52 billion – a 22.7% increase from the previous year.
The robust expansion in online gaming revenue reflects the growing popularity and acceptance of digital gambling platforms. This sector’s significant year-to-date growth underscores the shift towards online gaming, driven by technological advancements and changing consumer preferences.
Sports Wagering Gross Revenue
In contrast to the online gaming boom, sports wagering revenue experienced a sharp decline in August 2024. Casinos, racetracks, and their partners reported $62.7 million in sports wagering gross revenue, a 34.7% decrease compared to August 2023. Despite this monthly drop, the year-to-date sports wagering revenue showed a 19.7% increase, reaching $715.8 million compared to $597.9 million in 2023.
The significant decline in monthly sports wagering revenue could indicate seasonal fluctuations or shifts in consumer behavior. However, the year-to-date increase suggests that the overall sports betting market is still growing, albeit with some volatility in monthly performance.
August 2024 Overview
For August 2024, the total gaming revenue reported by casinos, racetracks, and their partners amounted to $555.1 million. This represents a 4.4% increase from the $531.3 million reported in August 2023.
Year-to-Date Total Gaming Revenue
The year-to-date total gaming revenue reached $4.16 billion, marking a 10.5% increase from the same period in the previous year.
The overall increase in total gaming revenue reflects a positive trend for New Jersey’s gambling industry, driven by growth in online gaming and some recovery in casino performance. The year-to-date rise in revenue indicates a healthy expansion of the gaming market, despite the challenges faced in specific sectors.
The gaming revenue results for August 2024 present a nuanced picture of New Jersey’s gambling industry. While traditional casino revenues show moderate growth, the online gaming sector continues to thrive, demonstrating substantial gains. In contrast, the sports wagering segment faces challenges, with significant monthly declines offset by overall year-to-date growth.
These trends highlight the evolving dynamics of the gaming industry in New Jersey, where digital platforms increasingly play a central role, and traditional formats adapt to changing market conditions.