New Jersey’s Gaming Industry Shows Mixed Results in August 2024

Total gaming revenue for August 2024 reached $555.1m, marking a 4.4% increase from the same month in 2023. This growth is largely attributed to the continued expansion of online gaming, which saw a substantial 27.8% year-over-year increase, reaching $198.4m for the month.

The surge in online gaming revenue has been partly fueled by the entrance of new online casinos into the New Jersey market. These new platforms have intensified competition, offering innovative games and attractive bonuses to capture market share.

Industry analysts suggest that the success of these new online casinos is not only contributing to the overall growth but also putting pressure on established operators to enhance their digital offerings.

Atlantic City’s nine casino hotels reported a combined win of $294m, up 4.9% from August 2023. However, year-to-date casino win remained flat at $1.92bn, indicating potential stagnation in traditional gambling venues.

The most notable decline was in sports wagering gross revenue. Casinos, racetracks, and their partners reported $62.7m for August, a significant 34.7% decrease from the previous year. Despite this monthly setback, year-to-date sports wagering revenue still shows a 19.7% increase, totaling $715.8m.

Internet gaming continues to be a bright spot for New Jersey’s gambling industry. Year-to-date figures for online gaming reached $1.52bn, representing a robust 22.7% increase from 2023.

These mixed results highlight the evolving landscape of New Jersey’s gaming industry. While online platforms continue to thrive, traditional gambling formats and sports betting face challenges, potentially signaling a shift in consumer preferences and industry dynamics.

As the industry adapts to these changes, stakeholders will be closely watching how these trends develop in the coming months, particularly as the state approaches the end of the fiscal year.