New Jersey online casinos saw an improvement in the month of July, recording nearly $137 million in revenue. This was about $3.6 million better than June’s results, and the first time in four months that earnings jumped up.
NJ online gambling hit a slight lull after posting a record of more than $140 million in revenue in March. While profits didn’t tumble, they never got back to that figure.
Despite the fact that betting numbers have plateaued of late, casinos are well ahead of where they were a year ago. Online casino revenue rose about $18 million, or 15.2% from July 2021.
On the other side of the gambling spectrum, NJ sports betting also bounced back last month in terms of revenue. Garden State sportsbooks totaled over $45 million in earnings, around $5.8 million more than in June.
They didn’t have a good showing overall, though. Sports betting handle dropped significantly again, just topping $531 million.
Borgata extends its hold on the NJ market
The Borgata and its online platforms continue to set the standard in the NJ market. It was the first online casino in the state to surpass $40 million in monthly revenue in March.
Since then, its online apps BetMGM and Borgata Casino have continued to dominate.
In July, Borgata went down as the only casino licensee to best the $40 million mark. It completed the month with almost $43 million, about $2.5 million ahead of June.
Borgata’s latest online casino revenue ended up 17.9% better than in July 2021. Its consistent growth has helped keep its advantage over the other operators in NJ.
Borgata’s lead also increased because the Golden Nugget actually took a step back. Golden Nugget, along with FanDuel and SugarHouse finished July at just $34.5 million. This is a $1.2 million drop off when looking at June.
Resorts Digital inched its way closer to the top, producing about $30.5 million in online casino revenue. This is around a $2.5 million improvement from the month prior.
Resorts Digital’s 30.8% growth from July 2021 was one of the best in the state. Only Ocean Casino’s 77.2% enhancement topped it; however, Ocean only hit around $2.7 million in earnings.
NJ online casino revenue finds its footing
The big month from Borgata and a few others assisted in getting the market headed in the right direction again. Although the increase isn’t too substantial, this is the first time since March that profits went up.
Overall, online casino revenue is toppling its pace from last year. Through the first seven months of 2022, online apps pulled in slightly more than $950 million. That’s a boost of just about $200 million, or 26.3% year-over-year.
There’s no question that the NJ market keeps expanding in a relatively short period of time. Back in 2020, revenue through July was just $510 million, jumping 47.6% the following year.
Ocean Casino holds the lead for year-to-date comparisons due in part to its smaller revenue stream. Still, it’s come close to doubling its earnings through this point in the calendar with a 74.3% increase.
Three others witnessed a minimum of a 23% upsurge over 2021. Resorts Digital led this group at 39.9%, followed by Borgata at 25.3%, and Tropicana at 23.4%.
NJ sports betting revenue slows down
Unfortunately, sports betting revenue is not where it was in 2021, as NJ sportsbooks are a ways behind last year’s production. Still, July’s profits outdid June quite easily.
In both March and May of this year, NJ sports betting operators made at least $60 million. July’s total of about $45 million is well below these recent figures and down from July 2021.
Sports betting revenue is down 18.1% month-over-month while the same trend is continuing for the whole year, too. Earnings to date are $70 million short of where they landed last summer, a decrease of 16.6%.
Of course, the slower sports calendar at this point doesn’t help matters. Handle fell for the third straight month, with July’s total finishing about $400 million below April betting, at around $927 million.
Even with this recent sluggish phase, NJ sportsbooks remain ahead of the pace from 2021. In spite of July’s handle dropping about $47 million compared to the previous month, year-to-date handle is still up significantly.
The state is currently at a little over $6.3 billion for 2022 handle, while it was only at $5.47 billion at this point last year. Although you won’t see the impact in August, both the NFL and college football markets are sure to inject more life, and dollars, into the market soon.