The New Jersey Division of Gaming Enforcement (DGI) released its newest gambling industry financial report for June 2024. The total gaming revenue for New Jersey’s nine casino hotel properties settled at $244.1 million, a modest increase of 1.0% compared to $241.6 million reported in June 2023. Year-to-date win stood at $1.36 billion, consistent with last year’s results.
iGaming Contributed the Most
Casinos and their partners reported $186.8 million in Internet Gaming Win for June 2024, representing robust growth of 25.2% compared to the $149.3 million reported in June 2023. Year-to-date Internet Gaming Win totaled $1.13 billion, up an impressive 21.4% increase from $930.8 million from the same period in 2023.
In contrast, Sports Wagering Gross Revenue reported by casinos, racetracks, and their partners for June 2024 was $60.1 million, down 9.5% from the $66.4 million reported in June 2023. The year-to-date Sports Wagering Gross Revenue surged significantly by 30.0% to $573.1 million from $440.8 million reported during the same period last fiscal year.
Total Gaming Revenue for June 2024 came in at a respectable $491.0 million, a 7.4% increase from the $457.2 million reported in June 2023. For the year-to-date results, Total Gaming Revenue settled at $3.06 billion, reflecting an increase of 12.2% from the $2.73 billion reported in the prior year-to-date period.
The Industry Benefits from a Stable Foundation
The Garden State remains one of the most profitable US iGaming jurisdictions. May saw New Jersey rank second among the seven states with legalized online gambling, only trailing behind Michigan. Together with Pennsylvania, the three states were collectively responsible for a whopping 89% of all gross internet casino revenue in May.
The DGE continues its tight control over the market, ensuring that licensees do not violate customer protection strategies and uphold their contractual obligations. Recently, the regulator issued a $100,000 fine to DraftKings for filing wrong sports betting data with the state. In the letter to the operator, the DGE determined that DraftKings had violated New Jersey’s tight gaming regulatory system.
The ongoing positive financial trends and the DGE’s continued vigilance underscore the integrity and reliability of New Jersey’s gaming industry. The state’s gambling sector can leverage this stable foundation to retain its leadership position among the USA’s iGaming jurisdictions and preserve its momentum in the coming months despite the expected sports wagering seasonal slowdown.
>>> Read full article>>>
Copyright for syndicated content belongs to the linked Source : GamblingNews – https://www.gamblingnews.com/news/new-jersey-announces-june-2024-gaming-industry-results/