Sports Betting In New Jersey Suffers 24% Fall In Revenues For June

The New Jersey Division of Gaming Enforcement reported that in June 2024, the state’s sports betting revenue stood at $27.1 million, a drop from the $35.6 million recorded in June 2023.

Industry experts and casino executives have offered various perspectives on the factors behind this unexpected decline. One common explanation points to the inherent variability in gambling activities, where the outcomes of live sporting events can significantly impact the revenue generated by sportsbooks.

Jane Bokunewicz, the director of the Lloyd Levenson Institute at Stockton University, which specializes in studying the Atlantic City gambling market, noted that “it seems likely that the decline in sports betting revenue this June is a function of odds set by the oddsmakers, the bets made by the public, and the outcomes of live events.” This suggests that the revenue fluctuations may be a natural consequence of the unpredictable nature of sports, where the “luck of the draw” can play a significant role.

The impact of the revenue decline was not evenly distributed across the state’s casinos and racetracks. While some operators experienced significant drops, others managed to maintain or even improve their sports betting performance.

For instance, Resorts Digital, the online arm of Resorts Casino, saw a 43.3% decline in sports betting revenue, while the physical Resorts casino witnessed a 34% drop. Similarly, the Ocean Casino swung from a $82,000 revenue in sports betting the previous June to a loss of $18,725 this year. Monmouth Park Racetrack also saw a 37% decline in its sports betting revenue.

On the other hand, some operators bucked the trend, with Bally’s recording a remarkable 440% increase in sports betting revenue, and Hard Rock nearly doubling its sports betting revenue during the same period.

While the sports betting sector experienced a downturn, the overall gambling revenue in New Jersey during June 2024 showed a more positive picture. The combined revenue from sports betting, internet gambling, and in-person casino games increased by 7.4%, reaching over $491 million.

Some casinos, such as Borgata, Golden Nugget, and Hard Rock, reported impressive gains in their overall gambling revenue, with increases ranging from 5.7% to 24.4%. However, not all operators shared in this success, as Caesars, Harrah’s, and Resorts saw declines in their overall gambling revenue.