New Jersey Sports Betting Revenue Down Nearly 24% in June

The New Jersey Division of Gaming Enforcement released the revenue report for June 2024, covering sports betting, online gambling, and in-person casino games. According to the available data, sports wagering revenue dropped by nearly 24% last month.

New Jersey sports betting handle totaled $748 million in June 2024

New Jersey’s sports betting handle totaled $748 million in June. Though, sports wagering revenue came in at $27.1 million, a significant decrease for the Garden State. This decline affected both Atlantic City’s new casinos and the state’s horse tracks that offer sports betting.

Compared to June 2023, Monmouth Park Racetrack in Oceanport saw a 37% decline in sports betting to $904,000. Ocean Casino also went from $82,000 in sports wagering revenue last June to a loss of $18,725 this June.

However, total gambling revenue in New Jersey was $491 million, a 7.4% increase compared to the previous year. That amount includes internet gambling and money won from in-person gamblers.

“At first glance, a decline of nearly 24% in sports wagering revenue for Atlantic City’s casino operators is a bit surprising given recent positive performance from that sector,” said Jane Bokunewicz, director of the Lloyd Levenson Institute at Stockton University.

Garden State saw a decline in sports betting revenue because of public bets, event outcomes, and odds

Bokunewicz cited multiple reasons for the decline in sports betting profits.

“It seems likely that the decline in sports wagering revenue this June is a function of odds set by the oddsmakers, the bets made by the public, and the outcomes of live events,” she said. “At the end of the day there will always be some variability by nature in gambling activity.”

Despite operators reporting less sports betting revenue, the gambling industry in New Jersey continues to thrive. Operators accepted $1.33 billion in wagers in March alone.

It was the fourth-highest handle since sports wagering was legalized in New Jersey in 2018. Adjusted revenue for March was $89.7 million. That was a slight decrease from March 2023, when sportsbooks reported $93 million in revenue.

For overall gambling revenue in June 2024, Borgata won $110 million, up 5.7%; Golden Nugget won $64.2 million, up nearly 20%; and Hard Rock won $63.7 million, up 24.4%.