July sees numerous brand bests in New Jersey online casinos

New Jersey online casinos have officially been live for more than 11 years, and July 2024 almost saw a brand-new monthly record.  According to the New Jersey Division of Gaming Enforcement, online casinos earned $195.4 million in July 2024. 

This was the second-best monthly total in the state’s history. The monthly record came in March 2024 with $197.2 million. July was less than $2 million shy of breaking this mark. July has been known to be a productive month for New Jersey. Over the past 10 years, July has always done better revenue-wise than June. This July was a 4% increase compared to June 2024 ($186.8 million). July 2023 saw $155.2 million in revenue. 

During July 2024, 10 of the 29 casinos that reported win totals had their best months since the NJDGE started reporting numbers for individual operators in March 2024. That did not include the market leader for the month, DraftKings Casino, which won almost $41.7 million.

“The diversity of gaming options and the strength of New Jersey’s online casinos continue to provide resilience in a highly competitive marketplace — not only for the benefit of the gaming industry, but also for the economy of the city, the region, and the state,” said Casino Control Commission Chairman James Plousis. 

Number of Operators and Revenue Figures

New Jersey has 32 operators, the most among any iGaming market today. 

Following July’s results, the state has seen $1.33 billion in revenue, a 22% increase from this time last year. 

Overall, DraftKings maintains a yearly lead over FanDuel with $286.9 million compared to $273.7 million. 

New Jersey is on pace to shatter the yearly revenue record of $1.9 billion set in 2023. Casinos in the state are on pace for nearly $2.3 billion. 

March 2024’s total of $197.2 million still stands as the state’s single-month best but by less than a percentage point. July 2024’s total is also an improvement of 25.9% compared to July 2023 online casino win.

Whether New Jersey online casinos can keep up a pace of growing year-over-year win by over a quarter in August and beyond remains to be seen. Such totals are the sum of their parts rather than a single entity.

DraftKings’ April win total still stands as its strongest over the past five months but some brands made some big moves. Hard Rock Casino, for instance, crossed $10 million in win for the first time in the past five months.

In July,  the apps that are churning out consistent numbers month-to-month. Although five months is a small sample size, the leaders in terms of reliability so far are not the same as the market share leaders.

Resorts, Stardust lead consistency

Two of the apps operating in New Jersey top the list in terms of producing win from March through July of 2024 that is the most consistent. Those are Resorts Casino and Stardust Casino.

For example, Resorts’ July win was about $66,00 above its five-month average while Stardust’s July win came in almost $69,000 below that same figure. Some of the most inconsistent brands across that period of time aren’t necessarily dismayed, however.

BetMGM Casino, Fanatics Casino, and Golden Nugget online casino all showed the greatest deviance from their five-month averages in July. In all those cases that deviation was positive, though.

BetMGM’s July total was more than $2.1 million above its average for the past five months as an example. While such growth is great for the brand if it becomes the new normal, there’s something to be said for reliability as well.

Turning in consistent win allows the company behind the apps to standardize operating costs to actually run the app at a profit. It also provides a baseline for the company to test different promotions and app features against.

Showing remarkable consistency over the past five months has been the market for online casino play in New Jersey as a whole. That industry is consistently showing that it has not yet hit its ceiling.