New Jersey’s Online Casinos Look Promising for June

New Jersey’s online gaming market achieved another record-breaking milestone in May 2024, with gross gaming revenue reaching an unprecedented $192.1 million. According to the New Jersey Division of Gaming Enforcement (NJDGE), this figure represents a 19% increase over the $161.4 million reported in May of the previous year and a 2.2% rise from April 2024’s revenue of $187.9 million.

As the second-highest revenue month of 2024, just behind March’s $197.2 million, May’s numbers underscore the steady growth and resilience of New Jersey’s online casino industry. The first half of 2024 has seen a consistent upward trajectory in revenue, painting a positive outlook for the upcoming months, particularly June, which is expected to sustain or surpass May’s figures based on current market trends.

The online casino revenue for the first five months of 2024 has shown substantial gains each month, positioning New Jersey as a key player in the U.S. iGaming landscape:

• January: $183,281,386
• February: $182,334,796
• March: $197,195,071
• April: $187,879,067
• May: $192,072,857

These numbers reflect a dynamic market that continues to expand and adapt, with online casinos optimizing their offerings to attract and retain a growing player base.

Top Performers in May and Anticipations for June

DraftKings Casino led the market in May with $42.2 million in revenue, capturing 22.0% of the market share. Following closely, FanDuel Casino generated $40.0 million, representing 20.8% of the market. Other significant contributors included:

• BetMGM Casino: $22.4 million (11.7% market share)
• Borgata Online: $17.7 million (9.2% market share)
• Caesars Palace: $12.3 million (6.4% market share)

These operators, with their consistent performance, have set high benchmarks for the industry. Their continued success in June will likely depend on how they enhance their gaming experiences and player engagement strategies.

New Entrant Jackpot City Casino Gains Traction

Jackpot City Casino, which launched in New Jersey in March 2024, has quickly established itself in the market. Despite being a new entrant, it generated $480,222 in revenue by the end of May. Chris Canas, a spokesperson for Jackpot City's licensing operator Digital Gaming Corp., emphasized New Jersey's strategic importance to their U.S. operations: “The Garden State is crucial to our online casino strategy. Its mature market offers us valuable insights and growth opportunities.”

Jackpot City operates under Golden Nugget’s license and offers a rich library of games from renowned software suppliers like Light & Wonder, Evolution, NetEnt, and IGT. With such diverse offerings, including slots, video poker, table games, and live dealer games, Jackpot City is well-positioned to compete in the burgeoning market, and its June performance will be closely watched.

New Jersey's record-setting revenue figures in May not only reflect the state’s robust online gaming market but also set the stage for a promising June. If current trends continue, June 2024 could potentially see new records, driven by heightened player engagement and ongoing innovations by casino operators.

For industry stakeholders, these trends offer a glimpse into successful strategies that might be replicated across other states. The ability of New Jersey’s online casinos to consistently grow their revenue provides valuable insights into market dynamics, regulatory impacts, and player preferences.

“New Jersey’s online casinos achieved a record $192.1 million in revenue for May 2024, reflecting a 19% year-over-year increase and setting the stage for further growth in June.”

What to Expect in June

With summer approaching, June is expected to continue this upward trend, bolstered by ongoing marketing campaigns, promotional offers, and a fresh influx of seasonal players. Operators will likely introduce new game titles and features to capitalize on the peak gaming season.

As the NJDGE prepares to release June’s figures, there is cautious optimism among industry analysts and operators alike. The evolving landscape, characterized by technological advancements and a competitive market, promises a dynamic and potentially record-setting June for New Jersey’s online casinos.

In summary, as May's record numbers roll into June, the outlook for New Jersey's online gaming sector remains bright. The continued growth and strategic moves by leading operators signal a strong finish to the first half of 2024 and set the stage for a potentially record-breaking summer.