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New Jersey Online Casinos on track for Record-Breaking 2024
Record Breaking Year for NJ
The 2024 calendar year is shaping up to be the best yet for New Jersey online casinos. With half the year completed, licensee wins have surpassed $1 billion, marking an increase of more than 20% compared to the same period in 2023.
June 2024: A Milestone Month
June 2024 marked a significant milestone for New Jersey's online casinos. According to a news release from the New Jersey Division of Gaming Enforcement (NJDGE), online casinos in the state won more than $186.8 million from players during the 30 days of June. This figure represents a 25.2% increase compared to June 2023.
The cumulative total for the first half of 2024 now exceeds $1.1 billion, outpacing the 2023 total by 21.4%. June 2024's $186.8 million makes it the fourth-best month for online casino wins in New Jersey's history. Remarkably, the four strongest months for online casino revenue in the state have all occurred within the past four months.
The NJDGE's detailed breakdown reveals the performance of individual operators. In June, 30 online casino apps reported their earnings. DraftKings Casino emerged as the market leader, capturing over 21.9% of the total market with more than $41 million in wins. Since the NJDGE began reporting figures for individual online casino brands in March 2024, DraftKings Casino has consistently ranked first or second in market share.
Despite the impressive growth in online casino wins, a 20% annual growth rate is unlikely to be sustainable in the long term. Nevertheless, the revenue from New Jersey's online casinos should remain sufficient to ensure profitability for a handful of companies.
DraftKings Expands Its Footprint
June 2024 was particularly noteworthy for DraftKings due to its expansion in the New Jersey market. DraftKings completed its acquisition of Jackpocket in late May, adding another brand to its portfolio. With Golden Nugget online casino and DraftKings Casino already under its belt, DraftKings now has a significant presence in New Jersey's online gaming market.
MGM Resorts is a formidable competitor with interests in both BetMGM Casino and Borgata Casino, and a pending takeover of Tipico's US operations. However, the race for market share is largely symbolic and serves more as marketing fodder than a definitive measure of a company's success.
Market share in terms of win is akin to raw sales figures—it provides some insight but does not tell the whole story. For a more comprehensive view, one must consider a company's expenses relative to its revenue to determine profitability. Thus, a large share of the market does not necessarily equate to high profits, nor does a smaller share indicate losses.
A company's ability to operate sustainably may be more dependent on its overall footprint in the market rather than its monthly win totals. The ongoing consolidation within the US online gambling industry supports this view. Companies like Rush Street Interactive and Flutter Entertainment are reportedly exploring acquisitions, indicating a trend towards fewer, larger players in the market.
Future Outlook for New Jersey's Online Casinos
Despite the impressive growth in online casino wins, a 20% annual growth rate is unlikely to be sustainable in the long term. Nevertheless, the revenue from New Jersey's online casinos should remain sufficient to ensure profitability for a handful of companies.
The critical questions moving forward are which companies will emerge as the dominant players and what level of profitability they will achieve. As the market consolidates, the surviving companies will likely benefit from increased market stability and the ability to weather downturns in individual brands.
Conclusion
New Jersey's online casino market is experiencing unprecedented growth in 2024, setting new records and expanding rapidly. While DraftKings leads in market share, the broader landscape is one of consolidation and strategic positioning. The future looks bright for the companies that can navigate these changes effectively, ensuring sustained profitability and market presence.
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