New Jersey Casinos See June Decline in Sports Betting Revenue

Atlantic City, N.J. (AP) — New Jersey’s casino sector experienced a notable decrease in sports betting revenue for June, with figures showing a near 24% decline compared to the same period last year. This drop contributed to an overall 9.5% decline in sports betting revenue across the state, as reported by the New Jersey Division of Gaming Enforcement on Tuesday. Stay tuned for more news with Casinolandia!

The nine casinos in Atlantic City collectively reported a 23.9% decline in sports betting revenue year-over-year for June. When including the three horse tracks authorized to take sports bets, the total revenue for the state amounted to $60 million. Specifically, casinos generated $27.1 million in revenue from sports betting after accounting for winning bets and other expenses.

• Significant Revenue Decline: New Jersey's casinos experienced a nearly 24% decline in sports betting revenue for June compared to the previous year, contributing to an overall 9.5% drop in the state's sports betting revenue.
• Mixed Performance Among Casinos: While some casinos and racetracks saw substantial decreases in sports betting revenue, others like Bally's and Hard Rock recorded significant increases, indicating varied performance across the industry.
• Rise in Overall Gambling Revenue: Despite the drop in sports betting, New Jersey's total gambling revenue, including internet gambling and in-person earnings, rose by 7.4%, reaching $491 million for June.

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Despite the downturn in sports betting, New Jersey’s total gambling revenue, encompassing internet gambling and earnings from in-person gamblers, rose to $491 million, marking a 7.4% increase. New Jersey, which pioneered the legal battle leading to the 2018 U.S. Supreme Court decision that lifted the federal ban on sports betting, has been a leading state in sports betting revenue. However, June’s figures highlight a significant dip in performance for the sector.

Jane Bokunewicz, director of the Lloyd Levenson Institute at Stockton University, expressed initial surprise at the decline given recent positive trends in sports betting. She noted, however, that not all casinos and racetracks experienced declines and that the total amount wagered in June was slightly higher than average for the month. Bokunewicz attributed the revenue drop to a combination of odds set by oddsmakers, the bets placed by the public, and the outcomes of live events, emphasizing the inherent variability in gambling activities.

Mark Giannantonio, president of Resorts Casino and the Casino Association of New Jersey, echoed these sentiments, attributing the decline primarily to “poor luck” in June. Resorts Digital, affiliated with the DraftKings sportsbook, saw a substantial 43.3% decline in revenue to $14.3 million. The physical Resorts Casino experienced a 34% decline, bringing in just over $99,000 from sports betting.

Other establishments faced similar challenges. Ocean Casino reported a swing from $82,000 in sports betting revenue last June to a loss of $18,725 this June. Monmouth Park Racetrack experienced a 37% decrease in sports betting revenue, totaling $904,000.

Conversely, some casinos recorded significant gains. Bally’s saw a remarkable increase in sports betting revenue, rising over 440% to nearly $1.9 million. Hard Rock also nearly doubled its revenue, reaching $4.6 million.

In terms of overall gambling revenue, which includes internet and sports betting, several casinos showed growth. Borgata led with $110 million, a 5.7% increase, while Golden Nugget and Hard Rock saw nearly 20% and 24.4% increases, respectively. However, not all results were positive; Ocean and Caesars experienced declines in overall gambling revenue.

It's important to note that these figures include internet and sports betting revenue, much of which is shared with sportsbooks and technology platforms. As such, casinos regard money won from in-person gamblers as their core business. Currently, only Ocean and Hard Rock have surpassed their in-person gambling revenue from June 2019, before the pandemic. This ongoing challenge continues to be a concern for Atlantic City’s casinos and their parent companies.