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The dog days of summer? That’s hardly an accurate description when it comes to win for New Jersey’s regulated online casinos.
August 2024 now stands as the single most lucrative month for such gaming in New Jersey, with the win total for the month flirting heavily with the $200 million mark. Of similar importance, New Jersey online casinos kept up a torrid year-over-year improvement pace.
Online casino win hits $198.4 million in August
The ides of March are no longer something New Jersey online casinos need worry about. Collectively, the 29 licensees offering online casino games to New Jerseyans in August won $198.4 million from players according to a release from the New Jersey Division of Gaming Enforcement (NJDGE).
That surpasses the previous single-month record of $197.2 million from March. In fact, each of the past five months in New Jersey ranks as the top-five months all-time in terms of online casino win in New Jersey.
Those statistics can all be impressive but there’s an even more staggering number.
August 2024 widens the gap for current fiscal year
After July began the current fiscal year by beating the same-month-previous-year numbers by almost 26%, August did the same by an even better 27.8%.
As far as individual licensees go, nine of the 29 brands posted their strongest individual monthly numbers in August since the NJDGE began reporting those statistics in March. That’s a big part of explaining how the statewide industry reached a new single-month high.
Reaching new heights is attractive but consistency can win the day in the end. During August, bet365, Mohegan and Partypoker online casinos all posted numbers closest to their average, including and since March 2024.
When it comes to consistency, market share of monthly online casino win totals is a paramount trait in New Jersey.
Little deviation in market share in August
There was little movement in terms of individual operators’ market share when it came to August New Jersey online casino wins. In fact, all brands were within a percentage point of their average for the past six months.
For the state’s coffers, market share is irrelevant. New Jersey’s interest is in collecting as much tax revenue from the activity as possible, and the only metric that matters there is the win total.
For operators, market share does not tell the whole story. It can only suggest which brands are most likely to actually turn a profit with their New Jersey online casino platforms.
For many of them, August 2024 might represent a new standard. The summer of 2024 ended as hot as ever in New Jersey.
