Gaming: New Jersey July Casino GGR +7% Y/Y; Sports Betting GGR +29% Y/Y, Handle +23% Y/Y, iGaming GGR +12% Y/Y

Research evidence excerpt

J P M O R G A N

North America Equity Research

14 August 2026

Gaming

New Jersey July Casino GGR +7% Y/Y; Sports Betting

GGR +29% Y/Y, Handle +23% Y/Y, iGaming GGR

+12% Y/Y

New Jersey July Casino GGR of $304.2m was +7.1% y/y, reflecting table GGR

+10% y/y and slot GGR +6% y/y. For sports betting, July GGR of $96.9m was

+29% y/y (OSB GGR of $94.7m was +25.5% y/y), while handle of $816m was

+23% y/y, implying a 12.5% hold rate (+170bps y/y). July iGaming revenue of

$277m was +12% y/y. July 2026 had nine weekend days while 2025 had eight

weekend days.

Gaming & Lodging

Casino Summary:

Michael Hirsh, CFA

(1-212) 622-0295

J.P. Morgan Securities LLC

CZR. July GGR across CZR properties was +13.7% y/y, reflecting table GGR

+41% y/y (drop +13% y/y, hold of 20.0%, +400bps y/y) and slot GGR +8% y/y.

At Caesars AC, GGR of $25.3m was +34.6% y/y, while Harrah’s GGR of

$22.0m was +7.8% y/y, and Tropicana GGR of $23.3m was +1.8% y/y. For

3Q26, we estimate CZR NJ GGR -1% y/y across the properties.

MGM. For July, Borgata GGR of $81.6m was +2.1% y/y, reflecting table GGR

-8% y/y (drop +8%, hold -250bps), and slot GGR +7% y/y. For 3Q26, we

estimate MGM NJ GGR +2% y/y across the properties.

Sports Betting & iGaming Summary:

DKNG. July sports betting GGR was +23% y/y (27% share vs 28% in Jul’25),

while iGaming GGR was +5% y/y (22% share vs 23% in Jul’25).

FanDuel. July sports betting GGR was +24% y/y (35% share vs 36% in

Jul’25), while iGaming GGR was +16% y/y (22% share vs 22% in Jul’25).

CZR. July sports betting GGR was -24% y/y (3% share vs 5% in Jul’25), while

iGaming GGR was -6% y/y (8% share vs 9% in Jul’25).

BetMGM. July sports betting GGR was +101% y/y (11% share vs 7% in

Jul’25), while iGaming GGR was +11% y/y (21% share vs 21% in Jul’25).

Keep going… Our detailed charts and tables follow in the body of this note.