New Jersey sports betting operators bounced back after a rough June to generate a 12.2% hold that produced $80 million in revenue for July.
The New Jersey Department of Gaming Enforcement reported a 31.2% year-over-year revenue increase by casinos, racetracks, and online partners. The Garden State joined New York as the only two sports betting markets to surpass $4 billion in revenue all-time.
Revenue was also up 33.3% month-over-month. Year-to-date sports betting profits surpassed $653 million, a 30.1% jump compared to the first seven months of 2023 when Garden State operators hauled in $501.8 million.
Sportsbooks weren’t hurt by a July handle of $652.3 million that dropped 12.8% from June, thanks to the fourth-highest win rate since New Jersey online sports betting began after PASPA was overturned in 2018.
The Garden State filled its coffers with $10.3 million, up from the $7.8 million in June and pushing the year-to-date total past $84 million.
“Other” sports come up big
Baseball made up $13 million of the New Jersey sports betting revenue on a handle of more than $197 million. Basketball saw an expected drop off with only the Olympics and half of a WNBA schedule to produce $56.2 million of wagers and $3 million of profit.
The “other” sports combined to produce $18 million of revenue on a handle of over $211 million. Parlays continued to be a great source of revenue as the multi-leg bets produced a 22% hold, running up the year-to-date win rate to 19.5%.
Online revenue on the rise
| Operator | July Revenue | YTD Revenue |
|---|---|---|
| FanDuel | $31.9 million | $272.5 million |
| DraftKings | $25.9 million | $163.4 million |
| BetMGM | $5.2 million | $35.6 million |
| Caesars | $3.4 million | $18.8 million |
| bet365 | $3 million | $23 million |
| Fanatics | $2.7 million | $98.4 million (PointsBet included) |
| ESPN BET | $2.4 million | $9.2 million |
Online sports betting produced a handle of $624.4 million and revenue of nearly $78 million in July.
FanDuel led the Garden State with $31.9 million in revenue, up from June’s $29.1 million. DraftKings saw an 80% month-over-month increase in profits with $25.9 million in July, putting the online sportsbook over $150 million for the year.
BetMGM held down the third spot with $5.2 million of profit while Caesars edged bet365 by around $400,000. Fanatics turned in revenue of $2.7 million, and combined with the previous PointsBet platform, the total revenue in 2024 is closing in on $100 million.
ESPN BET’s $2.4 million was only good enough for sixth as the PENN Entertainment-owned sports betting brand is struggling to make up market share ground in New Jersey, but revenue did jump over 44% month-over-month.
Total gaming up 11%
Retail sportsbooks generated $28 million of wagers in July, running the year-to-date total to nearly $259 million. Monthly revenue just got over $2 million.
iGaming revenue jumped 25.9% year-over-year to $195.4 million in July 2024. That’s also up from the $192.1 million in profits produced in June. Year-to-date revenue is up 22% from this time last year to $1.33 billion.
Including in-person casinos, total gaming revenue of $3.61 billion is 11.5% greater than the first seven months of 2023.
