The Garden State’s sports betting revenue took a trim in May.
The New Jersey Division of Gaming Enforcement reported that the retail casinos, racetracks, and online sportsbook partners combined to produce gross revenue of $78.8 million, down 4.2% from the $82.2 million from May 2023.
Behind mainly NBA and NHL playoffs, May’s revenue was also down 26% from April’s impressive $106.2 million. The latest handle also paled in comparison to April. May generated $838.9 million in wagers, marking the first handle under $1 billion in 2024.
Sportsbooks ended May with a solid 9.4% hold, but it was below double-digit win rates posted in the previous month and May 2023.
Well ahead of 2023
Sports betting operators are still having a strong overall year in New Jersey. The handle for the first five months exceeded $6 billion, with revenue surpassing $500 million.
The $513 million of profits is up 37% compared to the first five months of 2023, when sportsbooks combined to bring in $374.5 million. Tax revenue is up to $66 million year-to-date, more than $18 million ahead of last year’s pace.
Change to the landscape
| Operator | May Revenue | YTD Revenue |
|---|---|---|
| FanDuel | $36.7 million | $211.4 million |
| DraftKings | $22.1 million | $123.1 million |
| BetMGM | $5 million | $26.8 million |
| bet365 | $3.5 million | $16.6 million |
| Caesars | $3 million | $13.4 million |
| ESPN BET | $2.6 million | $5.1 million |
Online sports betting accounted for $801.5 million in May, producing all but $1.06 million in revenue (retail).
FanDuel easily led all New Jersey online operators with nearly $37 million in revenue and over $210 million total in 2024.
DraftKings finished May with $22.1 million, taking second place from PointsBet, which completed the migration to Fanatics Sportsbook earlier in the month.
Fanatics fell short of the top six revenue generators after bringing in around $2 million in May. That falloff moved BetMGM into third with a monthly revenue of $5 million.
Bet365, Caesars, and ESPN BET all earned at least $2.5 million, but no operator eclipsed $4 million.
Retail struggles, iGaming surges
Six of the 11 retail sportsbooks paid out more than they took in during the month. FanDuel’s Meadowlands Racetrack made $1.7 million, but brick-and-mortar shops combined for a 2.8% hold on a handle of $37.8 million.
Online casino revenue of $192.1 million was up 19% year-over-year, and the $2.57 billion year-to-date reflected 13.1% growth compared to the same five months in 2023.
