Despite increased sports betting action in August, Garden State operators never came close to duplicating the same revenue haul from 2023.
The New Jersey Department of Gaming Enforcement reported revenue of $62.7 million generated by casinos, racetracks, and online partners last month was down 34.7% year-over-year.
That’s not a surprise since last August produced an unusually high $96 million in revenue, thanks to a 13.2% hold for operators that still ranks as the second-best all-time in New Jersey.
The Olympics and an early start to the college football season still led to a handle of $698.8 million, up 14.4% from the $597.9 million reported in Aug. 2023. The Garden State also surpassed $8 billion in sports betting handle year-to-date.
The last month before the onslaught of football action produced a handle up 9.6% from July. Revenue, however, fell 21.6% month-over-month as the win rate tumbled more than three points to 8.8%.
Garden State operators paid out $8 million in taxes in August.
iGaming exploding
New Jersey sports betting profits were down for operators in August, but some made up for it with iGaming. New Jersey online casinos hauled in a record $198.4 million, up 28% year-over-year.
It’s the fourth time in the last eight months iGaming has produced over $190 million.
Total gaming revenue reached $555.1 million for the month, a 4.4% year-over-year increase. Year-to-date totals from in-person casinos, sports betting, and iGaming combined are up 10.5% from this point in 2023.
FanDuel approaches $300 million
| Operator | August Revenue | YTD Revenue |
|---|---|---|
| FanDuel | $24.2 million | $296.7 million |
| DraftKings | $15.5 million | $178.9 million |
| BetMGM | $5.4 million | $45 million |
| bet365 | $3.5 million | $26.5 million |
| Fantatics Sportsbook | $3.4 million | $101.8 million (PointsBet included) |
| Caesars | $3 million | $22.4 million |
Online sports betting accounted for $666.3 million of the total August handle in New Jersey.
FanDuel took home the most revenue with $24.2 million. While this was a small decrease from the $31.9 million produced in July, the online sportsbook is close to $300 million for the year.
DraftKings came in second with $15.5 million in revenue in August, down more than $10 million from the previous month. BetMGM was the only other sports betting operator to reach $5 million.
bet365 continued a strong run in New Jersey, producing slightly higher revenue than competitors Fanatics Sportsbook and Caesars.
Around the Garden State
New Jersey’s retail sports betting operators generated a $32.5 million handle in August, up 28.5% year-over-year. With the NFL underway and a new Fanatics brick-and-mortar sportsbook opened at Ocean City Casino in Atlantic City, in-person betting is likely to surge in September.
Meanwhile, bet365 was fined $33,000 by the NJDGE earlier this month for accepting wagers on two events that had already occurred. It’s been a tough recent stretch for the online operator.
bet365 was forced by the NJDGE to pay back more than $500,000 in voided wagers in August, and last week, the sportsbook reversed course after it originally didn’t pay out on a Jordan Mason prop bet. It’s unknown if the NJDGE looked into that matter.
