Despite a 16.7% year-over-year handle decrease in September, the Garden State’s sports betting operators still hauled in $119.6 million, the second-most revenue ever.
The New Jersey Division of Gaming Enforcement reported $1.1 billion was wagered at online and retail sportsbooks in September, up 56% from August. It was the first billion-dollar handle since April’s $1 billion and the highest amount wagered since March’s $1.3 billion.
September’s revenue ranks behind only January’s $170.8 million and rose 7.6% year-over-year. A 90% month-over-month spike now puts year-to-date revenue over $835 million.
The 11% hold was up more than two points from Sept. 2023. Retail sportsbooks were well above the total win rate with an impressive 13.8% hold on a $58.5 million handle. Online betting sites accounted for $111.5 million of the total revenue.
The Garden State filled its coffers with $15.1 million in tax revenue, which exceeded $100 million in 2024.
Football is back
Like most legal sports betting markets, the return of football makes a huge difference in New Jersey’s action. Last September kicked off a streak of seven consecutive months of handles over $1 billion.
New Jersey could be on its way to another similar run. The NFL and college football generated $405.7 million in wagers in September and $16 million in revenue. The sport’s September handle alone is just $250 million less than July’s lowest amount wagered of the year.
Operators only produced a 4% hold on football, but the wildness of the first few weeks of the NFL certainly helped New Jersey sports betting operators rake in $85.4 million in revenue off parlays on a handle of $352.7 million.
FanDuel doubles up
| Operator | September Revenue | YTD Revenue |
|---|---|---|
| FanDuel | $48.8 million | $345.5 million |
| DraftKings | $36.6 million | $215.4 million |
| BetMGM | $7.8 million | $47.9 million |
| bet365 | $4.8 million | $31.3 million |
| Caesars | $4.2 million | $25.9 million |
| ESPN BET | $2.5 million | $14.5 million |
FanDuel claimed the biggest chunk of September online revenue with its $48.8 million haul, double what the sportsbook produced in August.
DraftKings was over $12 million behind with revenue of $38.6 million, good enough for second place. The online sportsbook surpassed $200 million in profits for the year.
BetMGM went from $5.4 million in August to $7.8 million in September and is approaching $50 million in 2024.
bet365 edged out Caesars for fourth place with a $4.8 million haul. Caesars reached $4.2 million with ESPN BET being the next closest operator with $2.5 million. Fanatics Sportsbook fell from fifth in August to seventh in September behind a $2.46 million month.
BetRivers and Hard Rock Bet also went over $1 million in September profits.
New iGaming record
Online casinos continue to produce big profits in New Jersey. Last month, the Garden State reached $200 million in iGaming revenue for the first time.
The record monthly haul of $208.1 million was up 27% year-over-year. New Jersey nearly got there in August with $198 million, which was up 28% from July.
The total gaming revenue of $588.3 million was up 7% from Sept. 2023.
