Sports Betting Revenue in New Jersey Jumps 57% Month-Over-Month in August

The New Jersey Division of Gaming Enforcement reported sportsbook revenue of $96 million, a spike of 57% month-over-month and 47.1% year-over-year.

Brad Senkiw - News Editorat Covers.com
Brad Senkiw • News Editor
Sep 18, 2023 • 17:50 ET • 4 min read
Jack Hughes New Jersey Devils NHL
Photo By - USA TODAY Sports

Revenue from legal sports betting in the Garden State skyrocketed. 

The New Jersey Division of Gaming Enforcement reported sportsbook revenue of $96 million, a spike of 57% month-over-month and 47.1% year-over-year. 

The Garden State’s casinos, racetracks, and their online partners combined to produce an August handle of $725.8 million, up 43% from the same month in 2022 and 23% from July 2023. 

Only New York has recorded a higher handle for the states that have reported in August, and New Jersey became the first state to surpass $40 billion in wagers since PASPA was overturned five years ago.

The August hold of 13.2% is the highest of the summer and the fourth consecutive double-digit win rate. 

Operators paid out $12.3 million in taxes, which was up from the $7.7 million in July.

Baseball cleans up

New Jersey operators posted their best baseball numbers of the season, recording a 10% hold for the month and raking in $28.8 million in revenue from that sport alone. 

That’s especially surprising considering the nearby New York Mets and New York Yankees combined for a losing record in August and have been terrible for much of the summer. 

The handle on the sport nearly reached $290 million while football was responsible for $34 million. Basketball contributed $33 million to the overall handle. Other sports made up $195 million in wagers. 

DraftKings hits big

Online sports betting sites made up 96% of the overall handle and all but $2.8 million of the revenue, which came from retail. 

DraftKings carried partner Resorts Digital as the top mobile operator in August with a whopping revenue of $56.9 million, a massive jump from July’s $18.9 million and 58% of New Jersey’s overall profits. 

New Meadowlands Racetrack, which is partnered with FanDuel, PointsBet, and SuperBook for online operations, recorded $24.2 million in revenue. 

Borgata, which is fueled by BetMGM, brought in $4.4 million, down from July’s $5.8 million.

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