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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Brad Senkiw - Covers
News Editor

Brad has been covering sports betting and iGaming industry news for Covers since 2023. He writes about a wide range of topics, including sportsbook insights, proposed legislation, regulator decision-making, state revenue reports, and online sports betting launches. Brad reported heavily on North Carolina’s legal push for and creation of online sportsbooks, appearing on numerous Tar Heel State radio and TV news shows for his insights.

Before joining Covers, Brad spent over 15 years as a reporter and editor, covering college sports for newspapers and websites while also hosting a radio show for seven years.

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