April a quieter month for New Jersey sports betting despite overall gaming growth

New Jersey saw a drop in sports betting activity in April with $926.9m in handle, which marked its lowest figure since August 2021, but nonetheless a 23.9% year-over-year (YoY) increase.

The state had eclipsed $1bn in handle in all but one month since last August, including $1.12bn in March.

The slowdown is primarily attributable to a lighter sports calendar, following a packed March highlighted by the bulk of the NCAA basketball tournament and only the Final Four taking place in April.

Overall April gaming revenue in New Jersey was up 20% YoY, from $352.2m to $422.5m.

The increase in igaming win was even more pronounced, with the $136.9m the state amassed in total revenue 27% higher than the same period last year.

Sports betting revenue in April was $50.3m, an 8.2% decrease from $54.8m during the same period last year.

The handle-revenue discrepancy is a direct result of a markedly lower hold percentage for the sportsbooks, which held 7.3% of all bets in April 2021 before winning only 5.4% back from bettors last month.

Parlays, however, continued to be a consistent winner for operators, which held 17.9% of all parlay wagers and equating to $35.2m in revenue.

For the year, the sportsbooks’ parlay win rate stands at 15.3%, with parlays accounting for $134.8m of the state’s $207.8m in total sports betting revenue.

Of the nearly $927m wagered in April, 93.1% came via online wagering.