Big November pushes New Jersey sportsbooks past $1bn in 2024 revenue
Garden State operators generate $119m in monthly GGR on $1.23bn in aggregate handle
New Jersey sportsbooks enjoyed a resurgent November, amassing $119m in gross gaming revenue (GGR) according to new data from the New Jersey Division of Gaming Enforcement (NJDGE).
The revenue figure, which represented a 24.1% year-on-year (YOY) increase from $95.9m during the same period of 2023, helped Garden State operators push past the $1bn marker in total 2024 revenue.
That figure represents means revenue is more than $100m ahead of the pace from last year, when operators generated $897.2m through the first 11 months of the year..
November proved to be a return to normalcy after a successful October for bettors, with GGR surging 53.5% from $77.5m last month.
Statewide hold was accordingly up as well, as operators notched a 9.7% win rate – or nearly three full percentage points better than October’s 6.8% mark.
Cumulative handle for the month amounted to $1.23bn, which represented an 8.2% month-over-month (MOM) increase but a 24.5% YOY downturn.
As a result, operators sent just over $15m back to the state in tax payments.
The operator landscape, meanwhile, held steady at the top, with FanDuel accounting for over 41% of the online market with $49.4m in GGR.
DraftKings maintained the second position in the pecking order with $35.6m in revenue as the two US market leaders combined to account for more than 70% of the market.
BetMGM took the final spot on the podium with $9.4m in online revenue, with bet365 ($5.9m) and Caesars ($4.8m) not too far behind.
Of the cumulative $119m in GGR and $1.23bn in handle, online wagers made up 96.5% ($114.8m) and 95.7% ($1.17bn) of the respective totals.