New Jersey sportsbooks get best of bettors en route to $80m in July revenue
Operators hold 12.3% of $652.3m in total wagers for highest win rate since August 2023
July was not kind to sports bettors in New Jersey as operators generated $80m in revenue on just over $650m in handle, according to new figures from the New Jersey Department of Gaming Enforcement (NJDGE).
While the $652.3m in total handle was down 12.8% month over month (MOM) from $748.4m in June, revenue surged 33.1% from last month thanks to a tremendous 12.3% statewide hold.
The win rate ranked as the highest for Garden State operators since August 2023 and slotted in as the fourth-highest overall hold percentage since the inception of online sports betting in 2018.
The rough month for bettors helped drive a 31.2% year-on-year (YOY) jump in revenue from $61m last July despite a much more modest 11.1% increase in handle from the same period of 2023.
As a result, operators sent $10.3m in tax payments back to the state, pushing the total tax revenue figure to just under $85m through the first seven months of the year.
Parlays continued to be the sportsbooks’ best friend thanks to the 22.3% hold provided by the multi-leg wagers in July.
On the operator front, FanDuel once again led the way in mobile revenue at $31.9m, pushing its year-to-date total to $272.5m.
DraftKings maintained its strong grip on the number two spot, generating $25.9m in July revenue. For the year, DraftKings has amassed $163.4m in mobile revenue.
BetMGM ($5.2m in revenue), Caesars ($3.4m) and bet365 ($3m) rounded out the top five.
With the big month, New Jersey joined neighboring New York as the only states to cross the $4bn threshold in all-time revenue.