New Jersey sportsbooks post $63m in August revenue for 35% YOY drop

New Jersey sportsbooks experienced a dip in August revenue, landing at $62.7m, according to new data from the New Jersey Division of Gaming Enforcement (NJDGE).

The revenue figure represented a hefty 34.7% year-over-year (YOY) plunge from the same period of 2023, as well as a 21.7% monthly drop from $80m in July.

Meanwhile, total handle for August amounted to $698.8m, which marked a 7.1% month-over-month increase from $652.3m in July and a minor 3.7% YOY decrease.

The discrepancy is attributable to a statewide hold of less than 9% in August which, while solid, stands in stark contrast to July’s 12.3% hold and the 13.2% mark that operators attained in August 2023 – two of the best months in the history of New Jersey sports betting.

The near-$700m in cumulative August wagering volume helped push statewide handle past the $8bn marker for the year.

Sportsbooks sent just over $8m in tax payments back to the state in August as total tax revenue for 2024 eclipsed $92m.

Turning to operators, FanDuel continued to lead the way with $24.2m in revenue – 38.5% of the market – but that represented its low-water mark of the year, as its performance was indicative of the market at large.

DraftKings maintained the second spot on the podium after banking $15.5m in revenue, which was $10m less than its July haul.

BetMGM ($4.5m), bet365 ($3.5m), Fanatics ($3.4m), and Caesars ($2.6m) made up the chasing pack in what has become a competitive and shifting second tier.

Mobile betting accounted for 95.3% of all Garden State wagers in August.