New Jersey sportsbooks see revenue plummet to $62.8m in December
Figures published by the regulator reveal statewide hold dropped to 5.2% on $1.2bn in cumulative handle for final month of 2024
New Jersey sportsbooks are likely more than happy to turn the page to 2025 after a rough December marked by just $62.8m in gross revenue, as per new data from the New Jersey Division of Gaming Enforcement (NJDGE).
This represented a 42.6% year-over-year (YOY) drop from $109.4m generated during the same period in 2023, and an even steeper monthly decline of 47% from November.
Wagering volume was not the problem, evidenced by total handle of $1.22bn, which was nearly identical to November’s $1.23bn haul.
The massive revenue discrepancy was rooted in results that swung massively in the favour of customers, as statewide hold plummeted to 5.2% in December – down more than four full percentage points from 9.7% the month prior.
Simply put, sportsbooks took it on the chin across the board and specifically in football, where NFL favorites in particular came through at historically high rates.
Turning to operators, FanDuel topped the field with $29.7m in online revenue en route to laying claim to just under half the market.
FanDuel’s tally was nearly double that of DraftKings, which generated $15.7m in revenue to rank a distant second to the US market leader.
BetMGM ($6.1m) outpaced Fanatics ($5m) for the final spot on the podium, with bet365 ($2.9m) rounding out the top five.
On the other side of the ledger, both ESPN Bet and Hard Rock Bet finished in the red, as they endured losses of $356,175 and $451,957, respectively.
For the year, New Jersey sportsbooks generated a record $1.09bn in revenue, up 8.7% YOY, on $12.8bn in overall handle. That equated to an annual hold of 8.4%.
Meanwhile, licensed operators generated $228m in igaming revenue, which was a 27% increase on December 2023.
As for the whole of 2024, revenue from online casino and poker jumped 24% YOY to $2.4bn.