Slow start to 2025 for sports betting in New Jersey
Garden State sportsbook revenue tumbles 28.4% YOY to $122m on $1.15bn of handle
Sports betting in New Jersey got off to a sluggish start in 2025, with operators reporting $122.2m in gross revenue according to new data from the New Jersey Division of Gaming Enforcement (NJDGE).
The revenue figure represents a 28.4% year-over-year (YOY) drop from $170.8m during the first month of 2024.
Overall wagering volume also saw a decline, as monthly handle generated across the regulated operators amounted to $1.15bn, down 33.1% YOY from $1.72bn last January.
It was nonetheless a solid month for operators despite the lighter activity, evidenced by a statewide 10.6% hold that was more than double the 5.2% win rate from December, which was also one of the worst months in recent history for New Jersey operators.
Parlays were the wind in the sails of the industry, as the multi-leg wagers accounted for over two-thirds of aggregate revenue ($80.1m) at a 21% hold in January.
That helped sportsbooks send $17.2m back to the state in tax payments.
On the operator side, FanDuel and DraftKings maintained their duopoly status, with the two US online leaders accounting for just under 75% of the market by revenue.
Flutter-owned FanDuel led the way with $53.1m in gross revenue – or 44.8% of the market – although its revenue haul was down 34.2% YOY, in line with the wider market.
DraftKings, meanwhile, accrued $35.6m in January revenue, which was only an 11.5% dip from the $40.3m the Boston-based firm amassed in the same period of 2024.
BetMGM finished third with $7.4m in revenue and paced a strong middle class that also included Fanatics ($6.8m), bet365 ($4.8m), and Caesars ($3.5m).
Online betting made up just over 96% of all Garden State wagers and 97.1% of revenue for the month.
The igaming side of the market shows no sign of running out of steam, as internet gaming win soared 20.9% YOY to $204.7m for January.
FanDuel led the field with $49.7m gross revenue, followed by DraftKings ($44.1m) and BetMGM ($28.8m).
Last year, operators accrued $2.4bn in igaming revenue (casino and poker), which was a 24% increase on 2023, while sports betting revenue came in at $1.09bn, up 8.7% YOY.