Solid May pushes New Jersey sportsbooks past $6bn in 2024 handle
Garden State operators generate $78.8m in revenue at the same time bet365 pushes into fourth spot as ascent continues
May marked another solid month for New Jersey sportsbooks, as licensed operators reported $838.9m in cumulative wagers to surpass the $6bn marker for 2024.
Firms generated $78.8m in adjusted gross revenue (AGR) in May, which equated to a solid 9.4% hold – the third instance in the past four months of a statewide hold above 9%.
Those figures resulted in $10.2m in tax payments back to the state.
While handle was up 7.7% year-on-year (YOY) from $778.8m during the same period of 2023, AGR dipped 4.2% YOY. The state also saw its eight-month run of at least $1bn in handle come to an end, a byproduct of the beginning of the slowdown on the annual sports calendar.
Online wagering accounted for 95.5% of statewide handle during May.
On the operator side, FanDuel maintained its market-leading status, amassing $36.7m in AGR as it pushed past $200m in total revenue for the year.
DraftKings held firm in the second spot, totaling $22.1m in May revenue, while BetMGM rounded out the top three at $5m.
Next was UK-based bookmaker bet365, which generated $3.5m in AGR for the month as it continued what has been a steady ascent in the New Jersey market.
Fanatics, meanwhile, saw a precipitous decline to $2m in May revenue after surging to $32.9m in April – widely rumored to be on the strength of a single VIP client.
Turning to igaming, revenue for May came to $192.1m, a 19% YOY uptick from $161.4m in May 2023. Golden Nugget led the way with $54.5m in revenue, followed by Resorts Digital ($49.3m) and Borgata ($44m).
The big month helped push total online casino win for the year in range of $1bn at $942.8m.