New Jersey’s sports betting market is showing further signs of improvement as revenue exceeded $82m, marking growth of around a third on an annual basis.
Data from the New Jersey Department of Gaming Enforcement revealed that sports betting operators handled $778.9m in May, up 1.6% year-over-year, but down slightly from the $833.9bn wagered in April.
This monthly decline coincides with the seasonal lull in the sporting calendar which often happens each year and results in weaker handle. The fact that annual revenue is still growing displays resilience in the market. Handle was broken down into $37.8m in retail bets and $741.1m in online bets.
Alongside annual handle growth, sportsbooks enjoyed a strong hold rate of 10.6%, meaning that revenue for New Jersey sports betting operators grew 33.4% YoY to reach $82.2m.
This also marks monthly growth of 13.7% thanks to the stronger hold rate during May compared to April.
Per operator, FanDuel was the market leader in New Jersey, generating $43.9m in revenue, over 50% of the entire revenue total in the Garden State. Meanwhile, DraftKings was in second place, generating $18.9m. The top five were rounded off by BetMGM ($6.8m), Caesars ($4.2m), and Barstool ($1.6m).
For the year-to-date, sports betting revenue in New Jersey stands at $374.5m, an increase of 39% YoY.
Online casino continues to grow
The DGE also disclosed operators’ online casino revenue figures, too. Taking into account online slots, table games, and online poker, the Garden State’s casino operators took $161.4m, up 18.7% YoY. This also marks an increase from April, when revenue stood at $158.9m.
Per operator, Borgata was the big winner, taking $44m in revenue, though Golden Nugget was breathing down its neck, making $43.5m during May. Ensuring the top three operators are very close together, Resorts Digital yielded $41.7m in revenue last month.
No other operator made more than $9m in May.
Tax payments
Including the land-based casino industry, which generated $227.3m last month (down 2.4% YoY), gaming revenue in New Jersey increased by 9.4% over the previous 12 months to $470.9m, showing the mature market still has large potential.
With various tax rates in place depending on vertical, operators paid out $235.9m in taxes to the state for May 2023.
