New Jersey’s sports betting market has grown by nearly 70% in the last 12 months, data from the state’s Division of Gaming Enforcement has revealed.
The regulator, publishing its monthly revenue report, detailed that sportsbook operators in the Garden State generated $66.4m during June, reflecting 69.1% growth on an annual basis.
Operators handled $591.1m last month, which is actually a decrease of 6.6% year-over-year and down even further from the $778.9m handled back in May.
It is worth noting that a monthly drop is expected in this period of the year, with Q2 heading into early Q3 representing unfavorable sporting calendars for betting activity, though New Jersey experiencing a drop in betting activity annually would not have been anticipated.
Handle was broken down into $558.6m in online wagers and $32.5m in retail bets.
Despite a drop in handle, operators enjoyed a much-improved hold rate of 11.2% through June ‘23, meaning that revenue was up annually, reaching $66.4m. This is a decline from the $82.2m made in May, however.
Per operator, FanDuel was the market leader in New Jersey last month, making $27.5m in revenue, while DraftKings was close second, yielding $25.5m.
The dominance of the big two operators was evident, as no other operator made more than $5m in June. BetMGM made $4.9m, while Caesars made just over $2m.
For the year-to-date, sports betting revenue in NJ is $440.8m, up 42.8% from the end of June ‘22.
Online casino market 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 $149.3m, up 12% YoY.
The country’s oldest online casino market is still displaying double-digit annual growth, showing the potential that online casino has in the US should legislators push ahead with legalization in the coming years.
Per operator, Golden Nugget was the market leader, making $41.8m last month. Borgata, for a long time the biggest revenue generator, slipped into second place, making $39.4m, while Resorts Digital maintained a strong third place, yielding $35.6m from its operations.
No other operator made more than $10m.
Including land-based casinos, which made $241.6m, up 5.4% YoY, the total gaming industry made $457.2m in the Garden State last month, marking an increase of 13.9% YoY.
Taking into account several different tax rates depending on the vertical, operators paid out $45.9m to the state.
