New Jersey’s sports betting market has continued impressive annual growth as revenue jumped by around 35%, according to data from the Division of Gaming Enforcement.
The regulator, publishing its monthly revenue report, detailed that sportsbooks in the Garden State made $61m in revenue last month, up 35.6% year-over-year.
Sports betting handle stood at $587m in July, up 10.4% from the $531.9m wagered in July 2022 and slightly down on the $5.1m bet in June.
This betting activity was broken down into $561.6m in online bets and $25.4m in retail bets. Operators enjoyed a hold rate of 1.4% in July which helped push revenue to the $61m mark.
Per operator, FanDuel was once again the market leader in New Jersey, taking $35.7m in revenue. DraftKings is behind in second, yielding $19.1m in revenue, whilst BetMGM made up the top three, taking home $6.1m from its Garden State operations. No other operator made more than $3m from sports betting.
For the year to date, operators generated $501.8m in revenue, up 41.9% YoY.
Meanwhile, the regulator also reported on the state’s online casino operations, which generated $155.2m in revenue, an increase of 13.5% YoY.
Per operator, Borgata continued its lead in the market, generating $42.9m in revenue for the month of July, consistent with the same time in 2022.
Resorts Digital was close behind in second, making $40.6m, up 33% YoY, whilst Golden Nugget took home $39.8m, up 15.2% YoY. No other operator made more than $9m from online casino.
Including land-based casinos, which made $289.9m, down 3% YoY, the total gaming industry made $506.2m 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 $4.2m to the state in taxes.
