DraftKings becomes sports betting leader in NJ during August

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DraftKings overtook FanDuel in the revenue charts in New Jersey for the first time in nearly four years during August. 

New Jersey’s sports betting market has returned to monthly growth during August after an early summer slump, according to the state’s Division of Gaming Enforcement

The regulator, publishing its monthly revenue report on behalf of licensed operators, detailed that sportsbooks in the Garden State made $96m last month, up 47.1% year-over-year when operators made $65.3m. 

It also marks a significant 57.4% monthly growth from the $61m from sports betting in July.

Operators handled $725.8m in bets last month, with NFL futures bets on the cards and marketing material increasing ahead of the big kick-off earlier this month. This was broken down into $697.1m in online bets and $28.8m in retail bets. 

Baseball was the most popular sport for players to bet on with $82.1m bet on the MLB, while basketball generated $70.6m. Football yielded $22.3m in bets. 

Operators enjoyed a strong hold rate of 13.2% during August which helped revenue jump to the strong total of $96m.

Per operator, DraftKings was the clear leader, making $56.9m in revenue from August trading, way more than half of the entire state’s total. FanDuel, meanwhile, made just $25.7m despite being the long-established Garden State market leader.

BetMGM was in third place, taking $4.7m, whilst no other operator made more than $2.3m last month. 

For the year-to-date, sportsbooks have made $597.8m in revenue, up 42.7% YoY. 

The DGE also updated stakeholders on the progress of online casino operators, which took $155.3m in revenue, marking an uptick of 18.1% YoY. 

Per operator, Resorts Digital was the top performer in the Garden State, taking $42.3m last month, just ahead of Golden Nugget and Borgata, which made $40.8m and $40.2m, respectively. 

Including land-based casinos, which made $280.3m, up 2.3% YoY, the gaming market in New Jersey made revenue of $531.6m in August, marking annual growth of 12.9%.