New Jersey sportsbooks enjoy double digit revenue growth in September

Jersey City
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New Jersey’s sports betting market enjoyed a fruitful month in September as the NFL season got underway, with revenue growing by over 13% annually.

Per the New Jersey Division of Gaming Enforcement, sportsbooks made $111.1m in revenue last month, marking an increase of 13.2% year-over-year. It also signals a strong increase from the $96m made in August trading. 

Handle was just shy of $1.3bn, displaying the strong consumer demand and appetite for NFL betting. This was broken into $1.26bn in online bets and around $400m in retail bets throughout September. YTD handle in New Jersey currently stands at $7.7bn. 

The hold rate for operators stood at 8.6% which, while strong, is some way off the 13% held in August. However, the much improved handle allowed operators to enjoy increased revenues. 

Per operator, DraftKings held onto its number one position that it established in August. The Massachusetts operator, which in August became market leader for the first time in four years, made $49.9m in revenue last month, coming ahead of long-term rival FanDuel, which made $34.1m. 

The top three was rounded off by BetMGM, which made $11.5m in revenue, whilst no other operator generated more than $4m.

For the YTD, operators have made $709m, an increase of 37.2% annually. 

On the online casino side of the industry, operators made $163.8m during September, marking an increase of 21.1% YoY as the US’s largest igaming market continues to flourish. 

Per operator, Resorts Digital was the top dog in the Garden State, generating revenue of $45.4m in September. Narrowly behind was Golden Nugget, which yielded $45.1m and Borgata, which generated $41.5m. No other operator made more than $9m last month. 

For the YTD, online casino operators have made $1.4bn in revenue, up 15.4% YoY. 

Including land-based casinos, which made $246.5m, down 2.1% YoY, the gaming market in New Jersey made revenue of $521.4m in September, marking annual growth of 7.5%.