The national debate around the top player in the sports betting market may have caused a debate in the last few weeks but, in New Jersey, there is no debate at all as data shows that FanDuel made nearly 70% of the entire state’s revenue last month.
New Jersey Division of Gaming Enforcement data displayed that FanDuel made $64.1m in revenue from the Garden State last month. The state in its entirety made $92.3m.
To further demonstrate FanDuel’s strength in the market, DraftKings was the second-best performer in revenue but only made $15.3m.
October’s handle reached $1.29bn, $1.24bn of which came from online channels, which is consistent with September’s figures and continues to show interest in NFL betting since the start of the 2023/24 season. YTD handle is currently at $9.06bn.
Operators had a hold rate of 7.1% last month which shows another month of declining hold, after 8% in September and over 13% in August.
However, revenue stood at $92.3m, marking an increase of 18.4% YoY.
As aforementioned, FanDuel dominated the market that DraftKings briefly stood at the top of in the summer. BetMGM made up the top three, making $7.2m in revenue last month.
In the online casino segment, operators made $166.8m in revenue last month, marking a 13.3% increase YoY.
Per operator, Golden Nugget was the top performer, making $49.4m, while Resorts Digital was in second place making $46m. The top three were completed by Borgata, which made $35.m, an annual decline of 13% as it lost ground on an industry it once dominated.
For the YTD, online casino operators have made $1.57bn in revenue, up 15.1% YoY.
Including land-based casinos, which made $228.1m, up 3.4% YoY, the gaming market in New Jersey made revenue of $487.1m in September, marking annual growth of 9.3%.