FanDuel leads NJ sportsbooks with $136M in revenue for the year

New Jersey Sports Betting Revenue March
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New Jersey is continuing to generate growth as a regulated sports betting market.

The New Jersey Department of Division of Gaming Enforcement (DGE) on Tuesday reported a total sports betting handle of $4.1 billion for the year-to-date, up from $2.9 billion for the same period last year. Online bets made up $4 billion of New Jersey’s handle for the year-to-date compared to $2.7 billion in mobile bets for the same period in 2023.

Bettors in New Jersey spent $1.6 billion wagering on basketball in the year-to-date with a 3.3% win rate, leading all categories in handle for sporting events. Parlay wagers posted the second-highest handle with sports fans in the Garden State dishing out $1 billion. Parlay wagers have posted the highest win rate for sporting events at 19.2%.

Other type of wagers made up $929.4 million of New Jersey’s handle with a 9.1% win rate. However, the state took a hit with football losing $4.8 million behind a $439.5 million handle. The results were spearheaded by the end of the NFL season with Super Bowl LVIII.

New Jersey’s sports betting operators

March marked the first month the DGE has provided operator-specific revenue figures.

The Garden State is home to 17 online operators, making it one of the most competitive sports betting markets in America. FanDuel, which partners with the Meadowlands in New Jersey, generated $136.8 million in revenue for the year-to-date. The Flutter Entertainment-owned brand emerged as the highest-grossing operator by a wide margin.

Resorts Casino partner DraftKings reported the second-highest gross revenue rate in New Jersey at $82 million for the year-to-date. PointsBet has closed the year-to-date third in New Jersey in terms of revenue at $55.6 million. The Australian operator has since shuttered operations in the Garden State as part of Fanatics’ $225 million takeover of its U.S. business. Fanatics has yet to launch sports wagering in the Garden State.

BetMGM, which partners with Borgata, rounded out the top four with $16.9 million in revenue for the year-to-date while British operator bet365 posted $9.7 million.

Caesars Sportsbook generated $8.6 million in revenue for the year-to-date as a partner of both Tropicana Casino & Resort and Monmouth Park, which is operated by Darby Development. BetRivers, which also partners with Monmouth Park, saw revenue reach $2.4 million for the year to date while Borgata Sports closed with $1.6 million.

Tipico and Hard Rock Bet were not far behind with the former reporting $1.1 million in revenue for the year-to-date. For the same period, Hard Rock posted $1.4 million.

Room for growth in the Garden State

Four operators failed to reach the $1 million revenue mark for the year-to-date, which include betPARX, Unibet, SuperBook, and Barstool Sportsbook rebrand ESPN Bet.

BetPARX generated $627,419 in revenue for the year-to-date ahead of ESPN Bet, which saw revenue close at $423,825 for the same period. ESPN Bet launched in New Jersey in November 2023 after securing a deal with PENN Entertainment. Since its launch, ESPN Bet has expanded its reach to more than 15 states, including North Carolina.

Unibet saw revenue reach $266,627 in New Jersey for the year-to-date while Meadowlands partner SuperBook reported $121,972 in revenue. Last week, Unibet announced it will leave New Jersey’s iGaming and sports betting market on May 14 as it exits the U.S.

Revenue losses in New Jersey

Three operators in New Jersey reported a loss in revenue for the year-to-date. Betway, which partners with Golden Nugget Casino, posted a $7,434 loss in revenue while Golden Nugget’s sportsbook suffered the heaviest loss at $199,664 for the year-to-date. Upstart Prime Sportsbook, which partners with Ocean Casino Resort, reported a $1,958 loss.

Prime launched in September 2023 and has also been awarded market access in Ohio.

Collectively, New Jersey sportsbooks generated $328 million in revenue for the year-to-date, up from $219.9 million for the same period in 2023. The Garden State, which is one of seven states with regulated iGaming, posted $1.5 billion in total gaming revenue for the year-to-date. In 2023, New Jersey saw total revenue for the same period reach $1.3 billion.