New Jersey reported a considerable year-over-year increase in gross revenue in July from regulated sports betting.
According to data provided by the state’s Division of Gaming Enforcement (DGE), sports betting operators generated $80 million in gross revenue in July 2024, a 31.2% increase compared to the same month last year. Operators in the Garden State posted the growth behind a $652.3 million July handle. By comparison, July 2023’s handle was $587 million.
New Jersey’s total gaming revenue in July 2024, which includes casino, racetracks and their partners, reached $547.8 million compared to $506.2 million for the same period in 2023.
FanDuel leads in New Jersey
The Flutter-owned brand emerged as the top operator in the state for online revenue in July 2024 at $31.9 million, up from $24 million in July 2023. FanDuel also saw its online revenue grow month-over-month with June closing at $29.1 million.
DraftKings finished second for online revenue with the Boston-based operator also reporting a substantial jump in year-over-year revenue. Last month, DraftKings saw online revenue reach $25.9 million. By comparison, revenue in July 2023 was $18.9 million.
BetMGM closed third in New Jersey for online revenue representing a significant gap between the state’s top two operators and their competitors. In July, the MGM Resorts and Entain joint venture reported $5.2 million in revenue mirroring results in July 2023.
Last month, newcomers Fanatics Sportsbook and ESPN Bet nearly matched results.
ESPN Bet, which launched last November, posted $2.4 million in online revenue in July with Fanatics closing the month slightly ahead with $2.7 million in revenue from wagering.
Competitive sports betting market
Several operators in the Garden State reported unfavorable July online revenue results.
Last month, Golden Nugget Online Gaming failed to generate revenue along with Prophet Exchange. Sporttrade, which also offers a betting exchange, reported a $199,293 loss in online revenue in July while Tipico saw revenue reach $1,123.
Tipico recently announced plans to exit the U.S. market with MGM Resorts’ subsidiary LeoVegas slated to purchase the company’s operations in the country by Q4 2024.
Fanatics made its New Jersey debut in May 2024 as part of its U.S. takeover of PointsBet.
New Jersey regulator issues fines
The Garden State has reported growth in its sports betting market amid regulatory woes.
Last month, the DGE fined DraftKings $100,000 for “gross errors and failures.” The regulator determined that DraftKings reported inaccurate data overstating the amount of money that had been wagered on parlays. The operator also understated other betting markets. As a result of the data, inaccurate tax returns were filed for three months.
Earlier this month, the DGE ordered bet365 to payout $519,323 to in-state bettors after a probe found the British operator had been altering odds offered on events over two years without consent from the DGE. The payout was related to 199 winning wagers.
The DGE has also fined Borgata Casino for overstating its iGaming promo credits by more than $4.5 million. The overstatement led to an underpayment of $365,161 in gross revenue taxes on Borgata’s June tax filing. As a result, Borgata will pay a $75,000 fine.
