New Jersey Enjoys 47% Year On Year Betting Revenue Boost
David Genge Published 22/09/2023
- NJ sportsbooks enjoys 47% revenue boost in August 2023
- DraftKings overtakes FanDuel to become market leader
- First state to post over $40 billion in handle
It’s been yet another massive month for sports betting in New Jersey. Sportsbooks across the Garden State generated over $96 billion in revenues making it the third-biggest month for betting in NJ and this marked a 47% improvement compared to the previous year. Market-leaders such as DraftKings and FanDuel helped to produce these figures, and it made New Jersey the first state to generate a sports betting handle in excess of $40 billion.
Third largest month in NJ sports betting revenues
Recently released figures by the New Jersey Division of Gaming Enforcement revealed that the Garden State had enjoyed its third-largest month in terms of sports betting revenues in August 2023.
The report showed that sportsbooks in New Jersey managed to generate over $96 million in revenues, which is just behind the $98 million generated in September 2022. The biggest month for sports betting revenues in NJ was in November 2021 when there was $114.8 million created.
It was a massive jump of 47% compared to August 2022 when only $65.3 million was recorded by sportsbooks in New Jersey. This made it the ninth consecutive month that NJ sportsbooks had reported a year-on-year revenue increase, and it helped produce $13.5 million in sports betting taxes.
There was also a boost in the total number of sports bets put down in New Jersey in August. With an overall sports betting handle of $725.8 million, it marked a 33% increase over the $546.8 million reported in August 2022.
Sportsbooks battle for control of the Garden State
FanDuel and DraftKings are the market-leaders in the majority of US states with legal sports betting, and the pair once again dominated the NJ market. While the New Jersey Division of Gaming Enforcement doesn’t disclose the figures from individual sportsbooks, DraftKings managed to post the largest gains for August 2023.
This saw DraftKings and its partner, the Resorts World Bet app, managing to make just short of $57 million in sports betting revenues for the month. Such figures marked a 200% increase over the previous month where the pair struggled to clear $19 million in its overall revenue. This made it the second-highest monthly total ever made by the Resorts brand.
Elsewhere it was a good month for the Meadowlands Racetrack that reported $25.7 million in revenues. The racetrack has partnered up with the FanDuel sportsbook and has been locked in battle for the top spot of NJ sports betting over the whole of the summer.
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NJ sports betting handle beat the $40 billion mark
The figures from sports betting in August have shown that New Jersey’s sportsbooks are showing no signs of slowing down. There have now been over $40 billion accepted in sports bets in the Garden State since legal sports betting went live in June 2018.
No other state has managed to break the $40 billion dollar mark in its betting handle, and New Jersey even recently managed to surpass Nevada as the the most popular place for sports betting in the whole of the US.
Whether New Jersey can cling onto this top spot remains to be seen. All eyes have been on the neighboring New York State that has posted some incredible figures since sports betting went live there in January 2022. But for now, New Jersey is the state to beat.
There are now 16 sportsbooks now available in the Garden State. This follows the closure of Fox Bet earlier this summer, while PointsBet will now be rebranded as ‘PointsBet, a Fanatics experience’ following the acquisition of the Australian brand’s US operations by Fanatics.
While people in New Jersey can bet on all pro sports, betting on college-level sports is not permitted in the Garden State - a move that puts the state at a disadvantage compared to other states.
Conclusion - The success story of sports betting in New Jersey
August is traditionally the time of the year where there is an upturn in sports betting as the new NFL season swings into view. However, the figures from NJ sportsbooks will have impressed and surprised many within the industry.
Not only has the sports betting handle in NJ surpassed the $40 billion mark, but the fact that there are year-on-year revenue gains just shy of 50% is a testament to the skill of leading operators such as DraftKings and FanDuel.
While New Jersey will be looking over its shoulder to see how the New York betting scene aims to catch up, there is little doubt that it has been yet another massively successful month for sports betting in the Garden State.