Gambling

New Jersey Sports Betting Revenue Dips in May

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6 months ago

June 17, 2024

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New Jersey Sports Betting Revenue Dips in May

The Garden State saw profits fall 4.2% year-over-year and 26% month-over-month on a $838.9 million handle.

Jun 17, 2024 • 18:01 ET

• 4 min read

The Garden State’s sports betting revenue took a trim in May.

The New Jersey Division of Gaming Enforcement reported that the retail casinos, racetracks, and online sportsbook partners combined to produce gross revenue of $78.8 million, down 4.2% from the $82.2 million from May 2023.

Behind mainly NBA and NHL playoffs, May’s revenue was also down 26% from April’s impressive $106.2 million. The latest handle also paled in comparison to April. May generated $838.9 million in wagers, marking the first handle under $1 billion in 2024.

Sportsbooks ended May with a solid 9.4% hold, but it was below double-digit win rates posted in the previous month and May 2023.

Well ahead of 2023

Sports betting operators are still having a strong overall year in New Jersey. The handle for the first five months exceeded $6 billion, with revenue surpassing $500 million.

The $513 million of profits is up 37% compared to the first five months of 2023, when sportsbooks combined to bring in $374.5 million. Tax revenue is up to $66 million year-to-date, more than $18 million ahead of last year’s pace.

Change to the landscape

Operator	May Revenue	YTD Revenue
FanDuel	$36.7 million	$211.4 million
DraftKings	$22.1 million	$123.1 million
BetMGM	$5 million	$26.8 million
bet365	$3.5 million	$16.6 million
Caesars	$3 million	$13.4 million
ESPN BET	$2.6 million	$5.1 million

Online sports betting accounted for $801.5 million in May, producing all but $1.06 million in revenue (retail).

FanDuel easily led all New Jersey online operators with nearly $37 million in revenue and over $210 million total in 2024.

DraftKings finished May with $22.1 million, taking second place from PointsBet, which completed the migration to Fanatics Sportsbook earlier in the month.

Fanatics fell short of the top six revenue generators after bringing in around $2 million in May. That falloff moved BetMGM into third with a monthly revenue of $5 million.

Bet365, Caesars, and ESPN BET all earned at least $2.5 million, but no operator eclipsed $4 million.

Retail struggles, iGaming surges

Six of the 11 retail sportsbooks paid out more than they took in during the month. FanDuel’s Meadowlands Racetrack made $1.7 million, but brick-and-mortar shops combined for a 2.8% hold on a handle of $37.8 million.

Online casino revenue of $192.1 million was up 19% year-over-year, and the $2.57 billion year-to-date reflected 13.1% growth compared to the same five months in 2023.