Sportsbooks in New Jersey can’t wait for football to come back. Fortunately, the most bet-on sport in the country is only weeks away from kicking off. And it comes at a good time.
According to data from the Division of Gaming Enforcement, NJ sports betting generated just over $587 million in bets for the month of July – the industry’s lowest monthly handle since August 2022. Similarly, NJ sportsbooks combined for just $61 million in total revenue, which represents the lowest amount since February.
But this was all to be expected, of course. It’s the summer slowdown in terms of major sports schedules. Come September, the NJ sports betting industry will be humming once again.
NJ sports betting enjoys year-over-year uptick
While low relative to other months, July 2023 actually represented a spike for sportsbooks in New Jersey.
In terms of handle, the $587 million reported last month reflects a 10% increase from July 2022. What’s more, the $61 million in betting revenue in New Jersey is 35% more than the previous year.
When looking at annual pace, things get interesting for NJ sportsbooks.
Through July 2022, the state collected over $6.3 billion in bets. In 2023, however, handle through seven months sits at just $5.7 billion. However, revenue is way up: $501.8 million in 2023 versus $353.7 million a year ago.
All told, in just over five years of legal sports betting in New Jersey, sportsbooks have reported $39.5 billion in handle as well as $2.9 billion in revenue, which translates to $361.4 million in state tax revenue.
Breaking down NJ sportsbooks
In January 2019, Resorts claimed the top spot in market share in terms of revenue. The following month, Meadowlands took over. And it hasn’t relinquished the title since.
For the 54th straight month, Meadowlands – with its online brands FanDuel Sportsbook NJ, PointsBet Sportsbook NJ and SuperBook Sportsbook NJ – sat atop the revenue rankings, this time with $25.7 million. With that, Meadowlands cross $1.5 billion in lifetime revenue. No other licensee has even hit $500 million.
Resorts, mostly driven by DraftKings Sportsbook NJ, stayed in its usual second spot with $19 million in revenue, which reflects a massive 121% jump from July 2022.
| Licensee | Online Brand(s) | Total Revenue | Retail Revenue | Online Revenue | Total Tax Obligation |
|---|---|---|---|---|---|
| Meadowlands | FanDuel | PointsBet | SuperBook | $25,691,811 | $1,660,444 | $24,031,367 | $3,265,076 |
| Resorts Atlantic City | DraftKings | Fox Bet | Resorts | $19,095,202 | $133,670 | $18,961,532 | $2,476,374 |
| Borgata | BetMGM | Borgata | $6,101,847 | $235,087 | $5,866,760 | $782,661 |
| Hard Rock Atlantic City | Hard Rock | bet365 | Unibet | $3,014,459 | $331,209 | $2,683,250 | $376,976 |
| Tropicana Atlantic City | Caesars | Mojo | $2,737,297 | $121,908 | $2,615,389 | $350,364 |
| Monmouth Park | Caesars | BetRivers | $1,703,189 | $364,784 | $1,338,405 | $205,011 |
| Freehold | Barstool | PlayUp | betParx | $1,621,380 | $154,978 | $1,466,402 | $205,921 |
| Ocean | Tipico | $416,800 | $179,310 | $237,490 | $66,931 |
| Caesars Atlantic City | 888 | WynnBet | $300,868 | $118,364 | $182,504 | $33,787 |
| Golden Nugget Atlantic City | Golden Nugget | Betway | $196,286 | $29,123 | $167,163 | $24,517 |
| Bally's Atlantic City | Sporttrade | $95,574 | $59,437 | $36,137 | $9,750 |
| Harrah's Atlantic City | Prophet | $38,720 | $74,777 | ($36,057) | $1,669 |
| Total | $61,013,433 | $3,463,091 | $57,550,342 | $7,799,037 |
Changes coming to New Jersey sports betting
The NJ sports betting world has seen its fair share of shakeups over the past few weeks. And there will certainly be more ahead.
Toward the end of June, Bally Bet temporarily shut down operations in order to undergo a system-wide transformation of its platform. Earlier this month, Fox Bet decided to shutter its sportsbook, followed a few days later by a similar choice by WynnBet.
Then consider the Fanatics acquisition of PointsBet that opens the NJ sports betting door to that brand. The same goes for ESPN Bet, which will replace Barstool Sportsbook after Penn Entertainment partnered with the Worldwide Leader in Sports.
Yes, more changes are coming for New Jersey sports betting. But one thing is constant: Football is king, and it’s almost here.
