It’s official: The down time of sports betting in New Jersey has begun.
According to data from the Division of Gaming Enforcement, retail and online sportsbooks in NJ combined for $591.1 million in handle for the month of June. While gross revenue from NJ sports betting, totaling $66.4 million, represented a massive 69.1% year-over-year increase, accepted bets in June 2023 actually clocked in at $42 million less than the previous year, or about 6.6%.
June marked the industry’s lowest handle since August 2022, spanning 10 months. And this will be the norm for the next two months.
Summer NJ sports betting schedule makes way for MLB
Heading into spring, on the heels of March Madness, the only major sports events to look forward to included the NBA and NHL playoffs. Those two leagues crowned champions midway through June, leaving several weeks of essentially MLB-only betting.
When examining the latest NJ sports betting revenue reports, you could see that take effect even two months ago.
In May, for example, bettors in New Jersey combined for $215.5 million in baseball bets. Last month, NJ sports betting generated $220.7 million in baseball handle. This after bettors in New Jersey wagered $217.6 million on baseball through the first four months. For additional perspective, May and June represent nearly 67% of all baseball betting in 2023.
Obviously this is a bit skewed, as opening day for MLB came March 30, preceded by spring training, which began in late February. Still, with fewer events to bet on, MLB takes center stage. And it has continued to pick up pace as it now stands as the lone major professional sports still going.
Slow summer approaching, but NJ sports betting ahead of pace
As noted, the sports calendar now comes to a drastic slowdown. The next two months will follow a similar trend to June, until football returns in late August, followed by the NFL during the first full week of September.
While monthly handle and revenue totals will rank much lower than “in-season” numbers, New Jersey is in a good place.
As noted by the DGE, sports betting in NJ has totaled $400.8 million in revenue, up 42.8% compared with the $308.7 million at this point last year.
When looking at handle, however, 2022 still outpaces the current year: $5.78 billion last year compared with $5.16 billion in 2023.
Breaking down NJ sports betting by licenseholder
In June, Meadowlands once again led the market with $27.48 million in total revenue. However, its hold on the market loosened a touch.
With Resorts Atlantic City reporting $25.49 million in revenue, Meadowlands only topped the industry by a little under $2 million.
It was the first time since May 2020, toward the start of the COVID-19 pandemic, that any licenseholder got to within $2 million in revenue.
|Licensee||Online Brand(s)||Retail Revenue||Online Revenue||Total Revenue||Total Tax Obligation|
|Meadowlands||FanDuel | PointsBet | SuperBook||$2,502,614||$24,980,602||$27,483,216||$3,468,970|
|Resorts Atlantic City||DraftKings | Fox Bet | Resorts||$150,304||$25,337,304||$25,487,608||$3,381,007|
|Borgata||BetMGM | Borgata||$1,349,240||$3,604,439||$4,953,679||$583,262|
|Tropicana Atlantic City||Caesars | Mojo||($39,544)||$2,050,259||$2,010,715||$263,188|
|Freehold||Barstool | PlayUp | betParx||$91,781||$1,645,106||$1,736,887||$223,481|
|Hard Rock Atlantic City||Hard Rock | bet365 | Unibet||$23,347||$2,393,169||$2,416,516||$314,181|
|Caesars Atlantic City||888 | WynnBet||$70,385||$105,504||$175,889||$19,826|
|Monmouth Park||Caesars | BetRivers||($197,888)||$1,636,023||$1,438,135||$196,498|
|Harrah's Atlantic City||Prophet||$49,356||$24,193||$73,549||$7,340|
|Bally's Atlantic City||Sporttrade||$103,745||$247,621||$351,366||$41,009|
|Golden Nugget Atlantic City||Golden Nugget | Betway||$64,178||$82,484||$146,662||$16,178|