Sportsbooks in New Jersey enjoyed a nice rebound in May revenue. And fittingly on the back of basketball betting.
According to data from the Division of Gaming Enforcement, NJ sports betting accepted $778.9 million in bets last month. While it represents the industry’s lowest monthly total since August, it does stand as the second-highest May output since launching in 2018.
On top of that, sportsbooks combined for $82.2 million in gross revenue, a 13% bounce-back from April. Also, consider where NJ sportsbooks stood in May 2022, when they generated less handle ($766.4 million) and far less revenue ($61.6 million).
No doubt, one of the more exciting NBA playoffs in recent memory contributed. In fact, the data indicates as much.
Basketball betting boosts NJ sports betting in May
For this first time in recent history, it seemed the NBA playoffs began with no clear-cut favorite. Certainly there were teams many believed could win. But no one team appeared heads and shoulders above the field. In fact, no team won at least 60 games for the first time in over 20 years.
Plus, there were great stories to take in. The Sacramento Kings ending the longest active playoff drought among the Big Four by reaching the postseason for the first time since 2006. The New York Knicks won a playoff series for the first time since 2013. Jimmy Butler and the Miami Heat became just the second No. 8 seed to reach the NBA Finals, joining the 1999 Knicks.
And, of course, there was Nikola Jokić and the Denver Nuggets. As we know now, Jokić led Denver to the best record in the Western Conference for the first time in franchise history, to the Nuggets’ first appearance in the Finals, and, eventually, the team’s first championship.
All that to say: There was no shortage of interest in the playoffs. And the NJ sports betting revenue report showed as much.
At $12.1 million, May stands as the second-best month for basketball-related revenue since June 2021. (No surprise, March 2023 saw over $19 million.)
Breaking down May revenue for NJ sportsbooks
It takes a village, they say. And it was no different for NJ sportsbooks in May as several operators enjoyed bounce-backs.
The Meadowlands (FanDuel, PointsBet, SuperBook) reported $43.9 million in revenue, Borgata (BetMGM, Borgata) posted $6.8 million, and Monmouth (Caesars, BetRivers) put up just under $2 million – each representing their best months since January.
Both Tropicana ($4.2 million) and Ocean Casino ($400K) had their biggest months since December, while Bally’s ($188K) reported its best month since November.
Arguably the biggest highlight went to Hard Rock Atlantic City, which reported $3.7 million in May revenue for its single-best month since going live four years ago.
|Licensee||Online Brand(s)||Retail Revenue||Online Revenue||Total Revenue||Total Tax Obligation|
|Meadowlands||FanDuel | PointsBet | SuperBook||$2,939,348||$40,937,741||$43,877,089||$5,571,770|
|Resorts Atlantic City||DraftKings | Fox Bet | Resorts||$156,172||$18,970,553||$19,126,725||$2,479,447|
|Borgata||BetMGM | Borgata||($107,555)||$6,857,596||$6,750,041||$882,345|
|Tropicana Atlantic City||Caesars | Mojo||$187,633||$3,977,088||$4,164,721||$532,993|
|Freehold||Barstool | PlayUp | betParx||$167,856||$1,478,711||$1,646,567||$232,119|
|Hard Rock Atlantic City||Hard Rock | bet365 | Unibet||$68,219||$3,605,844||$3,674,063||$474,559|
|Caesars Atlantic City||888 | WynnBet||$74,190||$85,616||$159,806||$17,589|
|Monmouth Park||Caesars | BetRivers||$395,121||$1,592,798||$1,987,919||$240,659|
|Harrah's Atlantic City||Prophet | Fubo||$3,673||$66,840||$70,513||$9,462|
|Bally's Atlantic City||Sporttrade||$8,863||$179,254||$188,117||$24,056|
|Golden Nugget Atlantic City||Golden Nugget | Betway||$56,535||$62,982||$119,517||$12,993|
Summer slowdown coming, but NJ sports betting ahead of pace
With the NBA season now concluded, as well as the NHL playoffs with the Vegas Golden Knights lifting the Stanley Cup earlier this month, fewer major betting options exist.
Only MLB will run through the summer, with a few major golf and tennis tournaments here and there. But this is the time of year when sportsbooks see handle and revenue nosedive. This is when apps have to be creative with their NJ sportsbook promos.
Fortunately, NJ sports betting heads into the dog days in decent position. Since the calendar turned to 2023, sportsbooks in New Jersey have amassed $374.5 million in revenue, up 39% from this time last year.
That said, through five months in 2022, NJ bettors wagered a combined $5.1 billion. This year lags behind at $4.6 billion. Although it still ranks as the second-highest total in New Jersey history.