Thanks to $1.17 billion in estimated total handle and $114.8 million in revenue in November by online sportsbooks, New Jersey is on the verge of crossing the $1 billion accumulated revenue milestone for 2024.
A hefty 48% increase in revenue was reported from online sports betting activity compared to October by licensed sportsbook in NJ in November 2024, according to the New Jersey Division of Gaming Enforcement (DGE) in figures released this week.
In online sports betting total handle, FanDuel continued its dominance with an estimated $500 million in total handle and $49.3 million in revenue from online sports betting activity. It’s the market leader on both fronts.
FanDuel grabbed 43% of market share based on its total handle last month. DraftKings came in second, with $361.7 million in estimated total handle and $35.6 million in revenue. The two giants made up more than 70% of the market share in New Jersey last month.
New Jersey reports revenue and taxes paid on gross gaming revenue only. Total handle can only be estimated from those official figures.
Once New Jersey tops $1 billion in revenue from sports betting in December, it will be just the second state to do so more than once, joining neighboring New York. New Jersey also topped $1 billion in 2023.
Retail and Online Sports Betting Numbers
With both college football and the NFL offering many attractive events, it’s no wonder that November was a successful and busy month for sportsbooks in the Garden State. College basketball, the NBA, and the NHL also in-season.
In New Jersey, this is the revenue breakdown by operator and their online partner for Nov. 2024:
- Meadowlands (FanDuel) … $50.6 million revenue
- Resorts Atlantic City (DraftKings) … $37.9 million
- Borgata (BetMGM and Borgata) … $11.7 million
- Hard Rock Atlantic City (Hard Rock and bet365) … $7.7 million
- Tropicana Atlantic City (Caesars) … $4.3 million
- Bally’s Atlantic City (Bally’s Sports) … $3.9 million
- Monmouth Park (BetRivers) … $2.4 million
- Ocean (Prime Sports) … $62,547
- Harrah’s Atlantic City … $31,124
- Caesars Atlantic City (Caesars and BetParx) … $109,116
- Golden Nugget Atlantic City (Golden Nugget Sportsbook) … loss of $3,541
FanDuel saw an increase of 45% from October, going from $34.8 million in revenue to $50.6 million. DraftKings saw even larger growth, by 70% from $22.2 million in revenue in Oct 2024 to $37.9 million. While hold percentage is not reported in New Jersey, it’s obvious that November was a much better month for sportsbooks compared to October in terms of winning wagers and percentage of bets placed the house kept.
With combined gambling revenue from online sports betting and iGaming (online casinos), total revenue was $556.9 million in November in NJ. That’s 13% higher than the same month in 2023, and an 11% increase from October 2024.
