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Unfortunately for state coffers, New Jersey’s sports betting revenue saw a notable decline in July, falling by 6.6% year-over-year to $74.8 million, according to data released by the state’s Division of Gaming Enforcement.
Both retail and online betting fell off last month.
The slowdown in revenue from New Jersey sports betting in July occurred despite a modest increase in the total amount wagered by bettors during the month.
Racetrack sportsbooks saw significant revenue drop in July
Overall handle rose by 1.8% to reach $664 million, according to the NJ Division of Gaming Enforcement (DGE). The majority of this activity took place online via NJ sportsbooks, with mobile and web-based platforms accounting for $630.9 million of the total handle.
Significantly, the increased betting activity did not translate into higher revenue for operators, resulting in a monthly hold of 11.27%.
The downturn reported for July was driven largely by a reversal of fortune in the state’s retail sportsbook sector. Brick-and-mortar locations generated a combined loss of $680,018, a significant drop from the $2.1 million in revenue they posted in July of last year.
The loss from retail betting year-over-year was primarily caused by casino-based sportsbooks, which reported a collective loss of $1.1 million for the month. Racetrack sportsbooks, while still profitable at $434,608, saw their own revenue plummet by 63.5%.
Online sports betting, the dominant force in the Garden State market, also experienced a dip. Digital revenue slipped 3.2% to $75.4 million, which was not enough to offset the heavy losses from retail operations.
FanDuel, DraftKings still lead the way
In the highly competitive online market, the two leading operators both reported a year-over-year revenue decrease. FanDuel Sportsbook, partnered with Meadowlands, maintained its top position with $26.9 million in revenue, though this marked a 15.7% decline.
DraftKings Sportsbook and Resorts World held the second spot with $21.1 million, down 18.8% from the previous year.
While the “big two” market leaders saw revenues shrink last month from sports betting, several competitors posted significant gains, suggesting a shifting landscape.
Fanatics Sportsbook, in partnership with Bally’s, surged to third place with $8 million in revenue, a dramatic 200.2% increase. Following them were Borgata with BetMGM Sportsbook, which grew revenue by 21.5% to $6.4 million in July. Bet365 Sportsbook and Hard Rock also reported strong performances, with revenue climbing 45.4% to $4.4 million.
Even within the struggling retail sector, top performer Meadowlands saw its revenue fall 54% to $320,610, highlighting the challenging month for in-person wagering across the state.
The DGE also released data on revenue at New Jersey online casinos for July. They set an all-time record last month.
