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Thanks to a whopping betting hold of 10.14% on more than $1 billion in bets, New Jersey sports betting posted an increase of 30.2% in revenue in May compared to 2024.
The bulk of the $102.5 million in May 2025 sports betting revenue came from online sportsbooks, which reported $98 million of the total last month. FanDuel Sportsbook was, once again, the No. 1 sports betting platform among New Jersey sportsbooks, gathering in $44.3 million of the revenue in May, or 45%. FanDuel partners with Meadowlands Racetrack.
May handle breakdown
The state does not report total handle (total dollar amount of bets placed) by operator. Nor does it reveal the hold percentage by sports betting operator. The total bets placed statewide was $1.01 billion in May. That marks the fifth consecutive month in 2025 that betting topped the billion mark.
Total handle was 12.4% higher than it was in May of 2024. The state reported that handle went up 7.0% compared to April, indicating that sports betting is staying popular even as the weather warms. May included both the NHL’s Stanley Cup Playoffs, the NBA Playoffs, Major League Baseball, and the start of the WNBA season.
The rankings by revenue for online sports betting for May 2025 by operator were:
- FanDuel: $44.3 million
- DraftKings: $28.3 million
- BetFanatics: $6.2 million
- Bet365: $6.0 million
- ESPN BET: $4.9 million
The hold percentage indicates how much the sportsbook won compared to consumers. A rate of 6% to 8% percent is typical. A hold percentage of 10% or more is exceptional and leads to increased revenue for the sportsbook and more tax revenue for the state.
New Jersey has a relatively modest tax rate of between 8.5% and 14.25% percent on sportsbooks. That means the state will collect $12.7 million from online sports betting and $454,318 from retail sports wagering for May activity.
According to a report from the New Jersey Division of Gaming Enforcement, FanDuel Sportsbook at Meadowlands Racetrack ranked first in retail location revenue for May with roughly $4 million. Retail reported a huge increase of 326.6% compared to the same month in 2024.
The impressive numbers in May for sports betting was one portion of a wildly successful month for gaming in the Garden State. New Jersey reported $614.7 million in revenue from all forms of legal gaming. That figure includes a record $246.8 million in revenue from iGaming or online casino play. Land-based casinos captured the most revenue in New Jersey last month.
