The New Jersey Division of Gaming Enforcement (DGE) reported that sportsbook operators crossed the $10 billion mark for year-to-date handle through October. They have now taken $56 billion in bets since the market opened in 2018.
Just over $9 billion has been paid out to winning bets in 2024, leaving operators with more than $900 million in sports betting revenue for the year.
Operators took in $77.5 million in revenue for the month of October, which is a 16% dip from last year. They also accepted $1.31 billion in total bets, a 12.4% year-over-year decrease.
Despite the slow month, it also collected $913 million in year-to-date revenue. The state is on pace to make $1.08 billion in earnings for the year.
October proved be a down year for NJ sports betting in both regards, which is a bit surprising considering that all four major sports are in-season. However, a strong push in November and December should make for some worthy milestones for the Garden State.
Key takeaways for NJ sports betting in October
FanDuel comfortably in sports betting lead
After October’s total, there’s no question who is the leader in the clubhouse heading towards the end of the year. FanDuel Sportsbook NJ generated $34.8 million in revenue. The next closest operator is DraftKings Sportsbook NJ, which produced $22.2 million in revenue.
Thought the NJ DGE does not break down handle by operator, FanDuel is expected to close the year on top, and take the reigns into 2025.
Fanatics take a slight tumble in October
Fanatics Casino NJ had been quickly ascending in the Garden State, but a took a step back last month. The operator recorded just $1.6 million in revenue.
Fanatics has posted outputs much higher than October, even in the summer months with not much sports action. Here are the company’s last few months of revenue totals:
- July: $2.7 million
- August: $3.4 million
- September: $2.4 million
This is the second straight month Fanatics has declined in earnings. The remaining months will be key for Fanatics’ success moving forward. November and December is going to be huge, especially as the NFL winds down and an extended college football playoff begins next month.
Bettors love their parlays
New Jersey breaks down the revenue the state makes in certain categories. Parlays make up more than half the revenue for the Garden State. Here’s how the NJ DGE parses out the information:
- Football: $27,658,719
- Basketball: $99,335,330
- Baseball: $59,736,253
- Parlay: $530,491,945
- Other: $182,159,172
- Total: $899,381,419
Parlays have accounted for 18.5% win rate for New Jersey sportsbooks, which is easily the highest of any other category.
Sports betting revenue breakdown
| Sportsbook | Oct. Revenue |
|---|---|
| Sporttrade | $80,205 |
| Fanatics | $1,639,251 |
| BetMGM | $7,262,990 |
| Borgata | $700,718 |
| Betway | ($20) |
| Hard Rock Bet | ($1,016,114) |
| Bet365 | $3,658,506 |
| Prime | $214,513 |
| DraftKings | $22,233,491 |
| Caesars | $3,149,529 |
| ESPN Bet | $1,583,171 |
| BetParx | $128,692 |
| FanDuel | $34,834,326 |
| SuperBook | ($9,302) |
| BetRivers | $930,826 |
