New Jersey Welcomes Spring With Over $106 Million In Sports Betting Revenue

Written By David Danzis on May 16, 2024
New York Yankees Juan Soto bats against the Oakland Athletics for a story on the April 2024 revenue report for sports betting in New Jersey.

An exciting NCAA basketball tournament in both the men’s and women’s brackets, coupled with the start of the playoffs in both the NBA and NHL, helped propel New Jersey sportsbooks to their best April ever.

According to data published Thursday by the NJ Division of Gaming Enforcement, sportsbooks in NJ generated more than $106.2 million in revenue last month on over $1.04 billion in legal wagers. The 10.2% hold for the books is the highest percentage since August 2023.

Last month’s handle (the total amount wagered) was 25.2% higher than April 2023’s $834 million, while overall revenue increased 46.9% year over year.

Through the first four months of 2024, NJ bettors have shelled out more than $5.17 billion in bets. The sportsbook operators have reported over $434.2 million, which is 48.6% more than during the same period last year.

The state of NJ has collected over $56 million in taxes from retail and online sports betting revenue in 2024.

LicenseeOnline Brand(s)Total RevenueRetail RevenueOnline RevenueTotal Tax Obligation
MeadowlandsFanDuel | PointsBet | SuperBook$73,153,952$2,301,628$70,852,324$9,406,451
Resorts Atlantic CityDraftKings | Fox Bet | Resorts$18,617,207($301,710)$18,918,917$2,537,094
BorgataBetMGM | Borgata$5,156,125($232,238)$5,388,363$700,487
Hard Rock Atlantic CityHard Rock | bet365 | Unibet$3,832,461$67,089$3,765,372$495,201
FreeholdESPN Bet | PlayUp | betParx$2,209,096$111,730$2,097,366$282,156
Tropicana Atlantic CityCaesars | Mojo$1,362,147($6,923)$1,369,070$177,979
Monmouth ParkCaesars | BetRivers$953,798($63,872)$1,017,670$132,297
Harrah's Atlantic CityProphet$323,042$78,173$244,869$6,648
Bally's Atlantic CitySporttrade$228,812($24,343)$253,155---
OceanTipico$176,253($82,773)$259,026$33,754
Golden Nugget Atlantic CityGolden Nugget | Betway$144,723$14,226$130,497---
Caesars Atlantic CityWynnBet$70,321$70,321------
Total$106,227,937$1,931,308$104,296,629$13,772,067

NJ sports betting by the brands

Last month, NJ gambling regulators released financial reports for each individual sportsbook brand. It allowed industry observers to finally see which sportsbooks were dominating the Garden State. Unsurprisingly, the two national sports betting leaders are also dominating in New Jersey.

FanDuel Sportsbook NJ generated $37.9 million in revenue, while DraftKings Sportsbook NJ reported $18.9 million. Year-to-date, FanDuel and DraftKings have netted $174.7 million and $101 million, respectively.

A newcomer, Fanatics Sportsbook (formerly PointsBet) had an impressive showing in April, overtaking DraftKings as the second-highest-grossing operator in NJ. Fanatics generated just under $33 million last month, according to the NJDGE reports.

SportsbookRevenue
FanDuel$37,852,363
PointsBet$32,918,339
DraftKings$18,918,917
BetMGM$4,803,441
Bet365$3,271,805
ESPN Bet$2,063,526
Caesars$1,762,482
BetRivers$624,258
Borgata$584,922
Hard Rock Bet$464,993
Sporttrade$253,155
Prophet Exchange$244,869
Tipico$227,392
Betway$130,497
SuperBook$81,622
BetParx$33,840
Prime$31,634
Unibet$28,574
Golden Nugget---
PlayUp---
Total$104,296,629

New Jersey top-heavy in sports betting industry

While the Garden State may boast 20 online sportsbooks, it’s by no means much of a competitive marketplace.

In 2024, NJ sports betting has generated some $740.2 million in NJ sports betting revenue. Six sportsbooks, however, account for 55% of that total – the only six operators that have eclipsed $4 million through the first four months.

What’s more, the top three sportsbooks – FanDuel, DraftKings and Fanatics – have combined for around $364 million, reflecting a combined 49.2% share of the entire industry’s revenue.

Heck, just FanDuel and DraftKings – the state’s sole operators to top $100 million in GGR – account for more than a third of the entire industry.

Yes, New Jersey features friendly regulations and a market that allows for more online sportsbooks than we could ask for, creating a sports betting industry that, in turn, is friendly to New Jersey users thanks.

The bottom line, though, shows that the 20-sportsbook market of the Garden State is really a five-horse race at best. And really, it’s two – with Fanatics looking to catch up to the leaders FanDuel and DraftKings.

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David Danzis

David Danzis is the lead writer for PlayNJ. He is a New Jersey native and honors graduate of Rutgers University. As a newspaper reporter for the New Jersey Herald and Press of Atlantic City, David earned statewide awards for his coverage of politics, government, education, sports, and business. Today, he is PlayNJ’s Atlantic City “insider” and gaming industry expert on casinos, sports betting, and online gambling. David lives in Atlantic County, NJ with his wife and two children.

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