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.
| Licensee | Online Brand(s) | Total Revenue | Retail Revenue | Online Revenue | Total Tax Obligation |
|---|---|---|---|---|---|
| Meadowlands | FanDuel | PointsBet | SuperBook | $73,153,952 | $2,301,628 | $70,852,324 | $9,406,451 |
| Resorts Atlantic City | DraftKings | Fox Bet | Resorts | $18,617,207 | ($301,710) | $18,918,917 | $2,537,094 |
| Borgata | BetMGM | Borgata | $5,156,125 | ($232,238) | $5,388,363 | $700,487 |
| Hard Rock Atlantic City | Hard Rock | bet365 | Unibet | $3,832,461 | $67,089 | $3,765,372 | $495,201 |
| Freehold | ESPN Bet | PlayUp | betParx | $2,209,096 | $111,730 | $2,097,366 | $282,156 |
| Tropicana Atlantic City | Caesars | Mojo | $1,362,147 | ($6,923) | $1,369,070 | $177,979 |
| Monmouth Park | Caesars | BetRivers | $953,798 | ($63,872) | $1,017,670 | $132,297 |
| Harrah's Atlantic City | Prophet | $323,042 | $78,173 | $244,869 | $6,648 |
| Bally's Atlantic City | Sporttrade | $228,812 | ($24,343) | $253,155 | --- |
| Ocean | Tipico | $176,253 | ($82,773) | $259,026 | $33,754 |
| Golden Nugget Atlantic City | Golden Nugget | Betway | $144,723 | $14,226 | $130,497 | --- |
| Caesars Atlantic City | WynnBet | $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.
| Sportsbook | Revenue |
|---|---|
| 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 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.
