Sportsbooks On Pace For Record-Breaking Year In NJ As May Brings 2024 Handle To Over $6 Billion

Written By David Danzis on June 14, 2024
Philadelphia Phillies Kyle Schwarber celebrates a home run for a story on New Jersey sports betting revenue for May 2024.

Legal sportsbooks in New Jersey have taken more than $6 billion in bets through the first five months of 2024, nearly $1.5 billion more than last year’s pace.

May’s financial data, released Friday by the NJ Division of Gaming Enforcement, underscores the reality that regulated sports betting has yet to plateau in the Garden State. Since legalizing sports wagering in 2018, gamblers in New Jersey have wagered nearly $51.7 billion.

According to the NJDGE, New Jersey sportsbooks generated $78.8 million in revenue in May. While the total was a slight decrease from May 2023 (-4.2%), operators are 37% ahead compared to last year through the first five months of 2024.

LicenseeOnline Brand(s)Total RevenueRetail RevenueOnline RevenueTotal Tax Obligation
MeadowlandsFanDuel | PointsBet | SuperBook$38,267,435$1,724,438$36,542,997$4,897,168
Resorts Atlantic CityDraftKings | Fox Bet | Resorts$22,032,319($56,251)$22,088,570$3,051,887
BorgataBetMGM | Borgata$5,597,895($23,568)$5,621,463$730,790
Hard Rock Atlantic CityHard Rock | bet365 | Unibet$3,630,431($291,587)$3,922,018$509,862
FreeholdESPN Bet | PlayUp | betParx$3,021,717$166,990)$2,854,727$385,441
Tropicana Atlantic CityCaesars | Mojo$2,576,631$38,862$2,537,769$332,665
Bally's Atlantic CitySporttrade$2,068,271$24,601$2,043,670$220,355
Monmouth ParkCaesars | BetRivers$1,435,979($169,124)$1,605,103$208,663
Harrah's Atlantic CityProphet$108,593$603$107,990$3,591
Golden Nugget Atlantic CityGolden Nugget | Betway$108,017($9,608)$117,625---
Caesars Atlantic CityWynnBet($371,813)($371,813)------

Breaking down details of NJ sports betting

The state of NJ has collected over $66.5 million in taxes from retail and online sports betting revenue in 2024.

Last month’s handle (the total amount wagered) of $838 million was 7.7% higher than April 2023’s $779 million. It was the first time since August 2023 that NJ sportsbooks failed to exceed $1 billion in monthly handle.

The slowdown in financial results is a seasonal expectation. The sports betting market typically cools down after the conclusion of the college basketball tournament in early April and remains that way until the start of American football season in late summer.

Yet six years to the day since Julius Erving placed the first legal sports bet in New Jersey, the industry has yet to slow down.

All told, no other state has accepted more bets than the Garden State at $51.7 billion. And only New York has seen more revenue than New Jersey’s nearly $3.9 billion.

Big boys of the sports betting industry flex their muscles

As for individual brands, FanDuel Sportsbook NJ and DraftKings Sportsbook NJ are essentially unchallenged for market dominance. That dynamic is true not only in New Jersey but also in every market where both operators are available.

FanDuel reported $36.7 million in revenue in May, while DraftKings generated $22.1 million.

Year-to-date, FanDuel has collected $211 million in NJ sports betting revenue, according to state regulators. DraftKings has netted $123 million.

Other notable operators include BetMGM Sportsbook NJ, which generated $5 million for the month and $26.8 million for the year. Bet365 Sportsbook NJ came in with an impressive $3.5 million last month, putting up around $16.6 million year-to-date.

ESPN Bet$2,630,934
Hard Rock Bet$404,794
Prophet Exchange$107,990
Golden Nugget---
Photo by Matt Rourke / AP Photo
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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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