The April handle was a slight decline from the 1.06 billion March Garden State betting companies enjoyed but the April handle was enough to propel the Garden State to No.1 in betting handle post-PASPA, gathering in a whopping $37.5 billion in wagers.
All-time Top 10 #SportsBetting handles post-PASPA (thru April in CAPS):
1 NEW JERSEY $37.5B <-NEW
2 Nevada $31.9B
3 NEW YORK $23.3B
4 Illinois $21.7B
5 Pennsylvania ~$21B
6 INDIANA $12.04B
7 Colorado $11.68B
8 MICHIGAN $10.5B
9 Virginia ~$9.6B
10 Arizona $8.98B (Feb)
— Chris Altruda (@AlTruda73) May 16, 2023
FanDuel Top April Earner
- DraftKings, BetMGM and Barstool/betPARX were FanDuel’s nearest competitors
- Harrah’s and Resorts Casino were the only sportsbooks operating in the red
- BetMGM paid the most in taxes followed by DraftKings and Golden Nugget
Insane Parlay Win Rates
Parlays continue to line the pockets of New Jersey sportsbooks, winning an astonishing 18.9% of all Garden State parlay cards through April. Here are some of the top sportsbook win rates by betting market in 2023.
- Parlay: 18.9%
- NFL: 6.2%
- MLB: 5.5%
- Other Sports: 5.6%
- NBA: 3.4%
How the Tax Dollars from Sports Betting are Allocated
In New Jersey, the bookies pay an 8.5% tax on all retail gross revenue and 13% for online gross revenue wagers. This revenue is divided among the following:
- 50% to the state’s general fund
- 25% to the horse racing industry
- 25% to the Division of Gaming Enforcement
The state’s general fund is used to fund a variety of programs, including education, healthcare, and infrastructure. The horse racing industry receives funding to help support the state’s racetracks and breeding farms. The Division of Gaming Enforcement receives funding to help regulate the state’s gaming industry.
In addition to the state taxes, sports betting operators in New Jersey are also required to pay a 1.25% tax to the local municipality where the sportsbook is located. This revenue is used to fund a variety of local programs, including public safety, education, and recreation.
The tax revenue from sports betting has been a boon for New Jersey’s economy. In 2022, sports betting generated over $500 million and $187,115,295 in 2023 revenue for the state. This revenue helped to fund important state programs and create jobs.
The growth of sports betting in New Jersey is expected to continue in the coming years. New Jersey is likely to remain a leader in the industry and will continue to generate revenue for the state and create jobs through sports betting.