HomeNJ Sports Betting NewsNew Jersey Sports Betting Handle Sees April Decline

New Jersey Sports Betting Handle Sees April Decline

New Jersey's sports betting operators took in $834 thousand in April betting handle, a 43.5% increase from one year ago , according to data released by the New Jersey Division of Gaming Enforcement (DGE).

This raised Garden State sportsbook companies gross revenue to $292.3 million for the year-to-date, reflecting a 40.6% increase when compared to $207.8 million for the prior 365-day period.

Image: IMAGO / Larry MacDougal

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.

FanDuel Top April Earner

FanDuel and its retail partner Meadowlands earned $38 million and chipped in $4,696,083 in tax dollars for the Garden State coffers.

  • 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.

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