The year-to-date revenue is also strong, with licensed New Jersey sportsbooks earning $374.6 million in revenue since January, a 39% increase from the same period in 2022.
In May, New Jersey bookies paid $10.4 million in gambling taxes, bringing the state’s total tax collection on reported sports betting revenue to $345.1 million on $2.7 billion in legalized sports wagering in the Garden State.
FanDuel Rules the Jersey Markets
The Meadowlands Racetrack online partner, FanDuel, continues to lead the Jersey betting markets with an impressive $43.8 million earned in May. This marks a significant 23.5% increase from their earnings in May 2022.
DraftKings, in partnership with Resorts Casino, also saw a rise in revenue from a year ago, earning $18.9 million in May for the Boston-based sports betting company.
BetMGM and Borgata earned $6.7 million, securing the third spot in the Garden State, with a 4.7% increase from their May 2022 revenue.
Meanwhile, Caesars and Tropicana Casino netted $4.1 million, indicating a 243% rise from a year ago. Barstool and Hard Rock round out the top five Jersey bookmakers, reporting a substantial 171% increase in revenue from May 2022.
However, some sportsbook operators reported a decrease in revenue from one year ago, including Bally’s (76.7%), Golden Nugget (42.6%), Freehold Raceway (36.5%), Harrah’s (8.9%), and Monmouth Park (1.1%)
New Jersey Completed Events Win Rate in 2023
Thus far in 2023, New Jersey betting apps have achieved an 8.5% win rate. The use of Parlay Cards served as the primary driving force, contributing to a remarkable 19.7% win rate reported by Jersey bookies since January 1.
Football represented the highest win rate at 6.1%, followed by baseball at 6%, basketball at 3.7%, and all other sports combined for a 6.1% win rate throughout 2023.
New Jersey Number Two State in the US in May Betting Handle
When it comes to May’s betting handle, New Jersey takes the second spot, trailing just behind New York.
The list below highlights the top 10 states for May sports betting in (thus far) the country, with all handle and revenue figures expressed in full numbers.
|
State |
May Handle |
May Revenue |
|---|---|---|
|
New York |
$1,360,000,000 |
$151,900,000 |
|
New Jersey |
$778,800,000 |
$82,200,000 |
|
Massachusetts |
$455,000,000 |
$62,300,000 |
|
Maryland |
$320,500,000 |
$31,000,000 |
|
Indiana |
$283,400,000 |
$33,500,000 |
|
Tennessee |
$279,800,000 |
$37,700,000 |
|
Louisiana |
$195,500,000 |
$25,500,000 |
|
Iowa |
$147,200,000 |
$16,600,000 |
|
Kansas |
$120,200,000 |
$130,047 |
|
Connecticut |
$109,400,000 |
$11,900,000 |
