HomeNJ Sports Betting NewsNew Jersey Sports Betting Handle Surpasses $750 Million in June 2023

New Jersey Sports Betting Handle Surpasses $750 Million in June 2023

New Jersey's sports betting industry continues its rapid growth in 2023. The June figures released by New Jersey state regulators show the Garden State's monthly handle topping $750 million, earning the 11 New Jersey operators $64.4 million in revenue, a 69.1% increase from a year ago.

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June 2023, sports betting revenue across New Jersey casinos, racetracks, and mobile operators totaled $66.4 million.

This figure represents a 69.1% increase compared to revenue of $39.2 million in June 2022.

While lower than the peak revenue month of $93 million from March this year, the result is a new high for June’s revenue.

With over $5 billion wagered in just the first half of 2023, New Jersey remains on track to eclipse last year’s full-year record handle of $10.9 billion.

The state could see up to $14-15 billion in total sports bets placed for 2023 at the current run rate. Continued strength in major sports like football, basketball, and baseball should fuel this growth in the coming months.

FanDuel Leads the Way

FanDuel NJ continued to lead the New Jersey markets in June 2023 with $273 million in total handle, retaining over 35% market share.

DraftKings ($173 million), BetMGM ($96 million), Caesars ($65 million), and PointsBet ($29 million) rounded out the top five operators by handle.

In terms of revenue, FanDuel and its partner Meadowlands also generated a leading $27.4 million, followed by DraftKings ($25.3 million), Borgata ($4.9 million), Hard Rock ($2.4 million) and Caesars ($2.0 million).

Meadowlands, comprised of FanDuel, PointsBet, and SuperBook, dominate the year-to-date revenue, earning the trio a whopping $229 million, a 27.6% rise from the same period in 2022.

That far exceeds the $119 million in revenue DraftKings NJ has earned this year, with Borgata coming in a distant third with $37 million in YTD revenue.

Parlays Fuel the Massive Sports Year-to-Date Betting Revenue

New Jersey online sportsbooks posted a solid 8.9% win rate through the first six months of 2023. Parlays accounted for most of this revenue, earning the 11 bookies $254 million on a $1.7 billion year-to-date handle.

That amounts to a 20% win rate on parlay cards and far outweighs basketball ($68.3 million), baseball ($40.6 million), and football ($22.2 million), while all other sports combined generated $71.3 million for Garden State bookmakers.

Conclusion

The over $750 million handled in June provides the latest evidence of how New Jersey has emerged as the country’s leading sports betting market.

The YTD numbers are staggering and don’t include a full NCAAF and NFL seasons. The massive win rates on parlays drive the revenue, and New Jersey appears poised to remain the number one sports betting state in the United States.

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