NJ Sportsbook operators‘ total revenue of $87.7 million was up 47% from the previous year – the $763 million yearly revenue was down 6.7% from one a year ago.
Meadowlands Racetrack #1
Meadowlands Racetrack partners FanDuel, PointsBet NJ, and SuperBook were #1 in the Atlantic City markets with $44.2 million in December revenue. Tropicana AC partners Caesars and Mojo helped generate a 3rd-best $5.5 million in December.
Meadowlands Racetrack 2022 December success aside, the revenue for 2022 was down 6.4% from the previous year’s $458 million revenue.
DraftKings Led The Way
Atlantic City casinos saw their profits rise by 57.5% in 2022; the $38.5 million in revenue was generated by its nine licensed casinos, and more than half of that was brought in by DraftKings in New Jersey. The Boston-based sportsbook operator brought in $21.9 million in 2022 through their partnership with Resorts Digital.
Resorts Digital had a solid 2022–the $153.2 million in revenue nearly doubled the $87.7 million Borgata Hotel Casino & Spa took in through partners BetMGM Sportsbook and Borgata Sports.
Parlays are King
New Jersey sportsbook operators handled a whopping $2,441,554,655 billion in parlay tickets for a revenue of $450,389,518. The 18% win rate on parlays exceeded baseball (4.4%), football (3.6%), and basketball (1.7%). The rest of the sports field saw 6.7% of the wagers for an overall net win rate of 6.7%.
Why the 2022 Decline in Revenue?
New York opened legalized online sports betting, and New Yorkers no longer needed to venture across state lines to bet at online shops like Caesers, DraftKings, FanDuel, and BetMGM.
Hard to see what type of impact that will have long-term, but events like the NFL Playoffs, Super Bowl LVII, and Masters should give the operators a clearer picture of what to expect.