October was another banner month for the state’s mobile and retail sportsbook companies. Parlay wagers fueled the $1.29 billion in sports betting handle reported by the state’s sports book operators during October.
While the October betting handle was slightly down from September, their $92.3 million in reported revenue was 18% more than one year ago. Of that, the state of New Jersey collected $11.7 million in taxes.
FanDuel Leads in Revenue in NJ
FanDuel NJ took the lion’s share of the revenue, leading Garden State bookmakers with $60.2 million in October revenue. That was a 32.7% jump from one year ago and the first time in two months that the state revenue leader wasn’t DraftKings.
The Boston-based bookmaker reported $15.2 million in revenue for October, down 120% from this same time last year. In October, Borgata, Hard Rock, and Caesars rounded out the top five earners.
Golden Nugget, Harrah’s, and Resorts were the only sports betting companies failing to generate taxable revenue.
Retail Woes Continue
The brick-and-mortar New Jersey sportsbooks handled $56.2 million in October wagers. $422 million in year-to-date sports betting handle is terrific compared to Ohio, which barely cracks $4 million in the monthly handle.
Parlays Driving Force Behind Revenue
Parlay cards accounted for $340 million of the $1.29 billion handle, but unlike most months, Garden State bettors won some of them. Parlay cards generated $64 million, down 6.2% from one year ago.
Thanks to the MLB postseason, Pro baseball was the top wagered individual market with $121.4 million wagered on “America’s Pastime.” Basketball, likely fueled by the Brooklyn Nets and New York Knicks season-opening, was the second most wagered sport, followed by football. All other sports accounted for a robust $81.6 million in October wagers.
What Does This Mean for New Jersey Sports Bettors?
Sports betting in New Jersey has been legal for roughly 5.5 years now. New Jersey bookmakers have reported at least $1 billion in betting handle in 13 of the first 65 months. That’s an incredible number and a sure sign that sports betting in the Garden State is here to stay.
While parlays are the driving force behind the revenue, Garden State bookmakers reported an 18% hold rate, which for the second consecutive month was lower the their 2023 state average of 21%.
Parlay wagers have accounted for $2.2 billion of the states’ year-to-date $9 billion handle, which means Garden State bettors are winning more from their parlays. It also means these NJ sportsbooks would be in financial trouble if they could not continue offering parlay cards and some of the gimmicky Same Game Parlay and teaser cards.
Finally, New Jersey is second only to neighboring New York in national betting handle. That’s a sign of a healthy market, and New Jersey is one of the healthiest in the United States.