New Jersey sportsbooks handled $587 million in retail and online wagers during July, with the online sports betting apps accepting $561.6 million. The retail bookies received $25.3 million in Garden State wagers during the year’s seventh month.
New Jersey Tops in Country Post-PASPA
The strong July showing allowed the Garden State to claim the top spot in the country post-PASPA. The state’s bookmaking companies have accepted $39.5 billion in New Jersey wagers since 2018. Our friend Chris Altruda shares the breakdown below;
Running all-time, post-PASPA Top 10 #SportsBetting handles (July in CAPS)
*1 NEW JERSEY $39.5B
2 Nevada $33.5B
3 NEW YORK $26.8B
4 Illinois $24.1B
5 Pennsylvania $22.4B
6 Colorado $12.8B
7 INDIANA $12.75B
8 Michigan $11.1B
9 Arizona $11B
10 Virginia $10.8B#GamblingTwitter— Chris Altruda (@AlTruda73) August 16, 2023
FanDuel Leads Online Bookmakers in Revenue
FanDuel New Jersey and partner Meadowlands took top online honors for the month, earning $25.6 million from Garden State bettors during July. That was a 1.9% increase from a year ago and roughly $6.5 million more than rival DraftKings.
The Boston-based bookmaker DraftKings saw its July revenue leap 121% from a year ago, generating $18.9 million. That is a huge bump and one worth keeping our eye on, as their only real rival in the state is FanDuel.
Borgata and its partner BetMGM recorded its best month in its history, reporting $6.1 million in July revenue. That was a 39.4% bump from July of 2022 and a good sign that the Las Vegas-based bookmaker can remain competitive with the industry’s big boys.
Hard Rock rolled into the fourth spot in the state and experienced a 137% rise in revenue. The company is upgrading its app and should continue competing with the BetMGMs of the sports betting world.
Tropicana Resorts and partner Caesars finished 5th amongst their rivals, generating $2.7 million in revenue for a 6.9% hike from a year ago. Caesars has upgraded its app, and it may remain among the top five online bookies in the state.
New Jersey Tax Office Big Winner
The New Jersey tax coffers gained a whopping $23.2 million in tax dollars from the 27 sportsbook operators during July. That gives the state an additional $162.8 million in taxes during the fiscal year and roughly $400 million since 2018.
Conclusion
The July report is robust and demonstrates New Jersey’s importance in the sports betting landscape. While other states have struggled during the lean month of July, New Jersey bookmakers held their ground and benefited greatly from a 20% win rate on parlay cards. The state reaped the rewards from sports betting, and there is no sign of slowdown as we enter the busiest season on the bookmaking calendar.
