NJ Sports Betting Revenue Continues Positive Streak In July

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NJ sports betting

NJ sports betting revenue continued its run of year-over-year gains in July, rebounding from some struggles after the New York market opened.

The $61 million produced by New Jersey sports betting operators is a 36% increase over July 2022 ($45 million.)

According to figures released last week by the New Jersey Division of Gaming Enforcement, year-over-year revenue increased for the eighth consecutive month.

Back atop NJ sports betting revenue

Meadowlands Racetrack, highlighted by FanDuel, reclaimed the top revenue spot in July. The $25.6 million total accounted for 42% of all revenue from sports betting in New Jersey.

Resorts Digital Gaming spent one month as revenue leader in June before dropping back down in July. Led by DraftKings, Resorts finished July with 31% of all revenue, generating just shy of $19.1 million.

Borgata Casino, headlined by BetMGM, was the only other operator to earn at least a 10% share of revenue in July, producing $6.1 million for the month.

New Jersey does not break down revenue figures by individual sportsbooks. Instead, the state combines up to three online operators under a single operating license tied to an Atlantic City casino or an authorized racetrack.

Sports bettors spent more this July

Total sports betting handle reached $587 million in July, good for a 10% increase over the same month last year ($531.8 million.) It is the second time in 14 months NJ sports betting handle experienced a year-over-year boost.

Given the seasonality of the sports calendar, July is typically a lighter month for betting handle with fewer events taking place.

NJ sports betting apps accepted 96% of all bets during the month.

Higher hold for NJ sports betting in July

New Jersey sportsbooks posted a win rate, or hold, north of 10% in July.

It is the third consecutive month operators secured a double-digit win rate. Operators in New Jersey win, on average, slightly above 7% each month.

The Garden State collected $8.4 million in monthly sports betting taxes.