NJ sports betting apps accepted $1.255 billion in September bets, the most ever in a single month.
It is a stark contrast to this time last year, as New Jersey sports betting was in the midst of a market downturn following the January 2022 launch of online sports betting in New York and its neighbor’s first full season of NFL betting.
Handle in September 2022 was down 14% compared to 2021 when New York bettors still needed to cross into New Jersey to bet legally. This year, September handle is up nearly 50%.
The $1.3 billion handle total for September, including in-person betting, was the third-highest monthly total in state history and the third straight month of year-over-year handle gains, according to the latest report from state regulators.
New Jersey market bouncing back
The Garden State faced 12 consecutive months of declining year-over-year handle beginning in May 2022 as a developing New York market cut into business.
The sharpest dropoffs came during football season. Between August 2022 and February 2023, the largest dip in handle compared to the prior year was 19.8% in January 2023.
Year-over-year declines were never lower than 12% during that time.
|Date||Aug. ’21-Feb. ’22||Aug. ’22-Feb. ’23||Change|
Revenue one-ups August in NJ
New Jersey sports betting revenue reached $111.1 million in September, the second-highest monthly total on record in the Garden State.
It came just one month after August revenue cracked the top three list all-time. The high-water mark for operator revenue is $114.8 million in November 2021.
September’s total is up 13.4% over the $98 million reported last year.
NJ sportsbooks post lower hold
NJ sportsbooks posted an 8.5% hold in September. It is one of the lowest win rates for Garden State operators this year.
Sportsbooks reported double-digit hold the previous four months.
DraftKings NJ sports betting revenue crown
DraftKings and the Resorts sports betting app, under Resorts Digital Gaming, backed up its August gains with its second consecutive month atop the online revenue charts.
The duo combined for $49.9 million in online September revenue, up over 120% from the same month last year.
FanDuel, PointsBet, and SuperBook, tied to the Meadowlands Racetrack license, posted $32 million in combined online revenue. That was down 25% from last year.
Hard Rock, bet365 making a push?
The trio of bet365, Hard Rock Bet, and Unibet more than doubled its monthly online revenue in September.
The group under Hard Rock AC’s license cleared $4.8 million through its NJ sports betting apps, up from $2.1 million in August. There are likely two contributing factors to that.