Doubling handle from the previous month normally shows market strength but May’s NJ sports betting totals present the outlier case.
Sportsbooks posted nearly $118 million in handle last month, a notable number in a month with no US pro sports leagues operating. The New Jersey sports betting market registered just more than a third of 2019 handle, though, as coronavirus-related shutdowns persisted.
That modest handle produced reasonably solid revenue of $9.9 million, equating to a hold of 8.4% for the month. Most of the wagering in May came on UFC fighting, as well as NASCAR and more obscure overseas sports.
What happened last year in NJ sports betting
May 2019 appeared to be the sweet spot for an average month in the most successful US sports betting market outside Nevada. Nearly a year after launching, New Jersey posted almost $319 million in handle.
That came on a normal menu of NBA and NHL playoffs, as well as the first month of MLB. Bettors obviously had far fewer options on which to bet last month.
Last year also included sports that will return soon, such as the PGA Tour. Golf betting certainly will pick up in the next few weeks, as events restarted Thursday.
FanDuel still pacing the field in New Jersey
The usual suspects produced the usual results for what we have seen in two years of NJ sports betting. FanDuel and DraftKings combined for roughly $8 million of the $9.9 million of generated revenue.
FanDuel put up the bulk of $4.3 million with fellow Meadowlands partner PointsBet. DraftKings, operating alongside fellow Resorts licensee Fox Bet, posted $3.8 million in revenue.
BetMGM ranked third for the month in New Jersey with more than $700,000 in revenue. While that total might not pop out, it represents 7% of monthly revenue in the Garden State. That is within range of the company’s stated goal of at least 10% of New Jersey share.