Parlays Help New Jersey Sportsbooks To Bumper June Hold

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New Jersey sportsbooks

New Jersey sportsbooks saw handle decline in June but favorable results meant revenues kept climbing.

June sports betting handle fell 6% month-on-month to $767 million. Revenue, however, climbed 35% to $71.3 million, thanks to a massive 9.3% hold.

That was up significantly from 6.5% hold in May, and a 7.3% mark in April.

Just under 90% of all wagers were placed online, per the state report.

Strong first half for NJ books

The trend of a dip in handle but strong hold was seen in other states that reported June figures, including Iowa.

 Through half the year, NJ sportsbooks have now taken $4.9 billion in bets. 

On completed events, they have held 7.4% of those wagers, good for $361 million in revenue.

Who leads New Jersey sportsbooks?

The Meadowlands license, driven largely by FanDuel Sportsbook, contributed a massive 62% of all NJ sports betting revenue for the month. 

That’s down a tick from the 65% seen in June. PointsBet also shares the license.

Superbook USA will launch next month on the Meadowlands license as well.

Podium position among New Jersey sportsbooks

Elsewhere, the Resorts license came in second place with an 18.5% share. That includes primarily DraftKings, as well as Fox Bet and Resorts Digital. 

A distant third was Borgata and BetMGM, with a 9% share worth $6.9 million.

Other NJ operator market share

The state earned more than $10 million in sports betting taxes.

The market could also get a shakeup in the coming months, with two exchanges aiming to launch this football season.

What was the most popular sport to bet in NJ?

Parlays were the big winner for the books, generating $31 million in revenue. The books have held 17.8% on parlays for the year.

Next up was ‘other’ at $17.5 million in revenue for June. ‘Other’ includes tennis, soccer and table tennis.

Elsewhere, basketball generated $14.5 million in revenue for the books, with baseball at $3.5 million.