The NJ sports betting market has not stopped growing while facing the launch of mobile NY sportsbooks earlier this year.
Handle at New Jersey sportsbooks was $926.9 million in April, which is 23.9% higher than last year. That figure was down 17.3% month-over-month, though that reflects the slower US sports betting calendar.
Sports betting revenue was $50.3 million, down 8.2% compared to last year, though, which is largely because of stronger hold last year. Books held 7.3% last year compared to 5.4% this year.
NJ sports betting market still hot
New York also benefited from a higher-than-average hold rate of 7.5% for $104.1 million in revenue for April.
One area it will never be fair to compare the two states on is tax revenue, though. While NJ reported $6.4 million in taxes for the month on a blended rate of 13% for online and 8.5% for retail, New York’s eight sportsbooks paid $53.1 million with the state’s 51% tax rate.
Parlays saved NJ sports betting revenue in April
Parlays typically stand out as the most profitable bet type for sportsbooks but they really carried a lot of the revenue responsibility in April.
Sportsbooks held 17.9% on completed parlays in April for $35.2 million in revenue on $197.3 million in completed parlay handle.
The next highest hold came in both the other and baseball categories at 2.9%.
Baseball saw $177.9 million in completed bets result in just $5.2 million in revenue. The other category ranked second only behind basketball in terms of completed handle with $223 million bet and $6.5 million in revenue.
Books beat on basketball
As usual for April, basketball was the star sport in terms of handle with the last three games for March Madness betting and the start of the NBA Playoffs falling in the month.
With a hold of just 2.6% on completed events, though, that meant the $323.4 million bet led to only $8.4 million in revenue.
Football, meanwhile, turned in a loss of nearly $1.5 million for the month with $8.4 million bet between the NFL Draft and USFL games.
Meadowlands partners still lead revenue
Second on the list was Resorts Digital at $7.4 million in monthly revenue. Those partner brands include DraftKings, FoxBET and Resorts’ own branded site.
Borgata brought in the bronze with $4.5 million in revenue split between the casino’s own branded site and BetMGM.