NJ sportsbooks continued to slow down in June, as bettors got used to a baseball-heavy sports schedule.
NJ sports betting handle fell 17% month-on-month to $633 million. Revenue also took a hit, dropping 37% to $39 million, per the state report.
Hold for the month was 6.2% slightly above the average for 2022, which stands at 5.3% through June.
Annual decline
That revenue figure also dropped significantly from June 2021, falling 45% year-on-year. Through the year’s first half, NJ sports betting revenues are down 16% from 2021 to $309 million. Analysts have suggested some of that drop-off may be cannibalization from New York.
That said, NY sportsbooks are suffering a summer swoon of their own. In June, they recorded their lowest monthly handle since the industry launched.
Who led NJ sportsbooks?
The Meadowlands license led the NJ market, with a 55% share of revenue worth $21.4 million. That was down slightly from 58% share last month. FanDuel, PointsBet and SuperBook license through the Meadowlands.
NJ does not break out operator hold by bet type, but it’s safe to assume a strong hold rate is helping boost FanDuel’s revenues. The sportsbook held 29.7% on parlays in Illinois, at least 10 percentage points higher than any other book.
Silver medal position for Borgata, MGM
The Borgata license jumped into second place, with a 12% market share, split between the casino’s own branded site and BetMGM Sportsbook.
That was just good enough to surpass the Resorts Digital license, which also held a 12% share, down from 18% in May.
Those partner brands include DraftKings and FoxBET. It could soon include Mexican brand Caliente, after Resorts announced plans to close down its own sportsbook offering.
Where was the money made for NJ sportsbooks?
Parlays did the heavy lifting for NJ books, bringing in $20 million in revenues, more than half the monthly total.
‘Other’ sports like tennis and MMA brought in $14.5 million, with baseball at $5.5 million.
