The New Jersey Division of Gaming Enforcement reported $80 million in sports betting revenue for July, marking the fourth-highest collective hold in state history at 12.3%. This was the highest hold since last August’s 13.2%, which ranks second all-time. Notably, six of New Jersey’s ten all-time double-digit win rates have occurred in the past 15 months.
New Jersey also joined New York as the only two states to surpass $4 billion in operator revenue in the post-PASPA era. July’s revenue increased over 31% from last year, significantly outpacing the 6.5% rise in handle to $652.3 million.
Although the handle was down almost 13% from June, revenue surged by more than 33% due to July’s hold being over 4.2 percentage points higher. New Jersey has recorded 50 monthly handles of $500 million or more, the most of any state.
New Jersey, New York, and Pennsylvania are also the only states to break $500 million in tax receipts. This milestone was achieved thanks to the more than $10 million in tax revenue added to the state’s coffers in July. Impressively, nearly $85 million in tax revenue has been generated by sports betting wagers in the first seven months of 2024, marking a $20.3 million increase compared to the same period last year.
Which Sports Fueled New Jersey’s Big Betting Month?
Baseball contributed approximately $13 million to New Jersey’s sports betting revenue from a handle exceeding $197 million. Basketball, with only the Olympics and part of the WNBA schedule, generated around $56 million in wagers and $3 million in profit.
“Other” sports collectively brought in about $18 million in revenue from a handle surpassing $211 million. Parlays remained a lucrative segment, boasting a 22% hold and pushing the year-to-date win rate to nearly 20%.
FanDuel Leads Online Sports Betting in New Jersey in July
Online sports betting in New Jersey generated a handle of about $624 million and nearly $78 million in revenue for July.
FanDuel, one of the top-rated sportsbooks in the region, led the market with approximately $32 million in revenue, up from June’s $29 million. DraftKings saw an impressive 80% increase in profits, reaching around $26 million in July, pushing its annual revenue past $150 million. BetMGM secured the third spot with $5 million in profit, while Caesars edged out bet365 by about $400,000.
Fanatics, including the previous PointsBet platform, reported nearly $3 million in revenue, bringing its 2024 total close to $100 million. ESPN BET, despite a 44% month-over-month revenue increase, earned $2.4 million, placing it sixth as it struggles to gain market share in New Jersey.
July Was A Big Month For Sports Betting in America
New Jersey isn’t the only state to see a sports betting surge in July.
All 17 states and Washington D.C. that have published full commercial sports wagering reports posted double-digit holds last month. The nationwide win rate, excluding Nebraska and Tennessee, is 11.7032% on just over $4 billion in wagers.
This is tracking as the third-highest hold in 74 months of post-PASPA wagering, behind only September 2018 (11.7095%) and September 2022 (11.7068%). July is also set to be the third month this year with a hold above 10%, following January (10.9%) and May (10.5%).
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