Despite a declining month for New Jersey sports betting in terms of handle, revenue increased to 35% in June, which neutralized the bitter effects of a typically slow season.
According to the numbers released Friday by the state, New Jersey sports betting generated $766.9 million total sports betting handle, representing a 5.8% decline from May’s $814.27 million. However, last month’s handle was a whopping increase of 364.7% year-over-year as the Garden State’s sportsbooks had brought in just $165 million amid the height of the pandemic last June.
January had witnessed the highest handle for this year when NJ sportsbook had amassed $958.72 million in total bets. But Dec. 2020 holds the all-time national record when the Garden State posted $996.3 million, the highest-ever monthly handle reported by any state in a single month.
How Revenue Soared 35% Without Handle Increase?
The downward trend in the monthly handle is both normal and expected during the months sandwiched between March and September – a span usually called spring and summer slump in US sports betting in the wake of lack of sporting events.
With a dipping handle in June, New Jersey sports betting was no exception, but operator revenue soaring to 35% to $71.3 million in June was both welcoming and surprising. A considerable hold of 9.3% made it happen, which was significantly higher than May’s 6.5%, and April’s 7.3% hold.
As a result, June’s revenue of $71.3 million was up 34.7% from May’s $52.9 million, and a 463.9% rise in the year-over-year comparison.
Total sports betting action in June generated $10.5 million in state taxes.
Retail Betting Gained Some Ground
Mobile sports betting fell just under 90% of all bets placed during the month of June, with sportsbooks reporting $683 million in the online handle, representing a 7% decline from May’s $734.65 million, but up 314% from June 2020 ($165 million).
The slight loss for digital betting meant some significant gain for New Jersey retail betting, which was $83.9 million in June, representing a 4 million rise from May’s $79.7 million.
This slow but steady trend suggests the residents are going out to visit brick-and-mortar sportsbooks.
Parlays Attracted Most Revenue
Parlays attracted the most revenue for NJ sportsbooks last month, generating $31 million as the operators have held 17.8% on parlays for the year.
The ‘Other’ category – which includes tennis, soccer, and table tennis – brought in the second-highest revenue at $17.5 million last month.
Basketball drew $14.5 million in revenue for the sportsbooks, while baseball generated $3.5 million in revenue.
FanDuel Continues to Lead New Jersey Sports Betting
FanDuel-powered Meadowlands Racetrack posted 62% of all New Jersey sports betting revenue for June, which is down 65% witnessed in June. PointsBet is the other partner of the Meadowlands, which will see its third partner Superbook USA launch next month.
The Resorts license – shared by DraftKings, Fox Bet, and Resorts Digital – came in second place with an 18.5% share.
Borgata and BetMGM were the third with a 9% share.
Other small players in the Garden State’s sports – including William Hill, SugarHouse, theScore, Bally’s, and Caesars – picked up the remaining chunks of the pie.