New Jersey Sports Betting Handle Below $600M First Time in Year
New Jersey sports betting this July reported its worst handle in a year, dipping below $600 million handle for the first time since July 2020. Even the NBA Finals and the Olympics could not keep the nation’s largest sports betting industry from the effects of the summer slump.
According to the numbers released Monday by the New Jersey Division of Gaming Enforcement (DGE), the state’s sportsbooks reported $578.7 million in total sports betting handle in July, down 24.5% from June’s $766.9 million.
However, last month’s handle was up 83.7% from $315.1 million reported in July 2020. But last July, it was the pandemic that shrank the handle before it swelled to $668 million in Aug. 2020.
The Garden State had posted the all-time US monthly handle record of $996.3 million last December. In January, New Jersey sportsbooks amassed $958.72 million in total bets.
Mobile betting accounted for more than 90% of the total handle in July.
New Jersey operators brought in nearly $55 million in revenue, representing a 22.9% decline from June’s $71.3 million, but an 86% gain year-over-year. The hold for July was 9.5%, which was solid compared to the 9.3% hold a month prior.
The state government raised $8.3 million in taxes from sports betting.
During the first seven months this year, New Jersey sports betting has handled $5.5 billion in total wagers, while generating $423.3 million in revenue.
Mobile sports betting in New Jersey dipped in July to $529.4 million, representing a 22.5% decline from June’s $683 million. However, it rose 79% from July’s $295.8 million.
Overall, online betting accounted for 91.5% of the total handle, compared to June’s 89%.
Baseball Most Favorite Among New Jerseyans
Baseball topped the trend among New Jersey bettors, who wagered $195.4 million on the sport in July, compared to $169.3 million in June.
Basketball bets drew the second-highest with $74.8 million, nosediving from $190.9 million in June.
Parlays took in $134.1 million, representing a little more than 23% of July bets in the Garden State. The operators had a huge win rate of 24% on Parlays, which generated $32.3 million in revenue.
The Olympics didn’t help, said Eric Ramsey, an analyst for the PlayUSA.com Network. Though the NBA Finals did not help either, it helped New Jersey sports betting avoid a “steeper decline,” said Ramsey.
FanDuel, New Jerseyans First Choice
FanDuel, the traditional no. 1 sportsbook, continues to lead the nation’s no. 1 sports betting state. FanDuel and PointsBet, and SuperBook USA – which operate through the Meadowlands license – again led mobile operators with $29.5 million revenue. Overall, the Meadowlands accounted for $31.7 million – almost 58% of the state’s sports betting revenue in July.
Though the Australian-based PointsBet and SuperBook USA share the Meadowlands license with FanDuel, the New York-based operator was responsible for most of the bets.
The Resorts Digital license – shared by DraftKings, Fox Bet, and Resorts – contributed $10.6 million, or 19% of the total revenue.
Borgata license – shared by BetMGM and Borgata Sports – generated $6.3 million in sports betting revenue for the month.
Retail sports betting saw $49.3 million in July handle, down from $83.9 million a month prior. Meadowlands led retail sports betting operators with $2.2 million in revenue.
What’s the Future of New Jersey Sports Betting?
July is the peak of the summer slump – an era of fewer sports activity between April and August – and things will accelerate from here. The Garden State will continue to lead US sports betting markets in handle as the football returns in the fall.
Though the launch of New York mobile sports betting is likely to affect the New Jersey market, the actual impact will only be visible when the Empire State goes live sometime early next year.
According to David Danzis, a sports betting analyst, US sports betting will soon start to gain momentum as casual bettors return home from summer vacations, beginning to turn their focus to the upcoming NFL.