Baseball poured shower on New Jersey sports betting amid a parched season as the state’s sportsbooks reported a 9% increase in May.
According to the latest figures released Wednesday by the Division of Gaming Enforcement, New Jersey sportsbooks took in $814 million worth of bets last month, compared to $747 million in April handle. While it was an 8.9% increase month-over-month, May handle represented a whopping 591% up in year-over-year comparison. In May 2020, New Jersey sports betting had reported just $117.82 million.
May rebound produced the fifth-highest handle ever for the Garden State, and third-highest this year. The highest handle this year was reported in January, which saw $958.72 million, while March had brought in $859.6 million.
New Jersey set the all-time monthly record for US sports betting in December when the Garden State reported $996.3 million in the monthly handle.
Mobile betting accounted for more than 90% of the total handle in May.
The sportsbook operators churned out $52.9 million in revenue, which was 3.5% down from April’s $54.83 million. However, it was a 433.6% increase year-over-year from May 2020’s $9.91 million.
A low hold rate of 6.5% – compared to 7.3% in April – resulted in diminished revenue.
The Garden State generated $6.8 million in sports betting taxes in May.
From January to May, New Jersey sports betting revenue totaled $297 million, representing a 208% increase from what the state’s industry had seen during the same period last year.
However, it must be noted that the year 2020 was completely eclipsed by the pandemic.
Baseball Came to Rescue
Baseball came to the rescue last month as it led New Jersey sports betting last month with $326 million in total bets. Like MLB, NHL and NBA also helped swell numbers for the Garden State’s sportsbooks in May.
Basketball drew $217 million in wagers last month.
Parlays – with a 17.6% hold rate during this year – reported nearly $81 million in handle in May.
Thanks to these sports, New Jersey sports betting floated nicely during a stagnant month. So far, six states/jurisdictions have reported. Half of those have seen dipping handles.
FanDuel-led Coalition Leads New Jersey Sports Betting
FanDuel-led coalition contributed 65% of all the sports betting revenue generated in May. FanDuel – through its licensing partner Meadowland – launched in the New Jersey sports betting market in September 2018, slightly late than the rivals including DraftKings and Borgata. But the New York-based operator quickly dominated the nation’s largest sports betting market.
PointsBet shares Meadowland license with FanDuel, and the racetrack will also add another skin – Superbook USA – next month.
DraftKings’s partner – the Resorts – reported an 18% share in the market, good enough to put them in second place.
BetMGM and Borgata were the distant third, with a 7% revenue share.
Other Key Details
New Jersey mobile sports betting again dominated with 90.2% of the total handle. Of $814 million, $734.65 million was wagered online in May. It represented a 7.9% increase from April’s $681.2 million, and a whopping 523.5% gain year-over-year.
Total gaming revenue for the Garden State was $374.2 million, representing a 6.2% from $352.2 million in April, and a significant 290.4% increase from May 2020 ($95.8 million).
New Jersey’s iGaming (online casino) win was nearly $108 million, representing a slight increase of $107.7 million, and nearly 26% up from what the state had reported during the same period a year prior.