NJ Sports Betting May Handle Slides With $766M in Bets

Spread the Word:

NJ sports betting May handle fell 17% to $766 million as the US sports betting enters deep into the summer slump.

According to the report, the Garden State’s operators accepted $766 million in bets, compared to $926.9 million in April. NJ wagering handle in April was also a 17% decline from 1.1 billion in total handle in May, thanks largely to the NCAA Men’s Division 1 Basketball Tournament – the biggest sporting event in the US in a calendar year.

A bigger concern was that the NJ sports betting May handle also shrank 6% (or $48 million) in the year-over-year comparison, rekindling speculations that NY online sports betting launch might have affected the NJ market.

US sports betting traditionally slows down between April and August in what is known to be the summer slump – the slowdown months in the US sports calendar. Things return to normalcy with the kickoff of the regular football season in September.

Despite the shrinking handle, NJ sportsbooks enjoyed a decent 8% hold rate on that handle, allowing them to win $62 million in revenue. It was a 25% gain over April.

NJ Sports Betting May Results by Operators

FanDuel-led Meadowlands Racetrack continued to lead NJ sports betting May results by pulling 58% share of the revenue. FanDuel contributed most of the $35.5 million in revenue for its Meadowlands license, which also partners with PointsBet and SuperBook.

Resorts Digital, with its partners DraftKings and FoxBET, finished second with an 18% share and $11 million in monthly revenue.

Borgata claimed the third position with $6.4 million in revenue contributed by the casino’s own branded mobile app and BetMGM. That included a 10% share of the NJ sports betting May figures.

No other wagering licenses in the Garden State could go above 5% share.

Baseball pulled the highest handle for an individual sport for the month of May with $193 million. The other leading sport was basketball which attracted $136 million worth of bets.

Parlay betting accounted for $172 million last month.

As usual, parlay betting accounted for the highest revenue with almost $38 million in revenue.

Is NY Online Sports Betting Impacting NJ Market?

Though NY online sports betting dethroned NJ sports betting as the US sports betting leader earlier this year, the Garden State continued to post decent handles since January. For instance, the NJ Division of Gaming reported the state’s operators set a new record for sports betting with nearly $1.35 billion in wagers for January 2022 – the month when NY online sports went live with all its pomp and glory.

The subsequent months also showed NJ sports betting an unaffected market, despite many analysts that claimed it would be cannibalized by the more formidable rival: the Empire State.

The NJ sports betting May report has renewed concern of those predicting a downfall of the NJ in the face of the NY online sports betting launch. Though the 17% month-over-month dip is normal, the 6% year-over-year slide from $814.2 million in handle for May 2021 to $766 million in handle for this May.

Though New Yorkers are no longer visiting the neighboring state since January 2022, NJ sportsbooks appear to be just fine. The NJ market has accepted more than $5.1 billion in bets through the first months of the year, which is over $1 billion more than they witnessed during the same period in 2021.

The 25% year-over-year increase in NJ sports betting is good enough to shrug off the concerns emanating from the NY online sports betting launch.

The Future of NJ Sports Betting

Despite shrugging off the NY mobile launch, NJ sports betting is likely to see more declining months amid the peak of the summer slump. The same fate awaits almost every single legal sports betting market in the USA, at least for another few months.

As the NBA Finals are about to conclude, and the Stanley Cup Finals are underway now. Once they are completed, the US sports calendar will hardly leave any sporting event for the Americans to wager on until the NFL and NCAA Football return.

Though MLB betting attracts attention, along with some significant tennis and golf events, these markets can hardly match the craze that basketball and football bring about.

Baseball has attracted an average of nearly $187 million in handle per month so far, compared to basketball with $447 million.

So, the next few months will bring similar dips in the monthly handles in the US sports betting and for its former leader: NJ sports betting.

Related News

New Jersey sports betting handle
April 22, 2022

New Jersey Sports Betting Recovers $1B-Plus Handle Trend in March

New Jersey sports betting recovered in March its “new normal” status of $1 billion-plus in handle after a sluggish February. March was the sixth month in the last seven that […]

read more
New Jersey sports betting April
March 30, 2022

New Jersey Online Sports Betting

New Jersey had sought to legalize online sports betting for years, and the state formally challenged the Professional and Amateur Sports Protection Act of 1992 (PASPA) in hope of legalizing […]

read more
August 25, 2021

New Jersey Online Casinos

Looking to play casino games online in New Jersey? New Jersey has nine commercial casinos, which are all confined to the Atlantic City area. These casinos are: Most of these […]

read more
View of Jersey city
August 23, 2021

New Jersey Posts $118M Monthly Online Gambling Record in July

New Jersey’s nine casinos have collectively posted $118.6 million in online gambling revenue, eclipsing the previous record of $113.7 million seen this March. According to the figures released Monday by […]

read more

Stay Updated & Receive Exclusive Offers

Be the first to know when new states legalize online gambling and gain access to exclusive casino and sports betting promotional offers.