New Jersey’s sports betting handle reached $1.04 billion in April 2024, marking a significant increase from the $833.9 million generated during the same month in 2023. This surge in betting activity can be attributed to the heightened interest and engagement of sports enthusiasts across the state. The dominance of major sporting events, such as the NBA and NHL playoffs, as well as the continued presence of MLB, contributed to the robust betting landscape.
The sports betting operators in New Jersey demonstrated an impressive 10.2% hold in April, leading to an additional $18.3 million in revenue compared to the previous month. This strong performance translated into a substantial increase in tax revenue for the state, with the Garden State collecting $13.8 million in taxes, up from $11 million in March.
The impressive sports betting numbers in April have propelled New Jersey over the $5 billion mark in handle for the first four months of 2024. This remarkable achievement underscores the state’s continued dominance in the sports betting industry, further cementing its position as a leader in the field.
New Jersey has now recorded its ninth consecutive month with a billion-dollar sports betting handle, solidifying its status as a hub for sports enthusiasts and bettors alike. The cumulative amount wagered in the state has surpassed $50 billion, a testament to the unwavering passion and engagement of the Garden State’s sports betting community.
Online and retail sportsbooks in New Jersey have combined to generate $434.2 million in revenue year-to-date, representing a 48.6% increase from the $292.3 million reported during the same period in the previous year. This remarkable growth is a clear indication of the state’s ability to adapt and thrive in the ever-evolving sports betting landscape.
The sports betting operator landscape in New Jersey continues to be highly competitive, with several leading brands vying for market share. FanDuel maintained its dominance, generating $37.8 million in gross revenue for the month and topping $174 million in year-to-date revenue. Fanatics Sportsbook emerged as the second-highest earner, while DraftKings successfully crossed the $100 million revenue mark for the first four months of 2024.
The iGaming sector in New Jersey has also demonstrated resilience, with online casino revenue rising 18.2% year-over-year to $187.9 million in April. Despite a slight dip from the previous month’s $197.2 million, the year-to-date iGaming profits came in at an impressive $750.7 million, representing a 21.1% increase from the same period in 2023.
The retail sports betting landscape in New Jersey has seen a more mixed performance, with only five of the 11 brick-and-mortar shops producing a profit. FanDuel’s Meadowlands Racetrack emerged as the leading retail operator, generating revenue of $2.3 million.
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