New Jersey Sportsbooks Report Mixed Bag of September Results
According to data published by the New Jersey Division of Gaming Enforcement, the Garden State’s native regulatory body, New Jersey’s sports betting enterprises took $866.7m in bets throughout September. Although this figure represented a steep incline on last month’s performance, handle still dipped by over 14% on September 2021.
In fairness, the state’s retail and digital sportsbooks were up against a challenging set of numbers, with bets placed in the like-for-like period last year surpassing the $1bn threshold – the first time any U.S state had achieved this feat since the inception of the country’s nascent sports wagering market. Nevertheless, any notion that New Jersey’s September annual dip was exclusively a product of a super-charged 2021 result is undermined when reviewing the previous month’s handle, with August’s numbers reflecting an approximate $117m year-on-year decline. Although the onset of the NFL season did catalyse a sizeable improvement in this metric between August and September 2022.
However, in spite of this downturn in bettor activity, revenues still stacked up well. Sports betting firms generated a collective $98m in GGR, a significant 18.9% uplift on the previous year. Meadowlands Racing & Entertainment remained the state’s strongest operator, as strategic partnerships with industry giants FanDuel, PointsBet and SuperBook Sports continued to pay dividends. Indeed, the group delivered just under half of New Jersey’s total sportsbook revenues.
Although September’s revenues portray a positive picture, the progressive outlook makes for more concerning reading. So far this year, the state has registered $516.9m in gross gaming revenue from its sports wagering vertical – a substantial 7.3% dip on last year’s comparative figure.
