New Jersey sportsbooks reported $62.7 million in revenue for August 2024, with a hold rate of 9%. Year-over-year, revenue dropped 34.7%, mainly due to bettors performing better on parlays. Total handle for the month was $698.8 million, a 3.7% decline from 2023. FanDuel led operators with $24.2 million in revenue, followed by DraftKings and BetMGM. Retail sportsbooks combined for $2.4 million in winnings, while Ocean Casino posted a loss for the month.
New Jersey’s sports betting market shows resilience despite a dip in revenue. Bettors’ success on parlays, particularly in August, highlights how volatile these multi-leg bets can be for sportsbooks. FanDuel and DraftKings remain dominant, but other operators like Bet365 and Fanatics are starting to carve out a presence. The revenue drop, while significant, likely reflects the challenges sportsbooks face in maintaining high hold rates as bettors become more strategic.
Source: New Jersey Division of Gaming Enforcement
Alex Brown is an experienced sports journalist with a passion for covering the latest developments in online gambling and sports betting. With years of expertise in the industry, Alex provides in-depth analysis, expert insights, and up-to-date news to keep readers informed about the rapidly changing world of sports betting.
Alex Brown is an experienced sports journalist with a passion for covering the latest developments in online gambling and sports betting. With years of expertise in the industry, Alex provides in-depth analysis, expert insights, and up-to-date news to keep readers informed about the rapidly changing world of sports betting.
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