Despite passing $10 billion year-to-date in handle, October was a rough month for sports betting operators in the Garden State.
The New Jersey Division of Gaming Enforcement reported a monthly handle of $1.13 billion, a 12.5% decrease from October 2023. Even worse than the lighter action, online and retail sportsbooks saw a 16% year-over-year drop in revenue to $77.5 million.
It’s a far cry from September’s $119.6 million haul, the second-highest monthly revenue ever in the Garden State.
With NFL favorites finding a ton of success in the middle of the month, bettors feasted and lowered the hold from 11% in September to 6.8% in October.
Online sports betting operators combined to account for $1.09 billion of the total handle but managed a win rate just below 7%. Retail sportsbooks produced a 3.6% hold on a $43.8 million handle.
October generated the sixth billion-dollar handle in 2024, but operators were unable to capitalize on the 4% increase from September’s amount wagered.
The Garden State filled its coffers with $10.1 million, down from the $15.1 million tax haul in September.
Football, parlay revenues plummet
Despite the NFL and college football being in full swing, October wagering on the sport was down 29% year-over-year and 9.2% month-over-month. Football generated a $368.3 million handle to put the year-to-date total over $1 billion on the sport. October produced a win rate of 4.6%.
Bettors’ NFL success made revenue from parlays plummet from $85.4 million in September to $39.4 million in October, despite a 5% month-over-month handle increase.
The start of the NBA season in October led to $110.7 million in wagers, but a hold under 3% resulted in $3.2 million in revenue. The MLB playoffs and the World Series generated $104.3 million in wagers and $4.6 million in revenue. “Other” sports produced $9.1 million in revenue on a $180.2 million handle.
Operator profits fall
| Operator | October Revenue | YTD Revenue |
|---|---|---|
| FanDuel | $34.8 million | $380.3 million |
| DraftKings | $22.2 million | $237.7 million |
| BetMGM | $7.3 million | $61.8 million |
| bet365 | $3.7 million | $35 million |
| Caesars | $3.6 million | $29.5 million |
| ESPN BET | $1.6 million | $6.8 million |
None of the top six online sportsbooks saw a month-over-month increase in revenue. Hard Rock Bet even suffered an October loss of more than $1 million.
FanDuel still led all New Jersey sports betting operators with $34.8 million in profits, down 27.8% from September, but the online operator surpassed $350 million year-to-date. DraftKings hauled in $22.8 million a month after bringing in over $36 million.
BetMGM went over $60 million year-to-date with a $7.3 million revenue month, third-best in New Jersey.
bet365 edged Caesars for the fourth-highest revenue at $3.7 million. Caesars closed in on $30 million after taking in $3.6 million in revenue. ESPN BET was unable to clear $2 million in profits a month after producing $2.5 million.
Another iGaming record
Online casino revenue set another record in October. The $213.6 million hauled in by iGaming operators topped last month’s previous high by over $5 million.
iGaming revenue grew 28.1% year-over-year from the $166.8 million reported last October. Year-to-date, online casinos and their partners have recorded $1.95 billion in revenue, a 23.7% increase from 2023.
Total gaming revenue, which includes in-person casinos, iGaming, sports betting, and horse racing, reached $499.8 million, a slight 2.6% year-over-year increase. However, revenue fell 15% compared to September.
