New Jersey Sports Betting Revenue Drops 16% in October

The Garden State’s online and retail sportsbooks generated $1.13 billion in wagers but combined for a hold under 7%. 

Brad Senkiw - News Editorat Covers.com
Brad Senkiw ? News Editor
Nov 19, 2024 ? 12:39 ET ? 4 min read
New Jersey Devils left wing Jesper Bratt (63) celebrates with left wing Erik Haula (56) after the game against the Florida Panthers at Amerant Bank Arena. Mandatory Credit: Sam Navarro-Imagn Images
Photo By - Imagn Images.

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. 

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