The Garden State’s sports betting operators continued a year-over-year revenue decline as summer wagering took a big hit in June.
The New Jersey Department of Gaming Enforcement (NJDGE) reported a 9.5% decrease in sports betting profits from June 2023, a month after a 4% year-over-year drop. June revenue of $60 million also fell 23.8% month-over-month.
The Garden State took in $748.4 million in wagers, the second consecutive month with a handle below $1 billion for the first time since last summer. June wagering fell 10.8% month-over-month but did rise 26.6% year-over-year.
The 8% hold in June marked the second consecutive win rate under 10% and the lowest since March’s 6.8%. After the 11 retail sportsbooks posted a hold below 3% in May, the brick-and-mortar operators got the win rate to 4% and produced a combined $1.2 million in revenue on a $29.5 million handle in June.
If the two-year history since online sports betting went live in New Jersey is any indicator, July will be another slim month before action begins rising in August.
The Garden State filled its coffers with $7.8 million in tax revenue for the month.
Some good news
Despite a slow June, year-to-date revenue of $573.1 million is up 30% compared to the first half of 2023, thanks largely to two of the three largest handle months recorded coming in 2024.
Online sports betting has accounted for $558.8 million of those profits in 2024 with a hold slightly above 8.5%. Combined with retail, New Jersey sports betting operators have generated over $6.7 billion in wagers year-to-date, up 31% from 2023. That’s led to $74.3 million in tax revenue for the state.
FanDuel remains out front
| Operator | June Revenue | YTD Revenue |
|---|---|---|
| FanDuel | $29.1 million | $240.5 million |
| DraftKings | $14.4 million | $137.4 million |
| BetMGM | $3.7 million | $30.4 million |
| bet365 | $3.4 million | $19.9 million |
| Caesars | $2.1 million | $15.5 million |
| Fanatics | $1.8 million | $92.2 million (Pointsbet included) |
FanDuel continued to lead with online revenue of $29.1 million and has eclipsed $240.5 million in 2024.
DraftKings unsurprisingly came in second with $14.4 million of profit in June. The online sportsbook was recently fined $100,000 by the NJDGE for data errors that caused partner Resorts Digital to incorrectly file taxes in 2023.
BetMGM’s $3.7 million in revenue was down $1.3 million compared to May while bet365 remained in fourth with $3.4 million of profits, nearly identical to the previous month’s haul.
Caesars surpassed $15 million year-to-date with $2.1 million produced in June. Fanatics, in its first full month since the migration from the PointsBet platform, finished sixth with just under $2 million in revenue.
ESPN BET was the only other sportsbook to reach $1 million in revenue with a June haul of $1.7 million.
Gaming gains
Online casino revenue fell from $192.1 million in May to $186.8 million in June, but profits grew by 25.2% from the $149.3 million produced in June 2023. Year-to-date revenue of $1.13 billion is up 21.4% compared to the first six months of 2023.
New Jersey’s total gaming, including sports wagering, iGaming, racetracks, and traditional casinos, increased 7.4% year-over-year to $491 million in June. The Garden State’s gaming entities have combined to haul in $3.06 billion in 2024.
