There’s never a dull moment in the sports gambling scene in New Jersey. Over the last several weeks, the market has been heating up as the much-anticipated football season approaches. After a short slowdown, sportsbooks in the state are finally gearing up for a busy fall.
New Jersey’s performance this July
New Jersey’s betting revenue continued its positive streak in July, a testament to the state’s thriving sports betting industry. It should be noted that July 2023 marked a temporary drop, which is entirely understandable given the expected summer lull in major sporting events. Despite this traditional slowdown, the figures for this July demonstrate the market’s resilience and ongoing growth.
According to the Division of Gaming Enforcement, the state reported a combined handle of just over $587 million, making it the lowest industry figure since August 2022. Similarly, total revenue from sportsbooks in New Jersey amounted to $61 million, the lowest record since February 2023.
Although the dip may appear disheartening, these figures need to be viewed in context. July 2023 actually represented a massive improvement for New Jersey sportsbooks compared to the same month last year. The handle of $587 million represented an increase of 10% from July 2022.
When examining the yearly pace, one will easily identify an interesting trend. By July 2022, the state had already collected more than $6.3 million in wagers. In contrast, 2023’s handle through 7 months sat at $5.7 billion. The revenue, however, paints a different picture with $501.8 million generated in 2023 compared to the $353.7 million generated a year earlier.
Who’s dominating the New Jersey market?
Meadowlands, consistently leading the pack as far as revenue is concerned, reigned supreme for the 54th month in a row. With online operators such as FanDuel sportsbooks, SuperBook sportsbooks, and PointsBet under its umbrella, Meadowlands reported a staggering revenue of $25.7 million. This achievement pushed Meadowlands over the $1.5 billion mark in lifetime revenue, which is an achievement that’s unmatched by any other licensee.
In second place, Resorts Atlantic City secured its place in the rankings, primarily boosted by DraftKings Sportsbook NJ. Resorts reported $19 million in revenue, which reflected an impressive increase of 121% compared to the same period in July 2022.
Borgata, which featured Borgata and BetMGM, on the other hand, reported $6.1 million in revenue. Hard Rock Atlantic City, which also hosts Unibet, Hard Rock, and bet365 brands managed to generate a decent $3.01 million in revenue. Here is a complete breakdown of the remaining casinos:
- Tropicana Atlantic City, which houses Mojo and Ceasars, accounted for $2.74 million in revenue.
- Freehold, home to PlayUp, betParx, as well as Barstool generated $1.62 million in revenue.
- Ocean, featuring Tipico, accounted for revenue worth $416,800.
- Caesars Atlantic City, which hosts WynnBet and 888, reported $300,868 in revenue
- Golden Nugget Atlantic City, which features Golden Nugget and Betway, managed to generate $196, 286 in revenue.
- Bally’s Atlantic City with Sportrade accounted for revenue worth $95,574
- Lastly, Harrah’s Atlantic City which features Prophet reported $38,720 in revenue.
Combined, these key players contributed to the state’s total revenue of $61.01 million. Approximately $3,46 million was acquired from retail revenue while a substantial $57.55 million was acquired from online operations. These numbers shared above highlight the considerable role that online casino platforms play in New Jersey’s sprawling gambling ecosystem.
New Jersey’s robust performance is not just a flash in the pan- it signifies the establishment of the Garden State as the premiere destination for sports betting in the US. The year-over-year uptick in both revenue and handle, with a 10% increase compared to July 2022, as well as a remarkable 35% rise in revenue, reflects the sector’s capacity to adapt to changing circumstances and maintain its upward trajectory.
Plus, when examining the yearly pace, it is clear that sportsbooks in New Jersey are not just growing but becoming more efficient. While the combined handle for the year through July 2022 was much higher, the revenue generated this year so far considerably outpaces 2022’s performance.
This means that New Jersey sportsbooks aren’t just attracting more customers but also maximizing their profitability. Indeed, this is a sign of maturity in the market. The positive upward trend is not isolated to the revenue performance alone’ it also extends to the state’s regulatory framework.
New Jersey has consistently set the gold standard for strict yet fair regulations governing sports gambling. The state’s commitment to upholding the integrity of the industry while ensuring a safe and responsible betting environment has become a blueprint for others to follow.
With more notable changes on the horizon, the landscape will no doubt keep performing well. For instance, Bally Bet temporarily suspended operations to revamp its platform while Fox Bet and WynnBet both made the tough decision to close down operations in New Jersey.
Additionally, the acquisition of PointsBet by Fanatics, as well as the emergence of ESPN Bet, in collaboration with Penn Entertainment, are set to introduce new dynamics to one of the most competitive sports betting markets in the country.
Not to mention, as September kicks off on a high note, the anticipation has been building for sports betting enthusiasts and pros alike. Football season traditionally drives a massive surge in betting activity, which should provide the New Jersey market with more boost in revenue.
New Jersey’s sports betting market continues to thrive, setting new records and a standard for other sports betting states in the country to follow. As the football season, the most popular sports betting season approaches, Garden State’s sportsbooks are gearing up for yet another exciting chapter. With a track record of success and commitment to maintaining the highest standards possible, New Jersey stands as a shining example of just how well a regulated market can flourish.