New Jersey Sportsbooks Claim $63 Million In August

New Jersey Sportsbooks Claim $63 Million In August article feature image
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(Photo by Adam Hunger/Getty Images) Pictured: Citi Field

The New Jersey Division of Gaming Enforcement reported $62.7 million in sports betting revenue for August on Monday as Garden State operators fell just shy of a 9% hold.

Despite the solid number, revenue plunged 34.7% year-over-year in large part due to the betting public performing much better on parlays. The August hold on the multi-leg bets was a year-low 13.4% from $199.7 million handle as sportsbooks claimed $26.7 million in winnings, down 32.7% from 2023, when the house had a 24.1% win rate in keeping $39.7 million of the $164.8 million wagered.

Overall wagering totaled $698.8 million, down 3.7% year-over-year and up 7.1% from July. Month-over-month revenue fell 21.6% as sportsbooks came nowhere near July's 12.3% hold, which fourth all-time in 75 months of commercial betting. The state claimed just over $8 million in tax receipts, pushing the year-to-date total to $92.6 million. That is almost $16 million more than the first eight months of 2023.

Bettors Raise Their Game

Running Top 10 August #SportsBetting handles:

1 NY $1.44B
2 NEW JERSEY $698.8M <-NEW
3 MA $447.3M
4 MD $377.4M
5 NC $370.5M
6 TN $342M
7 IN $307.9M
8 IA ~$167M
9 KS ~$147M
10 OR $56.2M#SportsBettingX#GamblingX

— Chris Altruda (@AlTruda73) September 16, 2024

Parlays were not the only avenue of wagering where the betting public improved from its July efforts. The sub-6% hold for the catch-all "other" category, which includes tennis, soccer, golf and MMA, was down more than 2.5 percentage points as month-over-month revenue slipped 36.8% to $11.4 million.

Despite middling months from both the New York Yankees and New York Mets, bettors limited the house to a sub-5% hold on baseball wagers as operators won just over $10 million from $201.5 million wagered. That hold was 1.6 percentage points lower than July, sending month-over-month revenue down 23%.

The lower holds on parlays looks to have impacted FanDuel's bottom line as the marketplace leader for those offerings. Its $24.2 million in revenue still led all operators for August while also representing a low for 2024. Eternal rival DraftKings pocketed $15.5 million, a total that beat out only June's $14.4 million for monthly hauls this year.

BetMGM was a clear-cut No. 3 for revenue among mobile operators with $4.5 million while Bet365 fended off Fanatics Sportsbook for fourth, claiming $3.5 million. The England-based operator was $125,600 clear of Fanatics, which had its best month since the changeover from PointsBet at $3.4 million.

Caesars totaled $2.9 million in winnings from its two license tethers, while ESPN BET had its best month since March at $2.7 million. Hard Rock Bet reached seven figures for the third consecutive month with a year-best $1.3 million, while BetRivers and Borgata's internal app each topped $930,000 in winnings.

On the retail side, the 11 brick-and-mortar sportsbooks combined for $2.4 million in winnings with a 7.5% hold against $32.5 million. Ocean Casino was the only one of the group to post a loss in August as bettors came out $144,340 ahead, sending them into the red for 2024 with a loss of $114,700.


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About the Author
Chris is a Senior Analyst at Better Collective US and his focus is breaking down monthly sports betting revenue figures from state agencies across the United States. Prior to joining Better Collective in November 2019, Chris acquired more than two decades worth of experience at three national sports news wire services.

Follow Chris Altruda @altruda73 on Twitter/X.

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