Bettors in the Garden State lowered sportsbooks’ win rate to single digits for the first time since April with an improved September run.
Key Takeaways
- The 7.9% hold in September was the third lowest in 2025.
- Retail sportsbooks turned in a loss after the Borgata got hit hard.
- FanDuel and DraftKings suffered year-over-year revenue decreases.
The New Jersey Division of Gaming Enforcement reported on Friday that online and retail sports betting operators turned in a 7.9% hold off of a $1.13-billion handle, a 3.7% year-over-year increase. In the first full month of NFL and college football, September produced the operators’ third-lowest win rate of 2025, and the hold was down three points from the same month in 2024.
The $89.8 million in gross revenue was down 19.4% from September 2024, the third-most profitable month ever in the Garden State. September was also the third-lowest revenue month of 2025.
Retail struggles
The 15 New Jersey online sports betting operators accounted for all the revenue from a $1.07-billion handle. Retail operators finished over $13,000 in the red for the month on a $60-million handle. The Borgata got hit the hardest, reporting a loss of over $3.3 million in September.
Thankfully for the Garden State, the first football month with an increased tax rate on online sports betting filled its coffers with $17.9 million. New Jersey has collected over $50 million in tax revenue in 2025.
Yearly drops
| Online Operator | September Revenue | YTD Revenue |
|---|---|---|
| FanDuel | $37.7 million | $318.5 million |
| DraftKings | $22.6 million | $224.4 million |
| BetMGM | $7.1 million | $56.9 million |
| Fanatics Sportsbook | $6.9 million | $56.4 million |
| bet365 | $5.4 million | $43 million |
| Caesars | $3.4 million | $23 million |
FanDuel surpassed $300 million in year-to-date revenue with a September haul of $37.7 million, but the popular operator suffered a 22.7% year-over-year profit decrease. DraftKings had an even steeper 38.1% drop, finishing September with $22.6 million in profit.
BetMGM had the third-highest revenue of the month at $7.1 million, while Fanatics Sportsbook bounced back from a rough August with $6.9 million in revenue, a 172% year-over-year increase. bet365 rounded out the top five and surpassed $40 million in year-to-date profits after a 12.4% spike compared to the previous September.
Caesars and Hard Rock Bet were the only other online operators to surpass $1 million in revenue for the month.
iGaming cools off
After banner months in July and August, New Jersey’s streak of iGaming records was halted in September, but online casinos still generated $243.1 million in revenue, a 16.8% year-over-year increase. Profits for 2025 surpassed $2 billion, and more than $48 million in tax revenue from iGaming went to the Garden State.
Total gaming revenue of $563.7 million in September represented a small 1% year-over-year gain. All forms of New Jersey gaming have contributed over $80 million in taxes in September to run the yearly total over $611 million.
