New Jersey Sportsbooks Show Signs of Growth Again in August

Figures released on Friday by the New Jersey Division of Gaming Enforcement showed the Garden State’s retail and online sportsbooks handled approximately $546.8 million in bets in August, up 2.8% from July.

Last Updated: Sep 16, 2022 2:51 PM ET Read Time: 2 min
Saquon Barkley New York Giants NFL
Photo By - USA TODAY Sports

There are green shoots again for New Jersey sports betting.

Figures released on Friday by the New Jersey Division of Gaming Enforcement showed the Garden State’s retail and online sportsbooks handled approximately $546.8 million in bets in August, up 2.8% from July.

The legal sports betting handle for New Jersey last month was down more than 17% when compared to August of 2021, though, when wagering clocked in at around $664 million.

However, revenue earned by the state’s bookmakers in August of this year was $65.3 million, up 45% compared to July and an increase of 25.5% from a year earlier. Last month’s revenue also worked out to a hold of 11.9% for the books.

New kid on the block

Still, the slight rebound in August followed a steady decline in handle that had been happening since March, with bettors losing interest after the end of the college basketball season and the NFL playoffs. July's action had been the lowest monthly total for New Jersey sportsbooks since July of 2020 as well. 

In addition to the slower sports schedule, another factor that may be weighing on the handle at New Jersey sportsbooks is the robust betting market that has popped up nearby, in New York.

The Empire State launched online sports betting in January, and although New Jersey sportsbooks have been resilient, the last four months of reported handle for the state have been lower than the same months of 2021.

But, while some things may be changing with New Jersey’s monthly numbers, other things remain very much the same. 

In August, as per usual, Meadowlands Racing and Entertainment was the top sports-betting licensee in New Jersey in terms of revenue. The racetrack and its online sportsbook partners — FanDuel, PointsBet, and SuperBook Sports — generated $33.2 million in revenue for the month.

As of the end of August, sportsbooks in New Jersey had taken more than $6.8 billion in bets and generated more than $418 million in revenue, the latter of which was down almost 12% compared to the same point of 2021.

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