The Garden State’s April handle fell below $1 billion for just the second time in the past eight months.
Key takeaways
- New Jersey sports betting operators turned in a 9.1% hold.
- April gross revenue decreased 14.8% from the same month in 2024.
- FanDuel led all operators in April profits, which were down from the previous year.
The New Jersey Division of Gaming Enforcement reported Friday that bettors wagered $994.4 million during a month including college basketball’s Final Four, the NBA and NHL Playoffs, and the NFL Draft.
The latest reported monthly handle was down 4.4% from April 2024’s $1.04 billion. New Jersey online sports betting operators and retail sportsbooks generated $90.5 million in gross revenue, a 14.8% year-over-year decrease.
The 9.1% hold marked the third consecutive month with a win rate below double digits and the fifth in the last six months.
New Jersey filled its coffers with $11.7 million, bringing its year-to-date tax income total to $46 million.
Bouncing back
April’s sports betting figures fell off from the previous year, but compared to March, operators will take it. The NCAA tournament went the way of bettors, who lowered hold to 7.1% during March Madness.
A lack of upsets and a heavy dose of favorites winning put a hurt on sportsbooks’ parlay hold. New Jersey operators generated 10% fewer wagers month-over-month in April but produced 27% more gross revenue than the month including the first three weeks of the NCAA tournament.
Operators making more
| Online Operator | April Revenue | YTD Revenue |
|---|---|---|
| FanDuel | $31.8 million | $142.2 million |
| DraftKings | $22.4 million | $98.2 million |
| Fanatics Sportsbook | $12.9 million | $27.5 million |
| BetMGM | $7.1 million | $28.4 million |
| bet365 | $5.6 million | $17.2 million |
| ESPN BET | $3.5 million | $10 million |
New Jersey online sports betting generated $87.9 million in revenue during April, a 15.7% year-over-year increase.
FanDuel led all mobile sportsbooks with $31.8 million, up from March’s $23.4 million, but was down 16% from April 2024. DraftKings came close to being the Garden State's second online operator to get to $100 million in income this year, behind a $22.4 million April haul.
Fanatics Sportsbook produced a strong April as month-over-month profit increased 193% to $12.9 million, the third-highest in New Jersey. BetMGM followed with $7.1 million, about $900,000 less than March.
bet365 doubled its revenue from the previous month with a $5.6 million haul, while ESPN BET finished sixth with $3.5 million, putting the online operator at $10 million year-to-date. Hard Rock Bet and Caesars were the only other books to finish with profits above $1 million.
YTD revenue up 21%
New Jersey online casino revenue grew by 25.2% year-over-year in April. The $235.2 million in iGaming profits were down 3.6% from March but still generated $35.3 million in tax income for the state. $908 million in year-to-date profit was up 21% from the first four months of 2024.
Gov. Phil Murphy’s state budget proposal included raising the internet gaming tax from 15% to 25% and the online sports betting tax from 13% to 25% to help combat a $1.2 billion budget deficit.
