The Garden State is ahead of last year’s legal sports betting revenue numbers following another strong month.
New Jersey’s online betting sites and retail operators combined to profit $82.2 million from sports betting during May, a 33.4% increase from the same period in 2022 that saw revenue of $61.6 million, and 13.6% higher than in April.
Year-to-date figures, reported by the Division of Gaming Enforcement, show a 39% increase from $269.4 million in the first five months of 2022 to $374.5 million through May 2023.
The Garden State’s sportsbooks enjoyed an impressive 10.6% hold, up nearly two points from April and the largest win rate since September 2022.
All of this came on New Jersey’s May handle of $778.9 million, which fell below a billion dollars for the second consecutive month. Wagers are up slightly from $766 million in May 2022 but down from April’s $833.9 million.
The state increased its tax revenue from $9.2 million in April to nearly $10.5 million in May.
New Meadowlands on pace for $200 million in revenue
The profitable month paid off for New Meadowlands and its online partners FanDuel, SuperBook, and PointsBet, which combined to record a state-best revenue of $40.9 million in May. It was a 13.3% month-over-month increase, and puts New Meadowlands on pace to surpass $200 million year-to-date revenue in June.
The brick-and-mortar sportsbook contributed $2.9 million in profits, which was also tops in New Jersey among retail locations.
Resorts Digital, which is powered by DraftKings and FOXBet, actually saw its online revenue fall from $20.4 million in April to $19 million in May.
Borgata, which uses BetMGM, turned a $6.8 million profit from mobile but lost over $107,000 in retail payouts.
