Sports betting operators dominated bettors in July for the second consecutive month, but sportsbooks weren’t able to surpass or match the previous year’s profits.
Key Takeaways
- With primarily MLB driving betting action, New Jersey’s July handle rises 1.8% from the previous year.
- The hold surpassed 11% for the second consecutive month.
- A higher tax rate on online operators went into effect for the first time.
The New Jersey Division of Gaming Enforcement reported on Friday that online and retail sportsbooks suffered a 6.6% year-over-year revenue decrease, going from $80 million in July 2024 to $74.8 million in the latest reported month. It’s the third-lowest monthly output for operators year-to-date.
The July handle increased by a mild 1.8% to $664 million. With primarily MLB to attract betting, July’s handle was the lowest this year, representing a 16% month-over-month decline.
The good news for Garden State operators is that they once again posted a win rate over 11%. July’s 11.3% hold nearly equaled the previous month’s 11.6%, but July 2024 produced a 12.3% win rate.
New Jersey’s 15 online sportsbooks have generated $626.8 million year-to-date, a 4% decrease from the same seven-month period in 2024.
New tax rate hits
New Jersey debuted its new tax rate, which went into effect on July 1. Online sportsbooks, which produced $75.4 million in gross revenue from a $630.9-million handle, were charged 19.75%, up from the old rate of 13%.
Retail sportsbooks still payout 8.5% of gross revenue, but there wasn’t much to go around in July. Casinos combined for a $1.1-million revenue loss from in-person sports betting. The Borgata paid out $1.7 million more than it took in, while Resorts posted a $70,000 loss in July. Harrah’s was the only retail operator to see a year-over-year profit increase, and racetracks generated $434,608 in revenue.
The Garden State filled its coffers with $15.1 million. That’s still $1.2 million more than June’s received tax payout, despite the month-over-month drop in wagers and gross revenue.
Behind last year’s pace
| Online Operator | July Revenue | YTD Revenue |
|---|---|---|
| FanDuel | $26.9 million | $249.2 million |
| DraftKings | $21.1 million | $171.9 million |
| Fanatics Sportsbook | $8 million | $53.6 million |
| BetMGM | $6.4 million | $42.1 million |
| bet365 | $4.4 million | $32.4 million |
| ESPN BET | $2.2 million | $18.7 million |
FanDuel continued its dominance in the Garden State with a July-leading $26.9 million in gross revenue, which was down 15.9% compared to the same month last year. FanDuel’s $249.2 million of year-to-date profit is also down 8.5% from the same period in 2024.
DraftKings produced $21.1 million in revenue during July, an 18.8% decrease, but the $171.9 million profits for the entire year are up 5.2%. Fanatics Sportsbook reached $8 million in revenue for the month, a 200% year-over-year increase, and surpassed $50 million in 2025.
BetMGM’s $6.4-million haul in July was a 21.5% year-over-year increase, while bet365’s $4.4 million spiked 45.4%. ESPN BET generated $2.2 million in July, helping its yearly total rise more than 100% compared to the same period last year. Caesars made $2.2 million in July to surpass $15 million for the year, which puts them slightly ahead of last year’s pace.
Hard Rock Bet was the only other New Jersey sports betting operator to surpass the million-dollar mark in July, hauling in $1.7 million to boost the year-to-date total to $14.7 million. Sporttrade was the only online operator to suffer a July loss, but its year-to-date revenue is still up 321% compared to 2024.
Continued casino growth
July represented another massive month for iGaming, which continues to grow at a high rate in the Garden State. New Jersey online casinos reported $247.3 million in revenue, a 26.6% year-over-year increase, and up from June’s $230.7 million. Year-to-date revenue is up 22.7%.
In-person casinos scored a 4.3% year-over-year profit increase, helping total gaming revenue grow 10.7% from the same month in 2024 to $547.8 million. Year-to-date profits are $3.92 billion, an 8.8% year-over-year spike.
