Sports betting in the Garden State continues to show no signs of tailing off.
The New Jersey Division of Gaming Enforcement announced Thursday that gross revenue jumped 46.9% year-over-year to $106.2 million in April. The handle reached $1.04 billion, marking an increase from the $833.9 million generated during the same month in 2023.
The amount wagered fell 22% from March as NBA and NHL playoffs, along with MLB, dominated the sports betting landscape, but an impressive 10.2% hold in April led to $18.3 million more in revenue compared to the previous month.
The Garden State filled its coffers with $13.8 million in tax revenue, up from $11 million in March.
Big year of betting
April’s sports betting numbers put New Jersey over the $5 billion mark in handle for the first four months of 2024. The strong action gave the Garden State its ninth consecutive month with a billion-dollar handle and raised the total amount wagered in New Jersey to over $50 billion all-time.
Online and retail sportsbooks have combined to produce $434.2 million in revenue year-to-date, up 48.6% from the $292.3 million reported at this time last year. Operators have sent over $56 million in taxes from gross revenue to the Garden State already this year, more than $18 million from last year’s YTD mark.
Close online race
| Operator | April Revenue | YTD Revenue |
|---|---|---|
| FanDuel | $37.8 million | $174.7 million |
| Fanatics | $32.9 million | $88.5 million |
| DraftKings | $18.9 million | $101 million |
| BetMGM | $3.8 million | $21.8 million |
| bet365 | $3.2 million | $13.1 million |
| ESPN BET | $2.1 million | $2.5 million |
Online sports betting in New Jersey accounted for all but $34.7 million of the $1.04 billion wagered in April.
FanDuel continued its dominance in New Jersey, with revenue reaching $37.8 million in gross revenue for the month and topping $174 million for the year.
Fanatics Sportsbook finished second in monthly profits to FanDuel, while DraftKings successfully crossed $100 million in revenue for the first four months of 2024.
iGaming, retail reports
Online casino revenue rose 18.2% year-over-year to $187.9 million in April, down from the $197.2 million earned in March. However, year-to-date iGaming profits came in at $750.7 million, up 21.1% from the same period in 2023.
In retail sports betting, only five of the 11 brick-and-mortar shops produced a profit, with FanDuel’s Meadowlands Racetrack leading the way with revenue of $2.3 million.
