New Jersey’s Division of Gaming Enforcement reported that the state accepted $587 million in legal sports betting wagers last month, a less than 1% drop compared to June’s $591 million.
The bulk of the statewide handle came from online sports betting wagering. Over 95% of New Jersey’s bets were made online, a slight uptick from the 94% in the previous month.
New Jersey’s online platforms are so dominant in the Garden State that their July handle ($561 million) is nearly double what the retail market has brought in all year ($293 million).
Revenue dips slightly
From July’s wagers, New Jersey sportsbooks grossed $61 million in revenue, which equals a 10.3% hold. While double digit holds are something to aim for, compared to June (11.2%) and May (10.6%), July saw a boost in bettor winnings.
Despite the monthly drop in profit, New Jersey’s betting market is still quite strong as they just crossed the $500 million mark in year to date revenue ($501.8 million).
Since the handle and hold fell in July, so too did the tax bill. The online operators paid nearly $7.5 million to the state while the retail books paid $217,000. The combined $7.7 million was below June’s $8.4 million.
New Meadowlands Racetrack is back on top
Resorts Digital which is tied to DraftKings and FOXBet, announced a July online gross revenue of $18.9 million lower than June’s $25.3 million.
New Meadowlands Racetrack’s, which has FanDuel, SuperBook, and PointsBet under its name reported $24 million in gross revenue, slightly lower than the $25 million a month earlier.
The other big online sportsbook, BetMGM, under the Borgota, saw their revenue rebound from $3.6 million in June to $5.8 million last month.
Harrah’s Atlantic City who is partnered with Prophet Exchange, the peer to peer betting company was the only licensee to report a loss, albeit just $36,000, after a $24,000 profit in June.
