The Garden State saw its profits fall 4.2% year over year and 26% month over month with revenue of $838.9 million.
June 17, 2024 • 18:01 ET • 4 minute read
The Garden State’s sports betting revenue declined in May.
The New Jersey Division of Gaming Enforcement reported that retail casinos, racetracks and online sports betting partners combined to produce gross revenue of $78.8 million, down 4.2% from $82.2 million dollars from May 2023.
Behind primarily the NBA and NHL playoffs, May revenue was also down 26% from April’s impressive $106.2 million. The latest data also paled in comparison to April. May generated $838.9 million in bets, which is the first figure below $1 billion in 2024.
Sportsbooks ended May with a solid 9.4% hold, but it was below the double-digit win rates recorded in the previous month and in May 2023.
Long before 2023
Sports betting operators continue to have a good year overall in New Jersey. Billings for the first five months exceeded $6 billion and revenue exceeded $500 million.
The $513 million in profits represents a 37% increase compared to the first five months of 2023, when sportsbooks combined to generate $374.5 million. Tax revenues total $66 million so far this year, more than $18 million ahead of last year’s pace.
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Operator | May income | Revenue to date |
---|---|---|
FanDuel | 36.7 million dollars | $211.4 million |
DraftKings | $22.1 million | $123.1 million |
BetMGM | $5 million | $26.8 million |
bet365 | 3.5 million dollars | 16.6 million dollars |
Caesars | $3 million | 13.4 million dollars |
KeynoteUSA BET | 2.6 million dollars | 5.1 million dollars |
Online sports betting accounted for $801.5 million in May, generating nearly $1.06 million in (retail) revenue.
FanDuel easily led all New Jersey online operators with nearly $37 million in revenue and more than $210 million total in 2024.
DraftKings finished May with $22.1 million, ranking second behind PointsBet, which completed the migration to Fanatics Sportsbook earlier in the month.
Fanatics fell short of the top six revenue generators after raising around $2 million in May. That drop pushed BetMGM to third place with monthly revenue of $5 million.
Bet365, Caesars and KeynoteUSA BET earned at least $2.5 million, but no operator exceeded $4 million.
Retail struggles, iGaming rises
Six of the 11 retail bookmakers paid out more than they received during the month. FanDuel’s Meadowlands Racetrack earned $1.7 million, but brick-and-mortar stores combined for a 2.8% share of a total of $37.8 million.
Online casino revenue of $192.1 million was up 19% year-over-year, with $2.57 billion year-to-date reflecting 13.1% growth compared to the same five months in 2023.
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