New Jersey sportsbooks continue strong run with $106m in April revenue
Garden State operators handle $1.04bn in total bets to become first state to surpass $50bn milestone since PASPA’s repeal
April marked a milestone month for sports betting in New Jersey as operators generated $1.04bn in handle and is now en route to becoming the first state to reach the $50bn milestone in cumulative wagering volume post-PASPA.
Gross gaming revenue (GGR) for the month came to $106.2m – good for a robust 10.2% hold – which represented a 46.9% year-on-year (YOY) increase from $72.3m during the same period of 2023, as well as an 18.4% month-on-month (MOM) uptick from March.
Tax payments back to the state amounted to $13.8m, pushing the total amount of tax revenue generated thus far in 2024 to $56.1m.
New Jersey has now notched nine consecutive months of at least $1bn in handle dating back to summer 2023.
FanDuel has reigned supreme on the operator side for much of that time and April was no different, as the US market leader led the way with $37.9m in revenue.
The biggest surprise continues to be Fanatics, which wasn’t far behind after amassing $32.9m in revenue, which is now on course to notching its second straight month as runner-up to FanDuel.
DraftKings registered as a distant third on the revenue podium with $18.9m but nonetheless finished well ahead of BetMGM ($4.8m) and bet365 ($3.3m), which occupied the fourth and fifth spots, respectively.
Turning to igaming, the sector maintained its solid footing with $187.9m in April revenue – up 18.2% YOY – after a record-setting March that saw online casino operators surpass $197m in revenue.
Golden Nugget was once again the top operator, accounting for $53.1m of the cumulative revenue, followed by Resorts Digital ($47.5m) and Borgata ($44.1m).