New Jersey experienced a drop in the monthly revenue of its sports betting market. One of the most mature markets in the US still enjoys a strong growth rate.
Figures released by the New Jersey Division of Gaming Enforcement revealed that New Jersey’s sports betting operators had handled $833.9m during April, a drop of 10% from March and a significant decrease from the $1bn bet in February .
This drop is to be expected, given the lower sporting calendar in April. The handle was divided between $35.5m at retail sportsbooks, and $798.4m online.
The sportsbooks enjoyed an 8.7% stronghold rate, which meant that revenues grew by 43.6% YoY, as operators collected $72.3m from $50.3m.
The revenue fell by 22.3% compared to March. However, this was the month when March Madness was the dominant event on the calendar. This captured the attention of the bettors. In most states, there is a notable drop in the betting volume, handle and revenue between March and April.
FanDuel led the market in New Jersey with revenues of $39.8m, followed by DraftKings at $29.7m. The top five operators included the above plus BetMGM (8.2m), Caesars (5.4m), and Barstool (3.9m).
The sports betting revenue for New Jersey has increased by 40.6% in the last year.
The online casino market is growing annually
DGE also released online casino operators’ revenue figures. Casino operators in the Garden State took in $158.9m from online poker, online table games and online slots. This is an increase of 16.1% over last year.
Online slot games and table games generated the majority of revenues, with $156.6m.
Online poker generated $2.3m of revenue. This was boosted by the approval for New Jersey and Michigan to combine their liquidity pools at the beginning of the year.
When the numbers are broken down by operator, it is clear that the vast majority of the market is held by just three operators. Borgata had the narrowest market share, with $43.2m of revenue.
Resorts Atlantic Cityearned $41.7m, while Golden Nugget Atlantic City earned $41.65m. Other operators did not make more than $9m in the last month.
Gaming revenue in New Jersey grew by 8.8% to $420.9m over the past 12 months, including the casino industry.
Operators paid $542.2m to the state in April 2023, based on different tax rates based on their vertical.