New Jersey operators took a step back in August with a decline in year-over-year revenue.
According to data provided by the state’s Division of Gaming Enforcement (DGE), casinos, racetracks and their partners reported $62.7 million in revenue from sports betting in August, down from $96 million for the same month last year. In August 2023, operators benefited from a 13.2% hold marking the second-highest hold in state history.
The DGE also reported a substantial decline in overall monthly handle in August. Last month, the state posted $698.8 million in handle with $666.3 million coming from online wagers. By comparison, New Jersey’s total handle in August 2023 closed at $725.8 million.
That month, players in the Garden State spent $697 million with online sportsbooks.
New Jersey’s sportsbooks
FanDuel finished August generating the most revenue out of the state’s licensed operators. Despite emerging as the most profitable sportsbook, FanDuel saw profits slow with the operator closing August with $24.9 million in revenue, a 2.9% drop year-over-year.
DraftKings finished second in revenue for August with the Boston-based operator generating $18.2 million in revenue. The results last month marked a drastic drop compared to August 2023 when revenue for the sportsbook closed at $56.9 million.
BetMGM was third in revenue in August but the MGM Resorts and Entain joint venture reported year-over-year monthly growth. Last month, BetMGM generated $5.6 million in revenue. By comparison, revenue for the operator closed at $4.7 million in August 2023.
BetMGM was a bright spot in August for New Jersey sportsbooks as other licensed operators also reported declines in revenue, including newcomer Fanatics Sportsbook.
The sportsbooks launched operations in the Garden State in May 2024 as part of its takeover of PointsBet’s U.S. operations. Last month, Fanatics posted $83,068 in revenue. By comparison, PointsBet generated $470,815 in revenue in August 2023, an 82.4% drop.
Regulator issues fines in New Jersey
Earlier this month, the DGE disciplined British operator bet365 for the second time in less than 60 days. Bet365 was handed a fine for accepting wagers on events that had already happened and for taking money on events that were not approved for betting markets.
The DGE fined bet365 $33,000 for its latest violations, which occurred in 2022 and 2023.
The fine follows the DGE’s order for the Hard Rock partner to pay $519,323 to in-state bettors after changing odds offered on events without notification. The order to pay out more than half a million dollars is related to 199 winning wagers over two years.
In the last two months, the DGE has also fined DraftKings $100,000 for “gross errors and failures” relating to reporting inaccurate data for money spent on parlays. Borgata Casino was also fined for overstating its iGaming promo credits by more than $4.5 million.
Borgata partners with BetMGM in New Jersey for online gambling operations.
