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New Jersey sports betting revenue down in June

Despite the year-over-year decrease from 2023, there is little concern among stakeholders.

By Pete Truszkowski & Josh Nagel Aug 2, 2024 at 10:02 am ET 4 min read
Detail view of the urban skyline of Newark, New Jersey with the Prudential Building visible, March 18, 2018.
USATSI

Several weeks ago, the New Jersey Division of Gaming Enforcement released the state’s betting numbers for June 2024. While the state continues to put up massive numbers, one data point stuck out in the nation’s second-biggest sports betting market. 

Sports betting revenue in New Jersey for June of 2024 was down 9.5% overall from June of last year. The main culprit was the in-person sports betting at retail casinos. Those numbers are down 23.9% year-over-year. 

Was it just bad luck?

An overall look at the sports betting landscape in New Jersey for June 2024 doesn’t cause much concern. In fact, the betting handle shows a sharp increase from last year at this time. 

In June, the total sports betting handle reported was $748.4 million. This was the second-highest handle for June 2024, behind only New York. It’s also a sizable 26.6% increase from the $591.1 million that was bet on sports in the state for June of 2023. Any state would gladly accept that kind of growth. 

However, overall sports betting revenue in the state dipped from $66.4 million in June 2023 to $60.1 million in June 2024. When a 26% raise in handle is accompanied by a near 10% drop in revenue, it’s hard to make sense of the numbers. 

Mark Giannantonio is the president of Resorts Casino and the Casino Association of New Jersey. He was among many industry officials who attributed June’s revenue decline to “mainly poor luck.”

Of course, revenue is impacted by a variety of factors such as odds, result outcomes and quantity of bets. June is typically a slower betting month, which leaves the door open for more variance. The month of June also saw the Florida Panthers win the Stanley Cup and the Boston Bruins win the NBA Championship. Both teams were favored to win their respective championships, so those outcomes likely were not good for sportsbooks. In addition, Spain and England entered the 2024 Euros with the best odds to win it all, and they met in the final. 

If the peripheral numbers weren’t so strong, there might be reason for concern about the New Jersey betting market. However, the betting handle was there. The results just didn’t go as well as sportsbook operators hoped. 

FanDuel continues to lead way in NJ

The top two sportsbook operators in New Jersey remain unchanged. FanDuel has a rather significant lead in the state when it comes to sports betting revenue. For June 2024, FanDuel recorded $29.1 million in sports betting revenue. DraftKings was next at $14.4 million. It’s worth noting that FanDuel’s sports betting revenue dropped 20% from May. 

Beyond the top two operators, the race for the third spot on the podium is heating up. bet365 is applying serious pressure to BetMGM, but BetMGM managed to hold them off for now. BetMGM reported $3.7 million in revenue for June, while bet365 was right on their tail at $3.4 million. 

Caesars finished fifth in the market with $2.1 million in revenue. ESPN BET was sixth at $1.8 million, while Fanatics Sportsbook was right there, just a few thousand dollars behind ESPN.

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Rest of Jersey gambling industry is thriving

While it may not have been a good month in terms of sports betting revenue, New Jersey had a great month when it comes to its gambling industry as a whole.

One large area of growth has been iGaming. Online casinos generated $186.8 million in revenue, making June the fourth best month ever for the state. Overall, revenue in online casinos is up over 25% since June 2023.

Combined land-based casinos, iGaming and sports betting revenue in New Jersey hit $491 million in June. This is up from $457.2 million in June 2023. The state accepted $1.33 billion in total wagers last month.