In August, New Jersey sportsbooks produced $62.7 million in revenue

While New Jersey saw increased sports betting action in August, they never came close to producing the same revenue from August 2023. The New Jersey Department of Gaming Enforcement reported $62.7 million in revenue. This was generated by casinos, racetracks, and online partners. Revenue was down 34.7% year-over-year. 

New Jersey operators are not shocked by this since they had an unusually high 13.2% hold in August 2023. That was enough for the Garden State to produce $96 million in revenue. Their 13.2% hold is the second-highest in state history. Despite revenue being down, New Jersey’s betting handle still reached $698.8 million in August 2024. Up 14.4% from their figures in August 2023. Additionally, New Jersey passed $8 billion in betting handle year-to-date.

iGaming is becoming more popular in New Jersey

In August, most sports betting operators saw their profits take a hit. However, some operators were able to make up for those losses with iGaming. Last month, New Jersey casinos hauled in a record $198.4 million. That was up 28% year-over-year. This was the fourth time in the last eight months that New Jersy has seen iGaming produce over $190 million. 

The state’s total gaming revenue hit $555.1 million in August, a 4.4% year-over-year increase. In-person casinos, sports betting, and iGaming combined are up 10.5% from August 2023. Online sports betting in New Jersey accounted for $666.3 million. 

FanDuel had the most revenue of any New Jersey operator in August with $24.2 million. That was a small dip from the $31.9 million in July. However, they are closing in on $300 million in revenue for New Jersey in 2024. DraftKings was not far behind with $15.5 million in revenue last month. That was down $10 million from their figures in July.

How did retail sportsbooks fare in August?

The $32.5 million in revenue generated in August from retail sportsbooks in New Jersey was up 28.5% year-over-year. Now that Fanatics Sportsbook has opened a brick-and-mortar casino in Atlantic City, in-person sports betting will likely surge with the NFL in full action. 

New Jersey’s Divison of Gaming Enforcement fined bet365 $33,000 earlier this year for accepting wagers on events that already occurred. Additionally, they were forced to pay more than $500,000 in voided bets from a Jordan Mason rushing prop in Week 1. It has been a rough stretch for bet365.