Last week, the New Jersey Division of Gaming Enforcement reported $80 million in sports betting revenue for July. It was the fourth-highest collective hold in state history at 12.3%. Seventeen states including Washington D.C. posted a double-digit hold in July 2024. The nationwide win rate in July (excluding Tennessee and Nebraska) was 11.7032% from $4.02 billion worth of wagers. Not only did New Jersey have an outstanding July, but the entire legal sports betting market did. The nation’s win rate in July is tracking to be the third-highest in the post-PASPA era. Only holds in September 2018 and September 2023 were higher than this past July. New Jersey’s 12.3% win rate in July was their highest since a 13.2% win rate in August 2023. Six of the state’s 10 highest win rates have come in the last 15 months. Finally, New Jersey joined New York as the only state to surpass $4 billion in operator revenue in the post-PASPA era. Handle was down 12.8% from June but revenue surged 33.2% in July. New Jersey saw $652.3 million worth of wagers.
What New Jersey sportsbooks saw the most revenue in July?
In the Garden State, the NJDGE only discloses revenue figures for mobile sportsbooks. After a shaky June, DraftKings got back on track in July with $25.9 million in revenue, up 80.7%. That was DraftKings’ best month in New Jersey since January when they collected $40.3 million. FanDuel saw a smaller rise of 9.6% to $31.9 million in July. FanDuel leads all mobile sportsbooks in year-to-date winnings with $272.5 million. Ranking third for revenue among New Jersey sportsbooks in July was BetMGM with $5.2 million. Caesars was fourth with $3.4 million, a 62.3% increase from June. Bet365 had the fifth-most revenue as they cleared $3 million by $29,300. It was the third time in five months they were over $3 million.
Not far behind bet365 in revenue was Fanatics Sportsbook with $2.7 million. ESPN Bet’s $2.4 million in revenue was up 44.9% from June. For the first time in 2024, Hard Rock Bet posted back-to-back months with seven figures in revenue. New Jersey’s hold on parlays and same-game parlays exceeded 20% for the third time in four months. Operators combined for a 22.3% win rate. Good enough for $40.6 million in revenue from $182.1 million in wagers. The Garden State’s year-to-date hold is 19.5% from $$379 million in multi-leg wagers. Compared to the first seven months of 2023, New Jersey’s handle is up 29% to $7.41 billion.
