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.
