Revenue from legal sports betting in the Garden State skyrocketed.
The New Jersey Division of Gaming Enforcement reported sportsbook revenue of $96 million, a spike of 57% month-over-month and 47.1% year-over-year.
The Garden State’s casinos, racetracks, and their online partners combined to produce an August handle of $725.8 million, up 43% from the same month in 2022 and 23% from July 2023.
Only New York has recorded a higher handle for the states that have reported in August, and New Jersey became the first state to surpass $40 billion in wagers since PASPA was overturned five years ago.
The August hold of 13.2% is the highest of the summer and the fourth consecutive double-digit win rate.
Operators paid out $12.3 million in taxes, which was up from the $7.7 million in July.
Baseball cleans up
New Jersey operators posted their best baseball numbers of the season, recording a 10% hold for the month and raking in $28.8 million in revenue from that sport alone.
That’s especially surprising considering the nearby New York Mets and New York Yankees combined for a losing record in August and have been terrible for much of the summer.
The handle on the sport nearly reached $290 million while football was responsible for $34 million. Basketball contributed $33 million to the overall handle. Other sports made up $195 million in wagers.
DraftKings hits big
Online sports betting sites made up 96% of the overall handle and all but $2.8 million of the revenue, which came from retail.
DraftKings carried partner Resorts Digital as the top mobile operator in August with a whopping revenue of $56.9 million, a massive jump from July’s $18.9 million and 58% of New Jersey’s overall profits.
New Meadowlands Racetrack, which is partnered with FanDuel, PointsBet, and SuperBook for online operations, recorded $24.2 million in revenue.
Borgata, which is fueled by BetMGM, brought in $4.4 million, down from July’s $5.8 million.
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