New Jersey Sportsbooks Add to Streak of National Double-Digit Holds in July

Our best sports betting sites in the Garden State contributed to July's sportsbook-friendly national trend of double-digit win rates. 

According to the New Jersey Department of Gaming Enforcement July report, New Jersey sports betting apps and retail providers reported a combined 12.2% win rate. This led to a huge and unexpected spike in month-over-month and year-over-year revenue totals.

Our best sports betting apps operating in the New Jersey sports betting market posted their worst combined handle since last July. However, year-over-year totals in wagers accepted and revenues rose.

New Jersey’s best sports betting sites hit a couple of milestones in July. The state became just the second, after the New York sports betting scene, to eclipse $4 billion in sportsbook revenues since 2018 and became just the third state, behind New York and Pennsylvania sports betting, to reach $500 million in lifetime tax contributions to needy state and local coffers.

FanDuel was the most popular New Jersey sports betting app in July, although DraftKings had a good month following an 80% month-over-month spike in revenues. Caesars performed admirably as well. All three offer attractive New Jersey sportsbook promos.

July handle

Last month, Garden State sports bettors spent a total of $652.3 million on New Jersey sports betting apps and the state’s retail providers. This is the lowest monthly total for state providers since $587 million last July, but it still represents a modest 6.5% year-over-year handle jump.

Month-over-month, New Jersey sports betting dropped 12.7% from the nearly $743.6 million in June.

New Jersey sports betting apps contributed $624.3 million, while retail made up the remaining $28 million. The totals brought the year-to-date figures for New Jersey sportsbooks to $7.41 billion in accepted wagers through seven months, a 29% year-over-year improvement.

July marked the 50th month that New Jersey sportsbooks have produced at least $500 million in monthly handle. No other state has done that.

Respectable revenues

New Jersey sportsbooks enjoyed its fourth-best monthly win rate ever and a respectable revenue total in July. A combined 12.3% hold led to $80 million in sports betting revenue for state providers.

New Jersey maintained the nationwide streak of double-digit holds for individual state sportsbook scenes. All 17 states that have reported their July revenues have identified an over 10% win rate. July’s win rate in New Jersey made it six top-10 monthly holds in the last 15 months of the state’s 74-month-old sports wagering scene.

The $80 million in July revenues is a 33.2% month-over-month improvement from nearly $60.1 million in June, a month in which over $90 million was wagered, but the hold rate was 8.1%. Year-over-year, July revenues increased 31.2%.

So far this year, New Jersey’s best sportsbooks have made $653.1 million in revenues, 30.1% ahead of last year’s pace.

July’s revenues produced $10.3 million in tax revenue for the state. It takes the year-to-date tax contribution total to $84.6 million, a $20.3 million improvement from the first seven months of 2023.

FanDuel tops

It appears as though most, if not all, New Jersey sportsbooks had a respectable July. FanDuel New Jersey came out on top with a $272.5 million July handle and $31.9 million in revenues. FanDuel now has $272.5 million in year-to-date winnings in New Jersey. Check it out with our FanDuel promo code.

DraftKings New Jersey finished second with $163.4 million in accepted wagers during the month and $25.9 million in July revenues. It is an 80% month-over-month spike in profits for DraftKings in the New Jersey sports betting market. We have you covered with our DraftKings promo code.

BetMGM New Jersey rounded out the top three with a July handle of $35.6 million and revenue of $5.2 million. The sportsbook also has a successful NJ online casino.

Caesars Sportsbook New Jersey and bet365 each finished fourth in one of the two main measuring metrics in July. Caesars claimed fourth in revenues with $3.4 million, a 63.2% month-over-month profits increase from an $18.8 million handle, while bet365 claimed fourth in handle with $23 million in accepted July bets and $3 million in revenue.

Fanatics Sportsbook New Jersey was next in the revenue battle, with nearly $2.7 million in July profits, and ESPN BET New Jersey saw a 44.9% month-over-month jump to $2.4 million in revenues.