New Jersey Reports Weakest Sports Betting Month Since August

The New Jersey sports betting industry, one of the most consistent and reliable in the country that features many of the best sportsbooks, suffered its lowest output since August last month. April's numbers reflect a double-digit drop in month-over-month sports betting activity.

While concerning, New Jersey's sports betting dropoff is reflective of what's going on in the broader U.S. market. A handful of participating sports betting states that use may of the best sports betting apps have reported their April figures, and all have suffered a similar double-digit slide. The Garden State's April sports betting dip also lines up with the percentage drop experienced in the state at this time in 2022.

While month-over-month and year-over-year sports betting handles are down in the Garden State, revenues from the area's sports betting sector continue to impress. The Division of Gaming Enforcement is reporting a slide in month-over-month sportsbook profits, but a huge jump in revenues from the same period last year.

New Jersey's April sports betting handle

New Jerseys sports bettors spent $839.9 million in April, which would be a banner month for any state not named New Jersey or New York. The Garden State's handle dropped 18.7% from the $1.03 billion in March, when March Madness was a big hit. 

The report states that 95.7%, or $798.5 million, of the overall April sports betting handle in New Jersey, came from mobile betting sites.

Year-over-year, New Jersey's April handle also showed double-digit declines. The $839.9 million in April 2023 is 10% less than the $927 million reported in April 2022.

Overall, April represented the 12th straight month when year-over-year handles for New Jersey's best sports betting sites dropped. It's no coincidence this trend coincides with the launch of New York's mobile sports betting scene, which has emerged as the dominant force in the U.S. market.

Revenues a different story

New Jersey sports betting sites were able to keep $72.3 million off of the $839.9 million bet in the state during April, thanks to a respectable 8.7% hold.

That number is down nearly $20 million from March, when the state received $1.03 billion in wagers and sportsbooks enjoyed a 9.1% hold rate. The state was given $10.1 million in taxes from the best betting sites, $1.9 million less than the $13 million in March.

Perhaps the biggest story in terms of New Jersey sports betting revenues is the year-over-year totals. The $72.3 million in April 2023 is a 22.2% jump from the $50.3 million in April 2022. Year-to-date sportsbook profits in New Jersey sit at $292.3 million, 40.6% higher than the same four-month period last year.

Meadowlands retains licensee lead 

Unlike in other jurisdictions around the U.S., New Jersey doesn’t reveal the performances of individual operators, just those that hold the licenses.

To nobody's surprise, New Meadowlands, which features FanDuel, SuperBook, and PointsBet as its providers, were tops in the Garden State market. Revenues from the partnership came in at $36.1 million, just slightly under the $36.2 million in March. Meadowlands' retail wing was responsible for $1.97 million in bets.

Resorts Digital, which holds partnerships with DraftKings and FOXBet, was second in terms of performance in April with $20.4 million in revenues. That number represents an eye-opening 31% month-over-month slide. Bograta, which is aligned with BetMGM, finished a distant third with $6.5 million in online revenue during April.