The New Jersey Division of Gaming Enforcement released its July revenue report, which reflects an expected month-over-month decline in overall sports betting activity but a nice increase in its year-over-year figures.
July, which lies right in the middle of the down-season for sports betting in America featured the lowest sports betting total in New Jersey since August 2022, as well as the lowest sportsbook revenue total since February 2023.
The good news is that September is nearly upon us, which means the start of the NFL season. It is then that New Jersey, along with the rest of the U.S. legal sports betting industry, will be singing again and looking in the rear-view mirror of a slow summer season.
New Jersey July handle
New Jersey sports betting apps and their retail partners took in over $587 million in bets during July. That number represents an approximate 1% month-over-month drop from the $591 million taken in by the best sports betting apps in New Jersey in June.
It was reported that over 95%, or $561.1 million of the overall wagering activity came from the state's best sports betting apps.
Looking at the bigger picture, sports betting activity in the Garden State actually ticked up year-over-year. The $587 million is a 10.4% increase from the slightly under $531.9 million wagered in July 2022.
However, through the first seven months of 2023, betting activity is down overall. Year-to-date, sports betting providers in New Jersey have taken in $5.7 billion. Though that number is impressive, it lags behind the $6.3 billion taken in over the same period in 2022.
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New Jersey sportsbooks, like the overall New Jersey sports betting handle, saw a slight decrease in their revenues last month. Around $61 million in profits was generated for New Jersey's best sports betting sites in July thanks to a 10.4% hold, which is a three-month low.
That $61 million is just over $5 million less than the $66.356 million in profits reported in June. It is, however, a nice 35% jump from the $45 million in revenues from July 2022 when sportsbooks in the Garden State held just 8.5%.
So far this year, Jersey sportsbook revenues have increased dramatically despite the overall sports betting activity being down. For the first seven months of 2023, a staggering $501.8 million in revenues has been reported by New Jersey sportsbooks, way up from the $353.7 million reported in the first seven months of 2022 - surely contributed to by NJ sportsbook promos.
Taxes collected from New Jersey's legal sports betting providers followed the July handle, revenue, and hold-rate totals downward trend. A combined $7.7 million in taxes was paid by Empire State providers to state and local coffers. That's down from $8.4 million in June.
Meadowlands rules again
The New Jersey legal sports betting scene was once again dominated by Meadowlands and its partnerships with FanDuel, PointsBet, and SuperBook. It was the 54th straight month that Meadowlands has led the way in the Garden State.
They reported $25.7 million in revenues for July, which took them over the $1.5 billion mark lifetime in the state.
Resorts Atlantic City, with its partnerships with DraftKings, the now-defunct FoxBet, and Resorts Digital was second with just over $19 million in reported revenues. Borgata, which has BetMGM and Borgata to draw from, was third with $6.1 million in revenue.
Things may look a little different in New Jersey
The New Jersey legal sports betting industry is about to see some change, something that it has not experienced in years. FoxBet is no longer operational in the state, WynnBet chose to shutter its operations, and BallyBet is coming with a new look and feel.
Fanatics Sportsbook seems likely to launch in the state after acquiring the U.S. assets of PointsBet, and ESPN Bet will eventually take over from Barstool Sportsbook as Penn Entertainment's sports betting wing.
It all happens in time to take advantage of increased betting activity and the start of the NFL season in September.