- Resorts Casino has now contributed over $7.5 million to the state in tax revenue.
- Total revenue collected by every sportsbook is $68,160 short of eclipsing $100 million year-to-date.
- The Meadowlands has received over $50 million in revenue ($53.4 million) – almost double the next book (Resorts).
Atlantic City, N.J. – The New Jersey Division of Gaming Enforcement released their May sports wagering revenue numbers on Wednesday.
While the total betting handle was up from April to May, exceeding $318 million (82.6% from online), the revenue was a vastly different story.
Books kept a total of $21 million in April but only $15.5 million in May despite a betting handle difference of only $5 million.
In fact, ten of the thirteen New Jersey sportsbooks saw their revenue numbers decline month-to-month with only Bally’s, Borgata, and Tropicana improving their numbers.
This revenue number was the lowest since February, when the Super Bowl accounted for four books reporting negative earnings for the month.
Before that, sportsbooks haven’t seen that little revenue since October, 2018, which was the last month that didn’t surpass the $300 million betting handle mark.
Still, FanDuel Sportsbook at the Meadowlands and DraftKings Sportsbook at Resorts Casino are leading the market. The Meadowlands secured $8.6 million from sports wagering alone in May, as the three online platforms (DraftKings, BetStarsNJ, and ResortsCasino) for Resorts Casino brought in $4.1 million.
In total, these two located accounted for 82% of all sports wagering revenue for the month. If you add in the $1.3 million kept by Monmouth Park, that percentage jumps up to almost 91% – similar to the 93% witnessed in April’s report.
In terms of individual sports wagering, basketball was the most bet on sport. It brought in 37% of all action and 31% of all revenue for the month. This has everything to do with the NBA Finals happening, where FanDuel’s Publicity Director, Kevin Hennessy, even laid out the book’s liabilities with LegalSportsBetting.com.
The “other” category was the second highest handle, totaling nearly $437 million. Stanley Cup Playoffs, the PGA Championship, and the French Open all had a hand in this total, though we are unable to see exactly how much for each.
Parlays brought in $307 million and with a book win percentage of 13%, they were able to keep almost $40 million of that – the highest revenue amount for any sport.
Baseball is in the heart of its season, and though only $215 million was wagered on baseball this month, it still increased by over $100 million from April to May.
June’s report will include the NBA Finals, NHL’s Stanley Cup Finals, the second week of the French Open, the PGA’s US Open, the College World Series, and FIFA Women’s World Cup.
Michael began writing as an NBA content writer and has spent time scouting college basketball for Florida State University under Leonard Hamilton and the University of Alabama under Anthony Grant. A graduate of both schools, he covers topics focused on legal sports betting, betting odds, and casino reviews. Michael likes to golf, play basketball, hike, and kayak when not glued to the TV watching NBA games.