- New Jersey saw $578.7 million wagered on sports in July.
- This was a decrease of 25% month-over-month compared to June’s betting handle.
- This is the first time since July 2020 that sports betting handle fell under $600 million in the Garden State.
TRENTON, N.J. – Sports betting in New Jersey has continued to see slight declines in both activity and betting handle as the lack of major sporting events begin to plague sportsbooks.
Sports wagering operators reported a total combined betting handle of under $600 million for the first time since July 2020, a month when COVID-19 limited action nationwide.
Despite the continued decline, New Jersey sports betting still saw the largest betting handle in July compared to all other US markets.
New Jersey Sports Betting Dips
The official report released by the New Jersey Gaming Commission shows $578.7 million was wagered at local sportsbooks in July. This is a 25% decrease month-over-month compared to June’s numbers.
This resulted in a slight decrease in sports betting revenue for the month with sportsbooks collecting $55 million. This figure was down from June’s $71.3 million. However, it resulted in a 9.5% hold on betting handle. The state was able to collect $8.3 million in taxes.
Mobile Betting Dominates, Again
New Jersey continues to be a market dominated by mobile and online betting. FanDuel mobile sportsbook was the most used operator among sports bettors in the Garden State for July, seeing $31.7 million of the total monthly revenue, which equaled 58% of the market.
DraftKings saw $10.6 million in sports betting revenue, coming in as the second-most used platform with 19% of the total market. BetMGM came in third, seeing $6.3 million in revenue and making for 11% of the total market handle.
These three mobile entities continue to be the biggest three sports betting operators for the New Jersey sports betting industry.
Betting Handle Likely To Increase
As we get closer to the NFL betting season, sportsbooks are likely to see an increase in activity and revenue.
Currently, there are not that many options for sports betting, which explains why there was such a dip for July action. The MLB season is ongoing and other events such as NASCAR and golf are taking place, but core action for sportsbooks comes during the Fall with NFL betting, college football betting, and the start of the NBA season.
Sportsbooks in New Jersey may be seeing a dip now but this will surely turn around in the months to come.
Coming from a background in narrative-based writing, Giovanni strives to write stories that will keep the reader engaged. Although he does pride himself in being accurate, how the story is told is also very important to him. When he’s not keeping readers up to date on sports betting laws and legislation, you can find him writing and recording music, playing videogames, or engaged in heated sports debates with his friends.