- Sportsbooks in New Jersey have kept over $200 million in revenue since their June 2018 launch (before tax contributions).
- June’s report saw the state post their lowest handle and revenue since October 2018 and August 2018, respectively.
- The Meadowlands continues its surge as the top sportsbook in New Jersey, having totaled 42% of the market share
ATLANTIC CITY, N.J. – Sports betting in New Jersey may be slowing down during the summer months, but the industry is still as powerful as ever.
In the latest report released by the New Jersey Division of Gaming Enforcement, the sports betting numbers for June continue trends from the year.
The Meadowlands is still the industry leader, as they kept almost $4.4 million in revenue, before contributing nearly half-a-million to the state.
Their revenue accounted for 45% of all ten licensed sportsbooks’ revenue – only a few percentage points lower than their year-to-date market share of 52%.
Resorts Casino, mainly from their three online skins (DraftKings, BetStars, and ResortsCasino), produced the second-most revenue amongst the books at $2.7 million.
These two books have finished first and second in sportsbook revenue every month since they have both been active (August 2018) and have combined for 83% of every books’ revenue since the beginning of the year.
In terms of tax contributions, the two books have contributed 81% ($10.8 million) of every books’ year-to-date taxes.
Only two books (Golden Nugget and Oceans Resort) saw their revenue increase from May to June, as the remaining eight sportsbooks watched revenue fall month to month.
The Sportsbooks As A Whole
The report also detailed that June’s betting handle ($273 million) was the lowest since October 2018. Until this report, New Jersey sportsbooks saw over $300 million enter their systems for seven straight months.
The books also posted their lowest collective revenue ($9.7 million) since August 2018, when only eight land-based books and three online books were in operation.
While the lower betting handle has something to do with this, the focus actually turns to the hold percentage.
Sportsbooks in New Jersey saw bettors win at their highest rate ever since the books launched. With 96.45% of action kept by the bettors, this marks the only time since February’s numbers that the hold percentage decreased below 4%. In fact, only five of the thirteen months have seen the hold percentage below 5% with two of those being reported in the latest two months.
As for Q2 2019, the sportsbooks have totaled $905.9 million in betting action. This is only slightly lower than the $1.08 billion wagered in Q1 2019; however, without the NFL season to bet on and only half of the time spent betting on the NBA, the books kept their action higher than anticipated.
New Jersey brought in $1.1 million in state tax revenue for June and has now posted ten straight months of collecting at least six figures for a month.
With the NFL season around the corner, the books are expected to get back to their groove and will likely break new records during the NFL season now that every book has launched.
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.