- Sports betting in New Jersey saw a 9% increase month over month in May.
- Local sportsbooks saw $814.2 million in betting activity.
- NJ saw $52.9 million in sports betting revenue.
TRENTON, N.J. – The New Jersey Division of Gaming has officially released the May sports betting revenue report and it shows growth month over month.
The New Jersey sports betting market was yet again dominated by mobile and online betting. More than 90% of all wagers were placed at online sportsbooks.
New Jersey’s sports betting revenue actually slightly dipped month over month, but still showed strong numbers as well.
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The official report shows that sportsbooks saw $814.2 million wagered on sports in May, up 9% from the $747 million bet in April.
Sportsbooks grossed $52.9 million in sports betting revenue, a hold rate of 6.5%. This is a slight 3% dip month over month in revenue.
Mobile betting dominated, yet again, in New Jersey. This was led by the FanDuel Sportsbook which saw 65% of the total sports betting activity for May.
This is actually an increase, as FanDuel held 53% of the total market in April showing the sportsbooks dominance is actually increasing.
DraftKings sportsbook held 18% of the market, coming in second, with Borgata and BetMGM claiming third with 7% of the market.
$326 million was wagered on baseball events, with $217 million coming from basketball bets. The NBA Playoffs are in full swing and the MLB season is ongoing so this not surprising. Parlays saw $81 million in betting activity.
New Jersey has had a dominant this year with its betting market. So far in 2021, New Jersey sportsbooks have collected $297 million in revenue from legal sports betting.
This is only expected to continue, as the Summer Olympics is incoming as well as the start of the NFL season. This may wind up being the biggest sports betting year in New Jersey to date.
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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.