New Jersey Sports Betting Revenue Falls in December

Strong Handle, Lower Profits

While revenue took a hit, the handle for December remained robust, totaling $1.21 billion. Online betting dominated, contributing $1.16 billion, while retail sportsbooks accounted for $52.4 million. Retail operators struggled with slim margins, reporting hold rates below 2%, which impacted overall profitability.

Despite the challenges, New Jersey’s sports betting market marked an achievement in 2024, crossing the $1 billion annual revenue threshold for the second consecutive year. Total revenue for the year reached $1.09 billion, showcasing the enduring strength of the state’s betting ecosystem.

Performance of Leading Operators

FanDuel maintained its position as the top operator in New Jersey for December, generating $29.7 million in revenue, though this was a 40% decrease from November.

DraftKings followed with $15.7 million in December revenue, falling short of its annual goal of $290 million.

BetMGM secured third place with $6.1 million in December revenue, down from November’s results by over $3 million.

Notable Movers and Struggles

Fanatics Sportsbook showed positive momentum, climbing to fourth place in December with $5 million in revenue, up from its sixth-place ranking in November. Combined with PointsBet, the two operators generated $111 million in 2024, marking a strong year.

However, not all operators thrived. bet365 and Caesars Sportsbook both saw revenues drop below $3 million, a decrease from their November performance. Additionally, six operators, including ESPN BET, Hard Rock Bet, and Prime Sports, reported losses for the month.

December’s numbers reveal the challenges of maintaining profitability in a mature sports betting market like New Jersey. However, the overall strength of the market remains evident, with annual revenues surpassing $1 billion for the second year in a row.