New Jersey Sports Betting Revenue Drop by 10%
The sports betting handle in New Jersey saw a 26.6 percent increase in June compared to the previous year, reaching $748 million. However, sports betting revenues experienced a 9.6 percent year-over-year decline.
State’s Record Half-Year
The New Jersey Division of Gaming Enforcement released details on sports betting performance in the Garden State for June on Tuesday. Despite the year-over-year increase in handle, the state saw a decline in revenue, which amounted to $60.1 million last month.
New Jersey collected $7.8 million in taxes from sports betting, closing the first half of 2024 with a total of $74.3 million in taxes. This significantly surpassed the results from the second half of 2023.
FanDuel’s Dominance
FanDuel continues to dominate in the Garden State, recording revenues of $29.1 million in June, although this marks a 20% decrease compared to May. DraftKings remains in second place, with revenues of $14.4 million.
The competition for third place is heating up. bet365, with $3.4 million in revenues, has significantly closed the gap with BetMGM, which reported $3.7 million in revenues.
Next in line were Caesars with $2.1 million in revenues and Penn Entertainment’s ESPN Bet, which generated $1.8 million in revenues in June, narrowly surpassing Fanatics by several tens of thousands of dollars.
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