New Jersey Sports Betting Stumbles in April 2025 with $994.4M Handle
New Jersey’s sports betting handle dropped to $994.4 million in April 2025, down 4.4% year-over-year, with gross revenue falling 14.8% to $90.5 million, though a 9.1% hold and $11.7 million in taxes showed resilience.
A Tough Month for Handle
New Jersey’s sports betting scene took a hit in April 2025, with the total handle slipping to $994.4 million, a 4.4% drop from $1.04 billion in April 2024.
This was the second time in eight months the handle fell below $1 billion. Online bets made up the bulk at $954 million, while retail sportsbooks at casinos and racetracks added $40.3 million.
The decline, tied to a quieter sports calendar after March Madness. The market is cooling, with an 18% year-to-date decline in handle. Yet, a solid 9.1% hold helped operators salvage decent returns despite fewer bets.\
April: 2024 vs. 2025
| Metric | April 2024 | April 2025 | Change (%) |
|---|---|---|---|
| Handle | $1,044,283,588 | $994,400,000 | -4.8% |
| Revenue | $106,227,937 | $90,500,000 | -14.8% |
| Hold Percentage | 10.17% | 9.10% | -10.5% |
Gross revenue from sports betting reached $90.5 million in April, down 14.8% from April 2024’s stronger showing. Online sportsbooks generated $87.9 million, a 15.7% year-over-year decline, while retail books bucked the trend, growing 34.1% to $2.6 million.
Compared to March 2025’s $71.3 million revenue, hampered by a bettor-friendly NCAA tournament, April’s revenue jumped 27%, despite a 10% lower handle. Fewer upsets and stronger favorites flipped the script, boosting the hold to 9.1%, the third straight month below 10%. This rebound kept the state’s betting vibe alive, even with a smaller betting pool.
Sports Betting Metrics (January to April 2025)
| Metric | Value |
|---|---|
| Total Handle | $4,242,700,000 |
| Total Revenue | $357,600,000 |
| Hold Percentage | 8.43% |
Operator Showdown: FanDuel Leads, DraftKings Gains
FanDuel held the top spot, raking in $31.8 million in online sports betting revenue, up from $23.4 million in March but down 16% from April 2024.
DraftKings followed with $22.4 million, the only major operator to post year-over-year growth at 18.3%. Its steady climb kept it a solid contender.
Fanatics Sportsbook stole the show with a $12.9 million haul, a stunning 193% month-over-month surge, landing it third. BetMGM pulled in $7.1 million, down $900,000 from March but up 47.8% year-over-year. bet365 doubled its March revenue to $5.6 million, a 70.2% annual jump, while ESPN BET rounded out the top six with $3.5 million, up 70.9% from last year.
Hard Rock Bet and Caesars Sportsbook each cleared $1 million, at $1.5 million and $1.4 million, respectively, with Caesars adding $233,811 under its Monmouth Park license. Smaller players like BetRivers, Borgata, and Bally Bet also chipped in, keeping the market diverse.
Taxes and Economic Impact
New Jersey pocketed $11.7 million in sports betting taxes in April, contributing to a year-to-date total of $46 million. Combined with iGaming and casino revenue, the state’s total gambling tax haul hit $59.8 million for the month and $234.9 million year-to-date.
Sports betting’s 14.25% online tax rate and 9.75% retail rate fueled steady contributions, though a proposed tax hike to 25%, floated by Governor Phil Murphy, stirred debate. “
For now, the state’s coffers benefit from betting’s consistent roll, even in a down month.
iGaming Shines as Betting Falters
While sports betting stumbled, iGaming, online casinos and poker soared, posting $235.2 million in revenue, a 25.2% year-over-year leap.
FanDuel led with $52.9 million, up 35.3%, followed by DraftKings at $46.9 million, up 19.5%. BetMGM ($29.6 million, up 27.9%) and Borgata ($20.8 million, up 18%) kept the momentum, with Caesars, Hard Rock, and Golden Nugget also hitting double-digit millions year-to-date.
iGaming’s $908.4 million year-to-date revenue, up 21% from 2024, and $35.3 million in April taxes showed its role as the state’s gambling powerhouse.
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