New Jersey Operators Enjoy 69% Year-Over-Year Revenue Increase

New Jersey Operators Enjoy 69% Year-Over-Year Revenue Increase Pleas Subscribe For Daily Sports Betting News

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The Garden State is turning massive legal sports betting profit increases compared to a year ago, despite bettors actually wagering less. 
Take June, for example. New Jersey’s handle of $591 million was down 6.6% from the same period in 2022, but revenue of $66.4 million for the month was up a whopping 69.1% year-over-year. 
According to figures from the Division of Gaming Enforcement, online and retail operators combined to make $440.8 million in profits year-to-date, a 42.8% increase compared to $308.7 million during the same time frame a year ago. 
Numbers fall month-over-month
This comes despite a 24.1% decrease in...

The Garden State is turning massive legal sports betting profit increases compared to a year ago, despite bettors actually wagering less. 
Take June, for example. New Jersey’s handle of $591 million was down 6.6% from the same period in 2022, but revenue of $66.4 million for the month was up a whopping 69.1% year-over-year. 
According to figures from the Division of Gaming Enforcement, online and retail operators combined to make $440.8 million in profits year-to-date, a 42.8% increase compared to $308.7 million during the same time frame a year ago. 
Numbers fall month-over-month
This comes despite a 24.1% decrease in handle and a 19.2% revenue drop from May. Garden State sportsbooks got the best of bettors with an 11.2% hold in June, up from 10.6% in the previous month.  New Jersey sports betting surpassed $5 billion for the year in wagers, even though the handle fell below $1 billion for the third consecutive month following a run of over that mark in five of the previous six months. 
Operators turned over $8.4 million in New Jersey sports betting taxes to the state, which has hauled in over $56 million year-to-date from its 8.5% cut.  
Resorts leads in online revenue Online sports betting made up $558.6 million of New Jersey’s overall handle in June while making $62.2 million in revenue with an 11.1% hold.
Brick-and-mortar sportsbooks recorded an impressive 12.9% win rate with revenue of $4.2 million on over $32.4 million wagers. 
Resorts Digital, partnered with DraftKings and FOXBet, led New Jersey in online revenue at $25.3 million, up 24% month-over-month. 
New Meadowlands Racetrack’s online June gross revenue of $24.98 million, through its partnerships with FanDuel, SuperBook, and PointsBet was down from the $40.9 million in May. New Meadowlands did lead all retail operators with a revenue of $2.5 million. 
June wasn’t a great month for BetMGM, which is the mobile sportsbook for Borgota, as profits fell from $6.8 million in May to $3.6 million the following month.  This article originally appeared on Covers.com, read the full article here
Source: https://www.covers.com/industry/new-jersey-enjoys-69-percent-year-over-year-revenue-increase-june-2023