New Jersey Sports Betting Achieves Record Revenue Growth in April 2024
In April 2024, New Jersey’s sports betting operators reported $106.2 million in gross revenue, marking a 46.9% increase compared to the same month in the previous year.
Surge in Betting Handle
The total sports betting handle for April 2024 reached $1.04 billion, a substantial rise from $833.9 million in April 2023. This surge can be attributed to heightened interest in major sporting events such as the NBA and NHL playoffs, alongside the ongoing MLB season, which collectively drove increased betting activity.
Operators in New Jersey achieved an impressive hold rate of 10.2% in April, resulting in an additional $18.3 million in revenue compared to the previous month. This performance also led to a significant boost in tax revenue for the state, with collections amounting to $13.8 million, up from $11 million in March.
Milestones and Market Dominance
The robust performance in April pushed New Jersey’s sports betting handle over the $5 billion mark for the first four months of 2024. This achievement also marked the ninth consecutive month with a billion-dollar handle, reinforcing New Jersey’s status as a premier hub for sports betting.
Combining online and retail sportsbooks, New Jersey has generated $434.2 million in revenue year-to-date, a 48.6% increase from the $292.3 million recorded during the same period last year.
The competition among sports betting operators in New Jersey remains fierce. FanDuel led the market with $37.8 million in gross revenue for April, bringing its year-to-date revenue to over $174 million. Fanatics Sportsbook secured the position of the second-highest earner, while DraftKings surpassed the $100 million revenue mark for the first four months of 2024.
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