The sports betting revenue for May on Friday as Garden State sportsbooks sured $500 million in year-to-date winnings.
Revenue was down 4.2% from May 2023, despite a 7.7% increase in handle to $838.9 million. The house had a solid 9.4% hold for the month, but that was nearly 1.2 percentage points lower than 12 months ago. Eight of the top 20 monthly all-time win rates in the Garden State have occurred in the past 15 months, with May’s slotting 16th.
May’s figures wrapped up New Jersey’s sixth full year of legal sports betting as the first state outside Nevada to accept wagers following the U.S. Supreme Court declaring PASPA unconstitutional. The Garden State still leads all states in post-New York for the top spot.
Despite the slight downturn in year-over-year revenue, 2024 has been good to New Jersey sportsbooks. Total winnings are up 37% to $513 million compared to the first five months of 2023, slightly outpacing the 31.6% rise in handle to $6.01 billion. The 8.5% win rate is one-third of a percentage point higher than last year and one full percentage point better than the all-time 7.5% hold.
The Garden State collected $10.4 million in taxes, moving within $7.9 million of $500 million overall. Its $66.5 million spanning the first five months of the year is $18.3 million ahead of last year’s pace.
Fanatics Makes Modest May Debut myh
Running post-PASPA Top 10 #SportsBetting state handles (thru May in CAPS): '
1 NEW JERSEY $51.7B
2 NEW YORK ~$45.4B
3 Nevada $40.6B
4 Illinois $35B
5 Penn. $29.5B
6 Colorado $18.0B
7 Arizona $17.1B
8 INDIANA ~$17B
9 Virginia $16.1B
10 Michigan $15.7B#SportsBettingX #GamblingX— Chris Altruda (@AlTruda73) June 14, 2024
being the last state it transitioned from PointsBet. Fanatics reported $2 million in winnings for May, which ranked seventh among the state’s 20 sports betting apps, but it was a figure that paled in comparison to PointsBet’s $88.3 million in 2024 that included a $201,200 loss in May.
PointsBet’s prowess, however, was also largely due to a well-publicized peculiarity: A lone VIP bettor — “the biggest legal player by far” in the U.S., according to one Sports Handle source — was reportedly responsible for the massive uptick. The NJDGE does not disclose handle by mobile operator, leaving it uncertain whether said VIP bettor opted to continue with Fanatics.
BetMGM neared $5 million in revenue for the second consecutive month while clearing $25 million for the year.
BetRivers ($1.2 million) being the only other outfits to post seven-figure revenue hauls.
Online operators had a 9.7% hold in May, claiming $77.7 million from $801.5 million worth of wagers. Their retail counterparts had a rougher go of it, winning less than $1.1 million with a paltry 2.8% win rate on $37.5 million in handle. The brick-and-mortar venues at the Meadowlands won $1.7 million, but six of the other 11 sportsbooks finished in the red.
Caesars took the biggest hit among the group, paying out $371,800 above its handle, and Hard Rock absorbed a $291,600 loss. Five retail sportsbooks are operating at a deficit through the first five months of the year, with Caesars’ facing the biggest hole at $566,300.
The Parlay Train Slows for No One 396j50
same-game parlay operator winnings sured $300 million for the year after the house reaped $47.4 million from the multi-leg bets. The hold was 20.9% against $226.9 million worth of wagers, the second consecutive month over 20%. The lofty win rate was also a stark contrast to single-event wagering in New Jersey, which was a more modest 5.1% from $612 million in handle.
Basketball was the biggest source of revenue among sport categories at $14.4 million, while the catch-all “other” category — comprised of soccer, golf, tennis, boxing, MMA, and auto racing — was a close second at $14.3 million. Bettors held their own with baseball wagering, limiting operators to a 1.8% hold and $3.2 million in revenue from $183 million in handle.
