The sports betting handle of $748.4 million for the month of June on Tuesday, up 26.6% from last year.
The Garden State continues to lead all states in commercial wagering in the post-PASPA at $52.46 billion, and the $6.76 billion wagered in the first half of 2024 is up 31% compared to the first six months of last year. Handle was down 10.8% versus the $838.9 million reported for May.
Sports betting revenue totaled $60.1 million, down 9.5% from last year. Though revenue has been down year-over-year each of the past two months, the $573.1 million in year-to-date winnings for sportsbooks is up 30% versus 2023.
The state collected $7.8 million in taxes, leaving it less than $7,600 shy of $500 million overall. The $74.3 million in taxes collected in the first six months of the year is $17.8 million ahead of last year’s pace.
FanDuel, DraftKings Pace Mobile Books m414d
Running 2024 YTD Top 10 #SportsBetting handle by state (thru June in CAPS)
1 NEW YORK $11.03B
2 NEW JERSEY $6.76B
3 Illinois $5.74B
4 Ohio $3.58B
5 Penn. $3.56B
6 MASS $3.55B
7 Nevada $3.36B
8 Virginia $2.9B
9 MARYLAND $2.83B
10 Arizona $2.76B#SportsBettingX #GamblingX— Chris Altruda (@AlTruda73) July 16, 2024
FanDuel was an easy winner among the 18 sports betting apps available in the Garden State when it came to operator revenue, claiming $29.1 million in revenue for June. That was down 20.5% from May as it crossed $240 million in year-to-date winnings.
DraftKings had less than half that total at $14.4 million, a low for 2024 and also its first month below $15 million this year. It’s still a comfortable second in year-to-date revenue at $137.4 million and was the only other mobile sportsbook in nine figures.
BetMGM for the final podium spot for revenue for the third straight month. The England-based sportsbook collected $3.4 million in revenue, as BetMGM claimed $3.7 million.
While the ESPN BET for sixth in June winnings with $1.8 million. The two were separated by less than $100,000.
Caesars snuck into the top five with $2.1 million from their two licensee locations and has claimed over $15 million for the year.
Hard Rock Bet rounded out the group of eight mobile operators with a seven-figure haul for June; its $1.2 million in winnings was nearly triple that of May and its top mark for 2024. Prime Sportsbook was the lone mobile operator to post a monthly loss in June, as bettors came out $206,600 ahead. That moved Prime into the red for the year with a deficit of $5,182.
Mobile operators totaled $58.9 million in revenue, crafting a collective 8.2% hold from $719 million worth of wagers. That was far better than their retail counterparts, who were pegged to a 4% hold in claiming $1.2 million in winnings from $29.5 million in handle.
The Borgata was the biggest drag on brick-and-mortar venues, paying out $295,200 above its handle in June and swelling their year-to-date deficit to $379,000.
Public Finally Breaks Through on Parlays 515y6p
Running June Top 10 #SportsBetting handle by state:
1 New York $1.48B
2 NEW JERSEY $748.4M
3 Mass. $509.4M
4 N.C. $398.3M
5 Maryland $384.7M
6 Tenn. $342.2M
7 Indiana $298.2M
8 Iowa $146.7M
9 Kansas $140.1M
10 Maine $39.5M#SportsBettingX #GamblingX— Chris Altruda (@AlTruda73) July 16, 2024
A key reason revenue declined compared to June 2023 was the betting public having a relatively good month when it came to same-game parlay wagering. The 13.7% hold against $223.7 million in handle attained by operators was a low for 2024, with the previous worst being the 18.1% in February. It was also 8.3 percentage points lower than June 2023.
Sportsbooks still collected $30.6 million from the multi-leg wagers — just over half of June’s overall revenue — but that was also down 18.3% from last year. The $338.4 million in parlay winnings represents 59% of all operator revenue this year, as the house has a healthy 19.2% hold for the first six months.
Basketball winnings compensated for some of the lost parlay revenue, with operators crafting an 11.6% win rate to reap $8.4 million — up 130% from last year — against $72.3 million worth of wagers. It was the first time the house had a double-digit hold for hoops since an 11.5% mark from July 2021 and only the fourth time in 73 months of wagering.
The catch-all “other” category, which includes golf, tennis, hockey, boxing, MMA, and auto racing in New Jersey, provided the second-largest bucket of revenue by category at $15.3 million. The hold there was 6.3% against $242.7 million in handle.
Operators also had a far better June than May when it came to baseball bets, collecting $12.1 million — nearly four times the amount from the previous month. The house posted a 5.6% hold on those bets, which totaled almost $216 million in handle.
