High win rate spurs New Jersey sportsbooks to nearly $62m in May revenue
Strong 8% hold helps Garden State operators overcome 17.3% drop in monthly handle
New Jersey sportsbooks, buoyed by an atypically high win rate, took in just under $62m in gross gaming revenue (GGR) in May.
The $61.6m in revenue marked a 22.3% month-over-month (MOM) increase from April’s $50.3m, thanks to a robust 8.0% hold. For the year to date, New Jersey’s hold stands at 5.2%.
The outlier win rate helped New Jersey overcome a sizable drop in monthly handle, as operators took just $766.4m in bets, a 17.3% MOM decrease from $926.9m in April.
May marked the lowest handle month for the Garden State sportsbooks since August 2021, although overall volume was up 16.4% compared to the same period last year.
Through the first five months of 2022, New Jersey has totaled $269.4m in GGR from sports betting, a 9.3% year-over-year drop (YOY) from the $297.1m it amassed from January-May 2021.
Meadowlands Racetrack – which counts FanDuel, PointsBet and SuperBook among its licensees – continued to lay claim to its market-leading status, generating $35.5m in revenue, or nearly 58% of total GGR, on $422.7m in handle.
Next on the list was DraftKings- and FOX Bet-partnered Resorts Digital, which totaled just over $11m in revenue for an 18% share of the market.
Baseball proved to be the most popular sport with $193m in handle, followed by parlays ($172m) and basketball ($136m).
In terms of online casino, New Jersey operators reported $136.0m in monthly igaming revenue – a 25.7% YOY increase from $108.2m in the same period of 2021 – with online slots accounting for the lion’s share of revenue at $133.7m.
As for the cumulative igaming and online sports betting market, Wells Fargo estimates FanDuel to be the overall leader at 27%, followed by BetMGM (25%) and DraftKings (16%).