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New Jersey Sports Betting Revenue Hits $72m

New Jersey Sports Betting Revenue Hits $72m

New Jersey sportsbooks reported that revenue increased 43.6% year-on-year to hit $72.3 million in April.

New figures from the New Jersey Division of Gaming Enforcement show that the Garden State’s sports wagering handle was $833.9 million last month.

That was lower than the $1.03 billion handled in March, but the decline was expected, as April is always a quieter month in the aftermath of the NCAA Tournament.

Last April, sports betting operators only brought in revenue of $50.3 million, so they enjoyed a strong jump this time around.

Online sportsbooks dominated proceedings, accounting for $798.5 million of the $833.9 million handle.

Meadowlands, which hosts FanDuel, PointsBet and SuperBook, was the clear market leader, with online revenue of $36.1 million. FanDuel accounts for the vast majority of that, as it is the No. 1 sportsbook in New Jersey and on a nationwide basis.

Resorts Digital, the host of DraftKings and FOX Bet, was next with revenue of $20.4 million, with DraftKings accounting for the lion’s share of it.

NJ operators’ total revenue for April was $462.7 million, up 9.5% year-on-year. The revenue at retail casinos declined by 1.6% to $231.4 million, but that was offset by the strong performance of online casinos and sportsbooks.

“Growth in internet gaming win and sports wagering revenue pushed Atlantic City’s total gaming revenue above $400 million for the second consecutive month, which is a positive more typically seen during summer,” said James Plousis, chairman of the New Jersey Casino Control Commission. “As I regularly visit the casino hotels, I hear a lot of optimism that this will be a great summer in Atlantic City.”

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