New Jersey Hits A Major Sports Betting Milestone During a Pretty Good April

The financial results for New Jersey’s sports betting in April 2024 were revealed on Thursday, showing a positive month for providers and top sports betting sites in the state. Despite a slight decrease in overall activity compared to March, the handle increased from the previous year and revenues for the month surpassed those of March.

The report from the New Jersey Division of Gaming Enforcement revealed a significant achievement in the Garden State, as it was announced that New Jersey sports betting apps and retail providers had collectively reached a lifetime handle of $50 billion. This milestone took 71 months to reach, with New Jersey sports betting apps contributing 98% ($46.69 million) of the total handle, while retail providers made up the remaining portion.

Operators in the New Jersey sports betting scene continued to be pleased by the trend of year-over-year monthly increases in sports betting, which persisted in April.

$1.04 billion March handle

In the New Jersey market, sports bettors wagered a total of $1.04 billion through the state’s sports betting apps and retail providers. This marked a 21.4% decrease from the previous month’s total of $1.33 billion, which was largely influenced by March Madness. Despite this drop, residents continued to make use of various promotions offered by New Jersey sportsbooks.

However, this figure represents a 25.2% year-over-year growth compared to April 2023, when sports betting in the state totaled just under $834 million.

In the past 11 months, the New Jersey sports betting market has accumulated a total lifetime handle of $50.87 billion, with over $12.5 billion of that amount wagered during this time period.

Revenues a good story

In April, New Jersey sports betting sites saw a rise in revenue compared to the same month last year, as well as compared to the previous month.

In April, Sports betting revenue in New Jersey reached $106.2 million, marking a significant 46.9% increase compared to the same period last year when it was $72.3 million. Additionally, there was a month-over-month increase of $16.5 million from March’s total of $89.7 million.

The increase in revenue for New Jersey sports betting apps can be attributed to a win rate of 10.2%. The hold rate was 8.7% in April 2023, up from 6.7% in March.

New Jersey’s top sportsbooks have accumulated a total of $3.81 billion in lifetime earnings, surpassing New York to claim the top spot on the list of lifetime revenues with the addition of April’s numbers.

Meadowlands Raceway partners dominate

Fanatics Underscoreg New Jersey has been a standout performer in the New Jersey market, coming in second only to FanDuel, the top revenue-generating sports betting site in the state. This success has been a pleasant surprise for many in the industry.

New Jersey regulators have only been publishing individual sportsbook revenue figures for two months.

In April, FanDuel New Jersey boasted $37.9 million in winnings, slightly surpassing Fanatics, which reported $32.9 million in revenue for the same month. You can explore these top performers using our FanDuel promo code or Fanatics Underscoreg promo code.

In third place for winnings was DraftKings New Jersey with $18.9 million, followed by BetMGM New Jersey ($4.8 million) and bet365 New Jersey ($3.3 million) in the top five.