New Jersey Posts its Fourth-Highest Sports Betting Handle Ever in October

The October report from the New Jersey Division of Gaming Enforcement revealed a mix of positive and disappointing news about the performance of the state’s top sportsbooks.

In October, sports betting in New Jersey saw an increase in activity compared to both the previous month and the previous year. However, due to the second-lowest combined hold rate in 2023 for New Jersey sports betting apps and retail providers, revenue actually decreased from the amount earned in September.

Nevertheless, the sports betting handle in October, along with the results from September and August in New Jersey, helped alleviate some concerns about the impact of neighboring New York on the betting industry in the Garden State.

Nearly $1.3 billion wagered in New Jersey during October

In October, sports bettors in New Jersey, like many across the country, flocked to betting sites to wager on five weekends of NFL games, college football, and the beginning of the NBA and NHL seasons.

In October, nearly $1.3 billion was bet on sports in New Jersey through top sports betting apps, making it the fourth-highest monthly handle since the state legalized sports wagering. This also marks the 13th month out of 65 where betting has surpassed $1 billion.

The handle figures for October show a slight increase from September, with a 22% year-over-year jump compared to October 2022’s $1.06 billion handle for New Jersey sportsbooks.

New Jersey sports betting apps generated approximately $1.24 billion of the nearly $1.3 billion total, thanks to the various New Jersey sportsbook promotions they offer.

Hold rate drags New Jersey sportsbook revenues

Despite having a high October handle, New Jersey’s sports betting providers did not rank in the top four for revenue totals. However, it was still a successful month for Garden State sports betting.

New Jersey’s top sportsbooks reported $92.3 million in adjusted gross sports wagering revenue for October, showing a slight decrease from the $111.1 million reported in September. However, this figure represents an 18.4% increase from the $77.9 million in profits reported in October 2022.

The decrease in revenues can be attributed to the 7.1% New Jersey sportsbook hold rate recorded in October, which is the lowest since February’s 6.4% and 1.5% lower than September.

New Jersey’s top sportsbooks have generated $800 million in revenue year-to-date, marking a 34.7% increase from the same period in 2022.

In October, New Jersey sports betting providers contributed $11.8 million in taxes to support state and local tax coffers. In 2023, they have already paid a total of $102.6 million in taxes, surpassing the previous record of $102 million set in 2021.

Meadowlands and FanDuel blow competition away

The competition to be New Jersey’s top sports betting site has been back and forth in recent months, but there was no question which site would come out on top in October.

In October, Meadowlands, in partnership with FanDuel, PointsBet, and SuperBook, achieved its second-highest revenue month with $57.8 million in profits. This accounted for 70% of New Jersey’s total revenue, marking a 35% increase compared to the previous year for the provider trio.

After a strong start in August and September, the Resorts Digital sportsbook partnership, led by DraftKings, has seen a decline in performance. The in-house app from DraftKings and Resorts Digital brought in $15.3 million of New Jersey’s total October revenues, accounting for just 30% of the overall earnings.