September Provides New Jersey Underscoregs With Third-Best Month Ever

The New Jersey sports betting industry is gaining attention once more as the Garden State and its top sports betting apps, sites, and sportsbooks strive to solidify their position as the second-best sports betting jurisdiction in America, trailing only powerhouse New York.

New Jersey has surged ahead of Illinois in sports wagering activity since the beginning of 2023, reclaiming its position as New York’s primary competitor in the race to become the top sports betting state in America. This trend appears to have continued into September.

According to the New Jersey Division of Gaming Enforcement, September saw the third-highest overall wagering activity for New Jersey sports betting apps and retail providers, with revenues and tax contributions also performing strongly.

New Jersey sportsbooks made history by surpassing $40 billion in total sports bets and $3 billion in operator winnings, with the addition of September’s numbers. This achievement highlights the exceptional strength of the market in the state.

New Jersey handle surpasses the $1-billion mark again

In September, New Jersey’s sports betting apps and retail sportsbooks saw a total handle of $1.29 billion, marking the third-highest handle in the state’s history. This also marked the 12th consecutive month that providers in New Jersey have surpassed $1 billion in monthly wagers.

In September, the total amount of $1.29 billion is an impressive increase of $564 million from August, which is a 79% spike. Compared to September 2022, there is also a nearly 50% year-over-year increase from the $866.7 million handle in New Jersey.

The sports betting handle in New Jersey for September came close to matching the record $1.35 billion set in January 2022 and the $1.303 billion handle from October 2021.

Not surprisingly, New Jersey sports betting apps accounted for $1.25 billion of the state’s September handle, while retail betting contributed $43.5 million.

September revenues second-best ever

New Jersey’s top sportsbooks earned $111.1 million in revenue in September, making it the second-highest month for the state. The only month that surpassed this was November 2021, which reported profits of $114.8 million.

If it weren’t for the 8.6% hold for state sportsbooks, revenues could have been higher. September marked the first time since April that the hold rate for Garden State sports betting operators was below 10%.

The revenue of $111.1 million increased from $96 million in August and surpassed the September 2022 revenue of $98 million.

During September, New Jersey sportsbooks contributed $14.2 million in taxes.

DraftKings produces another big month

The partnership between Resorts Digital and DraftKings has proven to be highly successful in the New Jersey sports betting app market.

DraftKings New Jersey achieved a remarkable revenue of $56.9 million in August and nearly matched that in September with profits exceeding $49 million. This surpasses the company’s previous monthly revenue record in New Jersey, which had never surpassed $30 million before the last two months.

The Meadowlands Racetrack partnership, including FanDuel, PointsBet, and SuperBook, reported profits of slightly more than $32 million for the month, falling short of Resorts Digital.