New Jersey sportsbooks shook off a double-digit percentage decline in handle and claimed $119.6 million in adjusted gross sports betting revenue for September, according to figures released by the state's Division of Gaming Enforcement on Thursday.
The September haul trails only the $170.8 million reported to kick off the year in January, and it was the sixth time in 76 months of wagering in the Garden State that operator revenue surpassed $100 million. Sportsbook winnings were up 7.6% compared to last year and 90.6% higher than the $62.7 million claimed in August.
Despite a 16.1% decline in handle from the previous September, which amounts to $209.3 million, New Jersey still posted a $1 billion monthly handle for the 20th time with $1.09 billion worth of accepted wagers. The $9.2 billion in year-to-date action represents an 18.4% increase compared to the first nine months of 2023.
The state re-directed $15.1 million of September's sportsbook revenue to its coffers. The $107.7 million in receipts thus far in 2024 is already the second-most in state history and $16.9 million ahead of last year's pace.
Public Takes a Pummeling on Parlays
The start of the NFL season brings increased action in general to sportsbooks, but it also brings plenty of increased action when it comes to parlay wagering. Garden State sportsbooks routed the public in September with a year-best 24.2% hold on $352.7 million worth of multi-leg wagers as the $85.4 million in revenue represented 71.4% of the total winnings.
It was the fourth time in the past six months New Jersey sportsbooks had a 20% or higher hold on parlays, and September's thrashing of the public helped sportsbooks easily absorb a pedestrian 4.6% hold on $737 million worth of single-event bets. Parlay handle was up 14.7% from 12 months prior, but revenue climbed 25.2% as this year's hold was two percentage points higher.
The catch-all "other" category, which includes golf, tennis, soccer, hockey and mixed martial arts among others, was the second-largest source of revenue for September with $11.5 million as operators had a 7.2% hold on $159.9 million handle.
The betting public fared well in baseball, holding the house to a 2.3% hold and $3.3 million from $144.8 million. Despite both the New York Yankees and New York Mets reaching the MLB playoffs, year-over-year September handle plummeted 41.6%.
There was also a sharp drawback in football wagering, with the $405.7 million in bets accepted down 16.6% from 2023. Operators nearly doubled their winnings, though, as the near-4% hold was 2.2 percentage points higher and led to $16 million in winnings.
FanDuel Tops Revenue Chart, but Plenty Feast
Running September Top 10 #SportsBetting handles by state:
1 New York $2.08B
2 NEW JERSEY $1.09B <-NEW
3 Mass. $678.7M
4 North Carolina ~$575.4M
5 Maryland $532.9M
6 Tenn. $520.8M
7 Indiana $483.8M
8 Iowa $270.9M
9 Kansas $248.9M
10 Conn. $214.4M#SportsBettingX#GamblingX— Chris Altruda (@AlTruda73) October 17, 2024
Outsized success for parlay wagering usually means FanDuel is the top revenue-generating mobile sportsbook in a state and that proved true in New Jersey for September. The $48.8 million in winnings led all operators as the titan enjoyed its best month since reaping $80.7 million in January.
DraftKings also had its second-best month of 2024 with $36.6 million, but it was far closer to its 2024 best of $40.3 million from January. BetMGM's best month of the year was enough to claim the final podium spot with $7.8 million, and it was the last of the mobile books to surpass $5 million in revenue.
Bet365 and Caesars also had their respective top performances for the year, with the former reaching $4.8 million and the latter $4.2 million. Bet365 moved beyond $30 million in year-to-date revenue while Caesars edged over $25 million as the pair completed the top five for September winnings.
ESPN BET started the second five with more than $2.5 million, which was $63,900 better than Fanatics. Hard Rock Bet topped $2 million for the first time in 2024, while BetRivers ($1.4 million) and the Borgata's internal app ($1.01 million) also reached seven figures. Spottrade was the lone active operator not to get in on the good times as the betting exchange platform paid out $135,300 above its handle amount.
A Sizable Retail Haul Thanks to the Tracks
New Jersey's brick-and-mortar sportsbooks combined for a year-best $8.1 million in winnings, fashioning a 13.8% hold on $58.5 million handle. More than $4.1 million of that amount originated with FanDuel at the Meadowlands, and another $1.2 million came on tickets written by Caesars at Monmouth Park.
It was the highest retail revenue total since venues claimed $9.8 million in September 2022.
