The New Jersey gambling market is one of the largest in the country. It is one of the first states to fully embrace both casino and sports betting. They were also the first to integrate online sports betting into their market. And the strong New Jersey sports betting market demonstrated its resilience in September, despite a 16.7% year-over-year decrease in handle.
The state’s operators managed to generate $119.6 million in revenue, marking the second-highest monthly revenue on record. The New Jersey Division of Gaming Enforcement reported a total of $1.1 billion wagered across online and retail sportsbooks, representing a significant 56% increase from August. This surge brought the handle back to the billion-dollar mark for the first time since April, though still shy of March’s $1.3 billion peak.
New Jersey Sports Betting Market
The September revenue, while falling short of January’s record $170.8 million, showed a 7.6% year-over-year increase. A remarkable 90% month-over-month jump has propelled the year-to-date revenue beyond $835 million. The overall hold rate of 11% surpassed last September’s by more than two percentage points, with retail sportsbooks particularly impressive at a 13.8% hold on $58.5 million in wagers.
Online betting platforms contributed the lion’s share of revenue at $111.5 million. The state benefited from $15.1 million in tax revenue, pushing the 2024 total past the $100 million mark. Given how popular online wagering is, you will need to make sure that your sportsbook operates efficiently and safely to ensure maximum profit. This guide can help you understand how a bookie software protects a sportsbook.
Football Pushes Growth in Betting
The return of football season played a crucial role in revitalizing New Jersey’s betting market. If you look at most experts’ gambling news and insight into betting, football season always means the numbers will trend upwards. September’s figures suggest the potential start of another strong streak, reminiscent of last year’s seven consecutive months of billion-dollar handles.
Football wagers alone accounted for $405.7 million of the month’s handle, generating $16 million in revenue. While the hold on football bets was a modest 4%, the unpredictable nature of the early NFL weeks contributed to a substantial $85.4 million in parlay revenue from a $352.7 million handle.
New Jersey Gambling Market
Aside from the achievements of New Jersey sportsbooks, another gambling sector continues to remain profitable. New Jersey’s online casino sector reached a new milestone, surpassing $200 million in monthly revenue for the first time.
The record $208.1 million from iGaming represented a 27% year-over-year increase, contributing to a total gaming revenue of $588.3 million, up 7% from the previous September. With both casino gaming and sports betting remaining popular in the state, it will not be a surprise to see even higher numbers for October. Especially now that basketball season is starting. Historically, basketball betting can take up half of the betting handle, so you should expect an increase in betting activity in your sportsbook. If you need help managing your operations, use the best bookie software to make it easier for you. These sportsbook pay per head reviews can help you find the best one for your needs and price point.
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