The Garden State is home to one of the largest sports betting markets in the country. And according to the New Jersey Division of Gaming Enforcement, the year-to-date revenue of the sportsbooks in the state are now at $501.8 million. With the New Jersey sportsbook revenue hitting the half a billion mark even without football betting season, it may not be a surprise to see that handle jump to a billion towards the end of the year.
The gambling industry in the US are seeing a dip in betting activity in recent months, which is typical every year. But even then, sportsbooks in New Jersey still manage to generate $587 million in wagers for July. It is less than the previous month, but only by 1% for June’s $591 million. The handle is still quite remarkable since you have half a billion of wagers for a month- something other markets in the country find challenging to see.
New Jersey Sportsbook Revenue is Remarkable as Well
And speaking of half-billion records, the state also has another number for you. The gross revenue for the state is at $61 million for July, which now pulls us to $501.8 million year-to-date revenue. Keep in mind that we are not even into football season, so the revenue numbers could increase at a higher pace as we move towards the end of the year. If you want to make money from sports betting, you should definitely learn about the bookie mistakes to avoid as you set everything up before football season begins.
The hold percentage for the month is also doing well, still maintaining double-digits for July at 10.3%. It is, however, slightly lower than previous months with June at 11.2% and May at 10.6%. As a bookie, you can use your sportsbook pay per head software to keep track of your sportsbook’s hold percentage and revenue numbers as well. These will help tell you if your sportsbook is earning well, and in line with current market trends.
As for where residents prefer to place their wagers, online sportsbooks take the majority share of wagers. Over 95% of the total handle was made through online sportsbooks, with a handle of about $561 million. To compare, retail sportsbooks in the states have a handle of $293 million year-to-date.