New Jersey sports betting handle falls further in July

The New Jersey Division of Gaming Enforcement reported Tuesday that Garden State bookmakers processed $531.9 million in bets in July.

Last Updated: Aug 16, 2022 5:23 PM ET
Read time: 2 minutes

We’ve seen betting handles drop in every state this summer, and New Jersey sportsbooks are no different.

The New Jersey Division of Gaming Enforcement reported Tuesday that legal bookmakers in Garden State processed $531.9 million in bets in July.

The July decline was not at all surprising. New York State also reported that for the first time since online sports betting began in January, his mobile bets on Empire State fell below his $1 billion mark, with monthly processing volumes falling for the month.

However, tJuly’s handling of both New Jersey’s retail and online sportsbooks was the lowest monthly sum for an operator since July 2020, when stakes were $315.1 million.

However, New Jersey sportsbook earnings rebounded in July. Monthly earnings from state sports betting he was $45 million, up 17% from June. The operator’s hold rate in June was around 8.4%, up from his 6.2% win rate in June.

Still, New Jersey’s revenue is down 18% year-over-year. As of the end of July, the state’s sportsbook annual revenue was $353.2 million, down 16.6% from the same point in 2021.

Is the parley over?

As more and more sportsbook operators focus on achieving profitability, one of the steps they have taken is labeled ‘parley’.

For example, in 2021 New Jersey sportsbooks reported nearly $2.5 billion in parley handles for completed events, or more than 20% of total bets in the state that year. Additionally, his 17.5% win percentage for Purley is well above his 7.1% total hold percentage for the year.

But with the lack of regular NFL football, New Jersey bookmakers are reporting a declining percentage of their earnings from parlays.

In April, parlays accounted for 65% of sports betting wins in completed events. Since May he has dropped to 64%. When he included the June figure in his 2022 total, the percentage dropped again to 62%.

As of the end of July, New Jersey sportsbooks reported more than $1.3 billion in parlay-related processing of completed events, or about 21% of total wagers. That said, Parley-related revenue was $214.7 million, or 61% of total, in the first seven months of the year, the lowest share to date in 2022.

Still, August should be a boost for New Jersey bookmakers. With the NFL pre-season underway and his college football game starting near the end of the month, bettors should be on the lookout.

Pages related to this topic

Source link

Leave a Reply

Your email address will not be published. Required fields are marked *