Garden State sportsbooks processed $766.4 million in bets last month, down 17.3% from $926.9 million in April, according to figures released Thursday by the New Jersey State Department of Gaming Enforcement.
New Jersey sports betting values fell again in May to their lowest level since August last year.
Garden State sportsbooks processed $766.4 million in bets last month, down 17.3% from $926.9 million in April, according to figures released Thursday by the New Jersey State Department of Gaming Enforcement.
The May handle decreased for the second consecutive month. This was the lowest for a New Jersey retail and online sportsbook since August 2021 when total bets reached his $664 million. Last month’s handle put him 5.8% below his $814 million bet for May 2021.
The drop in handle counts in May comes as sports schedules begin to slow down, with no Super Bowl or March Madness games bettors are spending money on. Nearby New York’s online sportsbook continues to be in brisk business as well, and may be taking a bit of a move out of the Garden State book.
revenue recovery
New Jersey sportsbooks will have to offer customers two-factor authentication or stronger settings by the end of June, so there could be more headwinds in the coming months.
Still, the good news for May was that sports betting-related revenue was around $61.6 million, up 16.4% year-over-year. The monthly hold rate for New Jersey sportsbook operators was about 8%.
Leading the way was Meadowlands Racing and Entertainment. His monthly earnings from the racetrack and its online sportsbook his partners FanDuel, PointsBet and SuperBook Sports were his $35.5 million, top among licensees.
Last month, the majority of legal sports betting in New Jersey took place online, with Internet-based transaction volumes hitting a record $708.4 million. Overall in 2022, New Jersey sportsbook bets now exceed $5 billion.