New Jersey sports betting slows in April, hits lowest single-month handle since August 2021

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In April, New Jersey sports betting slowed as the $926.9 million handle was the lowest one-month figure in the state since August 2021. This figure was down 17.3% for him from March, but still up 23.9% year-on-year. However, earnings fell as he dropped from $54.8 million in April 2021 to $50.3 million last month. This is largely due to retention rates, with the sportsbook holding him at 7.3% of earnings last year, compared to his 5.4% this year.

Swallow New York market share

New York handles $1.64 billion compared to New Jersey’s $1.12 billion in March. In April, New York’s handle fell 14.7% to his $1.39 billion, which was his lowest handle since January. But New Jersey’s blunder left New York ahead of her neighbor by more than $400 million in total stakes.

New York also recorded a hold rate of 7.5%, above the April average, with revenue of $104.1 million. With a high tax rate of 51%, a New York sportsbook said he paid $53.1 million in taxes in April, compared to just $6.4 million in New Jersey, where online he was 13% and retail betting was 13%. 8.5%.

Purley boosts revenue in New Jersey

With the sports calendar slowing down, New Jersey sportsbooks posted a staggering 17.9% hold on $197.3 million parlay handles (21% share), boosted by April parlays, and revenues was $35.2 million (69% share). Parlays typically have a much higher win rate than sportsbook straight him bets, so winning tickets feature much larger payouts, but are still very profitable for operators.

Basketball remains a very popular sport, with the NBA Playoffs and NCAA Final Four taking in a combined $323.4 million (35%). However, this sport has a retention rate of only 2.6%, and the sportsbook only generated $8.4 million in revenue for this sport. The NBA and NHL playoffs have been the most bet on sports in the nation over the past month.

The start of the baseball season wasn’t very profitable, with total wagers (19%) of $177.9 million (19%) and a low hold rate of 2.9% on earnings of just $5.2 million (10%) was. Football has wagered a total of $8.4 million on NFL Draft and USFL games, and in one month he lost $1.5 million.

Online casinos are on the rise, but New York’s iGaming is coming

New Jersey online casinos had a great month with $136.9 million in revenue in April, averaging $4.6 million per day. His April earnings from online casinos and poker were up 27% from last year’s $107 million he brought in $20.5 million in state taxes. Borgata was the leading online casino with revenue of $39.9 million (29% share).

However, the burgeoning New Jersey iGaming market may struggle to maintain its level of success as New York moves towards legalizing iGaming. Senator Joseph Adabo Jr., the sponsor of the state’s sports betting bill, introduced a bill to legalize iGaming in New York in February. If that happens, the New Jersey market will definitely be affected.

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Meadowlands lead the race

New Jersey’s top sports betting licensee in April was Meadowlands Racing and Entertainment and its partners FanDuel, PointsBet and SuperBook Sports. That license generated him $33.3 million in revenue (66.2% of his total revenue) that month.

Resorts Digital was second on the April list with just $7.4 million (14.5% share) in revenue with partners DraftKings, FoxBET and Resorts’ own site. Borgata was his third, with his $4.5 million in earnings split between the Borgata site and BetMGM.

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