The post New Jersey Sportsbooks Reap $80 Million In July, Post 12.3% Hold appeared first on SportsHandle.

The rout is unofficially on.

The New Jersey Division of Gaming Enforcement reported $80 million in sports betting revenue for July on Friday as operators posted their fourth-highest collective hold in state history at 12.3%.

All 17 states, plus Washington D.C., that have published full commercial sports wagering reports have posted double-digit holds in July. The nationwide win rate from states that have published handle and revenue, which excludes Nebraska and Tennessee, is 11.7032% against $4.02 billion worth of wagers.

It is currently tracking as the third-highest hold in 74 months of wagering in the post-PASPA era, trailing only September 2018 (11.7095%) and September 2022 (11.7068%). July is also shaping up to be the third time this year sportsbooks will finish with a hold above 10% after doing so in January (10.9%) and May (10.5%)

The 12.3% hold was the highest in New Jersey since a 13.2% win rate last August that ranks No. 2 all-time. Six of the Garden State’s 10 all-time, double-digit win rates have come in the past 15 months.

The Garden State also joined New York as the only states to surpass $4 billion in operator revenue in the post-PASPA era. July’s haul was an increase of 31.2% from last year, easily outpacing the 6.5% bump in handle to $652.3 million.

Handle was down 12.8% from June, but revenue surged 33.2% as July’s hold was more than 4.2 percentage points higher. New Jersey has had 50 monthly handles of $500 million or more, the most of any state.

Lastly, New Jersey became the third state, along with New York and Pennsylvania, to eclipse $500 million in tax receipts after an inflow of $10.3 million into state coffers from July wagering. The $84.6 million sent to Trenton the first seven months of 2024 is $20.3 million more than the same period last year.

DraftKings Bounces Back, Caesars Shines

Running Top 10 July #SportsBetting handles by state:

1 New York $1.27B
2 NEW JERSEY $652.3M
3 Mass. $411.8M
4 N. Carolina $340.4M
5 Maryland $333.3M
6 Tenn. $271.5M
7 Indiana $261.1M
8 Louisiana $184.5M
9 Iowa $138.1M
10 Conn. $121.8M#SportsBettingX #GamblingX

— Chris Altruda (@AlTruda73) August 16, 2024

The NJDGE only discloses revenue figures for mobile sportsbooks, and DraftKings looks to have gotten back on track. Its $25.9 million in winnings was up 80.7% from June and represented its best month since claiming $40.3 million in January.

FanDuel had a more modest rise of 9.6% to $31.9 million. It also leads all mobile books in year-to-date winnings with $272.5 million.

BetMGM grabbed the final podium spot by a large margin after collecting $5.2 million in revenue. Caesars surged into fourth with $3.4 million thanks to an increase of 63.2% from the previous month. Bet365 rounded out the quintet of mobile books that cleared $3 million, reaching that benchmark for the fifth consecutive month by $29,300.

Fanatics Sportsbook started the second five with nearly $2.7 million, while ESPN BET had a rebound of its own with $2.4 million — up 44.9% from June. Hard Rock Bet posted back-to-back seven-figure revenue hauls for the first time this year with close to $1.2 million and came within $40,000 of its year-best from June.

Prime Sportsbook got back into the black with $398,100 in winnings, a positive revenue swing of more than $604,000 from June in its fifth month of action in New Jersey.

Parlay Winnings Key to Revenue Boost

For the third time in four months, the hold on parlays and same-game parlays exceeded 20% as operators combined for a 22.3% win rate in claiming $40.6 million from $182.1 million in handle. That lifted the year-to-date hold to 19.5% as the $379 million in revenue from the multi-leg bets accounts for 58% of the $653.1 million in winnings accrued.

The catch-all other category, which includes golf, tennis, hockey, soccer, boxing and MMA in New Jersey, provided the largest source of sport-specific, single-event wagering at $18 million. That was an increase of 175.6% from last July as operators had an 8.5% hold from $211.4 million worth of accepted bets.

Revenue from baseball bets ticked 3.4% higher year-over-year to $13 million despite a 19.3% slide in handle to $197.8 million. Operator winnings from basketball were up more than three-fold to nearly $3 million as handle climbed 46.6% to $56.2 million.

Year-to-Date Metrics Show Growth

The big July for operators has added to what has been a solid 2024 for Garden State sportsbooks compared to the first seven months of 2023. Handle is up 29% to $7.41 billion, while revenue is slightly ahead of that, up 30.1% to $653.1 million as the 8.8% hold is nearly one-tenth of a percentage point higher.

The post New Jersey Sportsbooks Reap $80 Million In July, Post 12.3% Hold appeared first on SportsHandle.