NJ sports betting handful continues to grow despite NY launch

the New Jersey the sports betting market has continued to grow in the face of the launch of mobile New York sports betting earlier this year.

The New Jersey sports betting handle was $926.9 million in AprilWhich one is 23.9% higher than last year. This number was down 17.3% month-over-month, although this reflects the slowdown in the sports betting calendar in the United States.

Sports betting revenues were $50.3 milliondown 8.2% compared to last year, however, which is largely explained by a stronger hold last year. Books owned 7.3% last year compared to 5.4% This year.

The New Jersey sports betting market is still hot

This growth in New Jersey management comes despite taking mobile sports betting to New York $1.39 billion in bets last month.

New York also benefited from an above-average holding rate of 7.5% for $104.1 million turnover for April.

However, one area where it will never be fair to compare the two states is tax revenue. While NJ reported $6.4 million in taxes for the month on a blended rate of 13% for online and 8.5% for retail, New York’s eight sportsbooks paid $53.1 million with the state 51% tax rate.

Parlays saved NJ sports betting revenue in April

Parlays generally stand out as the most profitable type of bet for sports betting, but they really took on a lot of the revenue responsibility in April.

Sports bets held 17.9% on parlays completed in April for $35.2 million in income on $197.3 million in the completed parlay handle.

The next highest take came in the other and baseball categories at 2.9%.

baseball saw $177.9 million in completed bets, there are only $5.2 million In income. The other category ranked second only to basketball in terms of handle completed with $223 million bet and $6.5 million In income.

Books beat basketball

As usual in April, basketball was the star sport in terms of innings with the last three games for march madness paris and the beginning of NBA Playoffs falling within the month.

With a fair grip 2.6% on completed events, however, this meant that the $323.4 million bet led to only $8.4 million In income.

Football, meanwhile, recorded a loss of almost $1.5 million for the month with $8.4 million bet between the NFL Draft and USFL Games.

Meadowlands partners still lead in revenue

the meadows‘ sports betting partners united to $33.3 million income for April, or 66.2% of total reported income. FanDuel, PointsBet and super book all permits through the Meadowlands.

Second on the list was Digital stations to $7.4 million in monthly income. These partner brands include DraftKings, FoxBET and the Resorts brand site.

Borgata won bronze with $4.5 million in revenue split between the casino brand site and BetMGM.

Comments are closed.