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The Garden State’s success continued in August according to the New Jersey Division of Gaming Enforcement, which reported adjusted gross revenue from sports wagering of slightly over $96 million. With the exception of the $114.8 million state record set in November 2021 and the $98 million earned in September of last year, that represented the third-highest income for operators in state history. Six of the top 10 monthly operator revenue totals in the state’s history occurred in the past wagering year, which saw the house claim $941.9 million in earnings.
Statewide sportsbooks generated a 13.2 percent hold, the most in the mobile period, which started in August 2018. This result is second only to New Jersey’s 21.1 percent win rate at launch in June of that year. Four months in a row with a double-digit hold continued, continuing an exceptional run that started in May.
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As New Jersey became the first state in the post-PASPA era to accept wagers worth more than $40 billion, handle soared to $725.8 million, up 32.8 percent from the same month last year. With $6.5 billion in wagers, August’s handle increased by 23.6 percent compared to July and reduced the year-to-date handle drop versus 2022 to 5.7 percent.
Tax revenue for the state totaled $12.3 million, bringing the 2023 total to $76.6 million. Given that operator revenue soared 42.7 percent to $597.9 million in the first eight months of 2023, that is $22.5 million more than the rate of the previous year. With the August statistics, the hold of 9.2 percent in 2023 increased by more than half a percentage point and is 3.1 percentage points higher than in 2022.
The $28.8 million in operator revenue more than doubled the previous high of $14.7 million achieved in June, and the $288.1 million in wagers received represented a 17.5% increase over the previous record of $245.2 million set last month, which was only temporary. The season’s first time it reached double digits was during the 10% hold, with the only other occurrence above 9 percent occurring in October 2019 at 9.4%.
Parlay wagering is one revenue stream that is always known. Once more, operators trampled on the betting public, creating a 24.1 percent hold to take $39.7 million in profit off $164.8 million risked. The hold for parlays was 21.9 percent or higher for the sixth month in a row, setting a new record. August’s total increased the overall win rate for the year to 21.2 percent. Parlay bets accounted for $331.5 million, or more over half, of the sportsbooks’ total income in New Jersey in 2023.
With a $40 billion handle, New Jersey accounts for more than 15% of the estimated $255.3 billion handling of the post-PASPA era, which started in June 2018. In May 2021, the Garden State overtook Nevada as the top state, and only New York and Illinois are making progress in terms of overall wagering.
New Jersey will soon surpass the neighboring Empire State, but for the time being, the gap between the two is just over $12.3 billion. Through the first eight months of 2023, New York has generated $4.8 billion more handling than New Jersey and currently leads all states with $11.2 billion in bets taken.
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