New Jersey Sportsbooks Edge Near $12 Billion For 2023

• Sportsbooks in New Jersey kept over $1 billion from their near $12 billion handle.
• Parlays represented 25% of NJ’s sportsbook intake but over 50% of their revenue.
• Basketball ($2.68 billion) beat out football ($2.30 billion) as the sport with the most money bet on it in New Jersey.
• Despite record numbers, New Jersey sports betting is proving to be an oligopoly.

ATLANTIC CITY, N.J. – Last week, the New Jersey Division of Gaming Enforcement released its last monthly report for 2023, showing that New Jersey sportsbooks took in nearly $12 billion in bets for the year.

$11,978,359,857 is how much was bet on sports in NJ in 2023 with parlay cards making up a sizeable increase in comparison to last year. In fact, the 2023 betting handle for parlays in New Jersey broke the $3 billion mark, bringing the total to over $10 billion since the state’s 2018 launch.

While this measure represents roughly a quarter of the NJ sportsbooks intake, operators saw over $550 million in parlay revenue throughout the year. This mark represents a 22% increase year over year and reflects over half of the legal sports betting revenue thanks to its extremely high 18% hold rate.

• Sports Wagering Revenue: $1,006,591,602

Up almost 32% from 2022 ($762,954,971), New Jersey sportsbooks accomplished a feat that only New York and Ohio had done before – break the $1 billion sports betting revenue mark in 2023.

Still, how much money is bet on sports in the US pales in comparison to other gambling forms, just like in NJ. Despite making up a sixth of the total New Jersey gaming revenue in 2023 ($5,778,250,088), sportsbooks didn’t even bring in half of what slots did ($2.1 billion).

Consolidation + Sportsbook Buyouts In The Future?

While $1 billion helped prove a successful industry, only a few of the sports betting apps remained dominant.

Resorts Digital (DraftKings) and The Meadowlands (FanDuel) took in almost 80% of the yearly revenue. At $798 million between the two, FanDuel stayed well above the top – taking in $169 million more than DraftKings.

But that difference represents almost the entire revenue of NJ sportsbooks #3-6 for the year.

• Borgata $82.69 million
• Hard Rock $32.95 million
• Tropicana $32 million
• Freehold Raceway $30.28 million
• Total $177.9 million

With FanDuel and DraftKings that far ahead of the pack, the threat of consolidation, buyouts, or shutdowns has to be considered. While Borgata and company (plus Monmouth Park) seem safe in nature, the challenge is present for Caesars, Bally’s and Golden Nugget.

This trio failed to collect even one-half of a percent of the state sportsbooks’ revenue combined. At $4.12 million between the three on the year, all three saw their revenue decrease year over year.

Sportsbook	2022 Revenue	2023 Revenue	Percent Drop
Caesars	$4.43 million	$2.15 million	51.46%
Bally’s	$2.32 million	$1.03 million	55.60%
Golden Nugget	$1.28 million	$948k	25.93%

Despite the scare, Harrah’s proved there is still some room for growth in this top-heavy industry. Beating last year’s revenue by almost 220%, Harrah’s $1.37 million isn’t competing with FanDuel, DraftKings, or Borgata, but is still a promising jump from the $429,602 they brought in during 2022.

News tags: Ballys | Borgata | Caesars | DraftKings | FanDuel | Freehold Raceway | Golden Nugget | Hard Rock | Harrahs | Monmouth Park | New Jersey | New Jersey Division of Gaming Enforcement | New York | Ohio | Resorts Digital | The Meadowlands | Tropicana