Last updated on December 5th, 2023 at 04:17 pm
Even though we have a slight dip in sports betting numbers from May to June, the performance of New Jersey Sportsbooks is still impressive when you look at the year-on-year numbers. It is also very remarkable that despite seeing less handle, sportsbooks still manage to take in higher revenue. This makes the market somehow immune to the small and recent dips and increases in the market.
June’s report from the Division of Gaming Enforcement is a perfect example of this. The total monthly handle is $591 million. This is 6.6% lower than June 2022. Most who use a bookie software may get worried about this. But sportsbooks in New Jersey have a $66.4 million revenue for that month. And that is 69.1% higher than that of June 2022.
New Jersey Sportsbooks Are in the Green
The total revenue that New Jersey sportsbooks have recorded this year is at $440.8 million. This is also higher than the same period last year by 42.8%. The total handle, year-to-date, is at $5 billion. The number is high enough even though the monthly handle has fallen below $1 billion for the third straight month. It is quite normal for the state’s sportsbooks to record a billion in wagers each month before this dip.
The numbers do suggest that even though there is a short-term slump in handle, the local betting market is still doing very well. And will continue to do so for a long time. This is especially true for online sports betting. Out of the $591 million handle, $558.6 million come from online sportsbooks. In addition, out of the $66.4 million revenue, $62.2 million come from online sportsbooks with an 11.1% hold.
This is why using an online bookie like PricePerPlayer.com can be very lucrative. Local bettors prefer using online sportsbooks, making it a lucrative business model. And even if the market tends to fluctuate due to the sports calendar, your sportsbook is likely to continue earning long term from betting. If you look at the sportsbooks in the state, the lowest revenue for the month is at $3.6 million, a very decent amount for a sportsbook to earn in just a month.
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