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Bet365 gaining NJ market share as May statewide betting handle rises 8%

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Bet365 looks to be gaining market share in New Jersey sports betting as it reported $3.5m in gross revenue for May, according to the NJ Division of Gaming Enforcement’s monthly revenue figures.

The UK-headquartered operator reported year-to-date betting revenues of $16.6m for the month, coming in at fifth place behind BetMGM with $26.7m, PointsBet’s $88.3m, DraftKings’ $123.1m and FanDuel’s $211.4m.

FanDuel topped the list in May with $36.7m in gross betting revenue for the month, with DraftKings a close second at $22.1m and BetMGM trailling in third place with $5.6m, down 17.1% on last year’s total.

The regulator began publishing monthly numbers by each operator in January, after previously showing only the revenues raised by each master licence, which accounts for multiple operators.

Also of note was ESPNBet’s gross betting revenue of $2.6m and PointsBet’s losses of $201,201 during the month. The former recorded year-to-date revenues of $5.1m and the latter of $88.3m in May.

Sports betting decline fails to halt May growth

In contrast to both land-based and igaming growth was a drop in sports betting revenue to $78.8m. This is 4.2% less than the $82.2m reported in May 2023 and some way behind the $106.2m posted in April.

The year-on-year drop came despite a 7.7% increase in handle to $838.9m in May. Of this, $801.5m was wagered online and $37.5m at retail sportsbooks in New Jersey.

Igaming continues to close the gap on land-based casinos

Golden Nugget retained the lead in the NJ igaming sector in May with $54.5m in revenue. This is some 25.4% higher than the $43.5m it reported in the same month last year.

Resorts Digital was second again on $49.3m, up 18.2% year-on-year. Borgata placed third with $44.0m, marginally lower than in May last year.

Turning to the igaming market, revenue jumped 19.1% to $192.1m in May, just short of the New Jersey record of $197.2m set in March this year.

Up to $189.9m of total igaming revenue was attributed to “other authorised games”, including online slots. This is 19.4% higher than last year. In contrast to this was an 8.2% fall in revenue from “peer-to-peer” games, such as poker, to $2.2m.

NJ revenues on the rise

Total gambling revenue for the state in May came in at $510m, comfortably ahead of $470.9m in the same month last year, but marginally lower than the $510.9m generated in April of this year.

The land-based market bounced back from a year-on-year decline in April to report growth in May, with revenue 5.2% higher than last year at $239.1m. This was also higher than April’s haul of $216.8m.

Slot machine revenue in the land-based market was 4.8% higher than last year at $181.3m. Revenue from table games also increased by 6.4% to $57.9m.

Year-to-date revenue tops $2.57bn in New Jersey

Year-to-date gambling revenue, to the end of May, hit $2.57bn, 13.1% ahead of the same point last year.

Land-based revenue was 0.2% lower at $1.11bn but gains across igaming and sports betting mean the market has improved year-on-year.

Igaming revenue for the period topped $942.8m, an increase of 20.6%. Despite the decline in May, sports betting revenue jumped 37% in the same period to $513m, helped by a 31.6% hike in handle to $6.01bn.

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