From July’s wagers, New Jersey sportsbooks grossed $61 million in revenue, which equals a 10.3% hold. While double digit holds are something to aim for, compared to June (11.2%) and May (10.6%), July saw a boost in bettor winnings.
The bulk of the statewide handle came fromwagering. Over 95% of New Jersey’s bets were made online, a slight uptick from the 94% in the previous month.
New Jersey’s online platforms are so dominant in the Garden State that their July handle is nearly double what the retail market has brought in all year . sportsbooks grossed $61 million in revenue, which equals a 10.3% hold. While double digit holds are something to aim for, compared to June and May , July saw a boost in bettor winnings.
Despite the monthly drop in profit, New Jersey’s betting market is still quite strong as they just crossed the $500 million mark in year to date revenue . Since the handle and hold fell in July, so too did the tax bill. The online operators paid nearly $7.5 million to the state while the retail books paid $217,000. The combined $7.7 million was below June’s $8.4 million.
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