The rout is unofficially on.
The New Jersey Division of Gaming Enforcement reported $80 million in sports betting revenue for July on Friday as operators posted their fourth-highest collective hold in state history at 12.3%.
All 17 states, plus Washington D.C., that have published full commercial sports wagering reports have posted double-digit holds in July. The nationwide win rate from states that have published handle and revenue, which excludes Nebraska and Tennessee, is 11.7032% against $4.02 billion worth of wagers.
It is currently tracking as the third-highest hold in 74 months of wagering in the post-PASPA era, trailing only September 2018 (11.7095%) and September 2022 (11.7068%). July is also shaping up to be the third time this year sportsbooks will finish with a hold above 10% after doing so in January (10.9%) and May (10.5%)
The 12.3% hold was the highest in New Jersey since a 13.2% win rate last August that ranks No. 2 all-time. Six of the Garden State’s 10 all-time, double-digit win rates have come in the past 15 months.
The Garden State also joined New York as the only states to surpass $4 billion in operator revenue in the post-PASPA era. July’s haul was an increase of 31.2% from last year, easily outpacing the 6.5% bump in handle to $652.3 million.
Handle was down 12.8% from June, but revenue surged 33.2% as July’s hold was more than 4.2 percentage points higher. New Jersey has had 50 monthly handles of $500 million or more, the most of any state.
Lastly, New Jersey became the third state, along with New York and Pennsylvania, to eclipse $500 million in tax receipts after an inflow of $10.3 million into state coffers from July wagering. The $84.6 million sent to Trenton the first seven months of 2024 is $20.3 million more than the same period last year.
