The sports betting scene in New Jersey has been on fire this year! From January to July 2024, we’ve seen some big moves and surprising changes among the top betting apps. FanDuel and DraftKings are still leading the pack, but other companies are making their presence felt too. In this article, we’ll break down how these brands are doing, who’s gaining ground, and what it all means for your next bet in the Garden State.
Summary: Big Names Dominate a Shifting 2024 Market
Over the first seven months of 2024, the total money made from mobile sports betting in NJ has been all over the place. It started strong at $166.86 million in January, hit a high in April, and then dipped a bit during the summer, ending July with $77.95 million. The big names — FanDuel, DraftKings, BetMGM, Caesars, and bet365 — are still heavily dominating the market, holding on to about 90% to 97% of all the action. But there’s a lot more going on beneath the surface, with some new sportsbook apps making waves and others struggling to keep up.
- FanDuel: Still the king of NJ, holding nearly half the market in June.
- DraftKings: A solid contender, especially strong in July with a 33.3% market share.
- BetMGM: Steady and reliable, consistently ranking third.
- ESPN Bet: A new kid on the block but already making serious moves by this date.
- Hard Rock Bet: Facing some tough times with negative numbers in certain months.
Top 5 Betting Apps in Detail:
Who’s shaking up NJ’s sports betting online market right now?
- FanDuel:
- FanDuel’s been the top dog all year, hitting its highest point with nearly 50% of New Jersey’s market in June. They started off the year with a bang, pulling in over $80 million in January. Although their earnings dropped by July, they’re still way ahead of the competition. FanDuel’s massive following in NJ keeps them on top, even as they face some ups and downs.
- DraftKings:
- DraftKings is right behind FanDuel NJ, with their share ranging from 24% to over 33% by July. They’ve been pretty consistent, kicking off the year with $40.82 million in January and staying strong despite some dips. DraftKings knows how to keep their bettors happy, and it shows in their steady market presence.
- BetMGM:
- BetMGM holds down third place with around 5% of the market, month after month. They’ve been rock-solid, starting at $8.08 million in January and staying close to that range throughout the summer. While they’re not leading the pack, BetMGM’s consistency makes them a reliable option for NJ bettors.
- ESPN Bet:
- This newcomer is quickly becoming a serious player, grabbing a 6.5% share in July. ESPN Bet jumped into the market with energy, quickly gaining ground and showing that they’re here to compete. With their strong brand and growing popularity, ESPN Bet could shake things up even more in the coming months.
- Hard Rock Bet:
- Hard Rock Bet has had a rough time, with negative earnings in some months. April and July were particularly tough for them, posting losses instead of gains. They’ve got some work to do if they want to turn things around and stay in the game.
As the chart illustrates, FanDuel has consistently held the largest share of the market, though it saw some fluctuations throughout the months. DraftKings also experienced shifts, ending July with a significant rise. BetMGM, Caesars, and bet365 NJ have maintained smaller, yet stable shares.
Market Dynamics
The NJ mobile sportsbook market is mostly controlled by a few big names, but that doesn’t mean things aren’t changing. With new betting sites in NJ like ESPN Bet coming in strong and others like Hard Rock Bet struggling, it’s clear that nothing’s set in stone. For the average bettor, this means more choices and maybe some new favorites to keep an eye on.
Can newcomers challenge FanDuel and DraftKings in NJ?
That is a good question, knowing that In 2024, several betting sites, including Unibet, FOX Bet, and PlayUp, exited the New Jersey market. Additionally, PointsBet transitioned to Fanatics Sportsbook, further consolidating the industry.
NFL Dominates Sports Betting in 2024, NBA Follows Closely
In 2024, football, particularly the NFL, remains the most popular sport for betting in New Jersey, followed by NBA basketball. These sports draw the highest volume of wagers, including a 22.3% hold on parlays, on betting apps.
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