Parlays Make Up The Majority Of New Jersey’s Sportsbook Wins

  • Parlays have been the biggest source of New Jersey sports betting income.
  • They’ve raised $334,232,531 from January through October in New Jersey.
  • This is more than 3x the amount of profit from any other wager in that timeframe.

TRENTON, N.J. - The New Jersey Division Of Gaming Enforcement released New Jersey’s October revenue numbers, and they revealed that parlay betting drove a majority of New Jersey’s profit in October.

Parlay bets are wagers in which multiple outcomes are grouped together, and a win can only occur if all outcomes are in favor of the bettor.

For example, one could parlay the Philadelphia Eagles moneyline and the New York Giants spread. This bet would only win if the Eagles won on the moneyline and the Giants covered the spread.

These bets are appealing to bettors because they allow for low stakes wagers with potentially large payoffs.

However, over a population as large as the state of New Jersey’s, and a timescale as large as ten months, those small parlay wagers really add up.

Parlays have been the single biggest source of revenue to New Jersey’s sportsbooks throughout 2021 by at least 3x.

New Jersey Sports Betting Revenue Sources - YTD Through October

  • Parlay $335,232,531
  • Other $105,343,521
  • Basketball $75,282,173
  • Baseball $53,555,836
  • Football $38,600,964

This number isn’t only based on volume either - the online sportsbooks in New Jersey are taking a much larger rake on parlays because they fail to convert so often.

New Jersey Sportsbooks' Win Percentages - YTD Through October

  • Parlay 17.1%
  • Other 5.3%
  • Baseball 4.2%
  • Basketball 3.9%
  • Football 3.2%

In other words, parlay wagers are not just more profitable for the sportsbooks in absolute terms, but in relative terms as well - they’re more profitable than any other kind of wager by percentage.

Online gambling fans should keep this in mind - if casinos are winning this much on parlay wagers, they might not be the best choice for moneymaking strategies.