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New Jersey sportsbooks hit $5 billion milestone

13 December 2019

(PRESS RELEASE) -- New Jersey’s online and retail sportsbooks collected a staggering $562 million in bets in November, and the industry has now taken in more than $5 billion in bets since the first was legally accepted in the state in June 2018. And at the current pace, it won’t be long before the state reaches $6 billion, according to analysts from PlayNJ.com.

“New Jersey sportsbooks will remain the chief beneficiary as long as neighboring New York refuses to legalize sports betting,” said Dustin Gouker, lead analyst for PlayNJ.com. “New York City’s 8 million residents continue to be a key ingredient that has propelled New Jersey into Nevada’s chief rival as the country’s largest legal sports betting market.”

New Jersey’s sportsbooks collected $562.2 million in bets in November, crushing the record $487.9 million handle in October, according to official reporting released Thursday. November’s handle represented a 70% increase from $330.7 million in October 2018.

New Jersey’s November handle will likely be close to Nevada, which collected $581.1 million in bets in November 2018. Regardless, New Jersey’s year-over-year growth has pushed its lifetime sports wagers to $5.3 billion, clearing yet another significant milestone in the state’s impressive first 18 months as a legal sports betting jurisdiction.

November revenue hit $32.9 million, down from the record $46.4 million generated in October, but up 110.9% from the $15.6 million won in November 2018. The state’s online and retail sportsbooks have now combined to generate $364.1 million in revenue since launch, yielding $47 million in state taxes.

“More than $5 billion in 18 months is an extraordinary total, showing that New Jersey’s sports betting market reached maturity far more quickly than most expected,” said Eric Ramsey, analyst for PlayNJ.com. “No other state that has legalized sports betting has experienced quite as quick a ramp-up as New Jersey, a testament to the strong infrastructure that was put into place in the state.”

Online betting generated 86.5% of the state’s handle, up from 85% in October. In all, $486.8 million was wagered online and another $75.9 million was bet in retail books.

FanDuel Sportsbook/PointsBet’s dominance of the online market continued in November, gaining $12.2 million in gross revenue, down from $20.7 million in October. Anchored by DraftKings and FOX Bet, Resorts Digital generated $9.1 million, down from $10.6 million in October. The online market leaders were followed by:

-Ocean Casino/William Hill ($2.1 million, up from $1.6 million in October)
-Monmouth Park/William Hill/Sugarhouse Online Casino New Jersey/TheScore Bet ($1.9 million, up from $1.7 million)
-BetMGM/Borgata Hotel Casino and Spa ($1.3 million, down from $1.4 million)
-Hard Rock/bet365 - New Jersey/Unibet New Jersey ($517,252, down from $1.8 million)
-Caesars Sportsbook/888 Sport New Jersey ($455,553, down from $536,600)
-Golden Nugget - Atlantic City/BetAmerica - New Jersey ($163,863, down from $359,216)
-Tropicana/William Hill ($71,706, up from $40,014)

FanDuel Sportsbook at The Meadowlands posted $2.7 million in November gross revenue, down from $4.1 million in October, to lead all retail sportsbooks once again. FanDuel was followed in gross revenue by:

-Borgata ($734,240, up from $458,351 in October)
-Monmouth Park ($664,468, down from $1.2 million)
-Ocean Casino ($492,357, down from $697,659)
-Bally's - Atlantic City ($252,778, up from $233,745)
-Golden Nugget - Atlantic City ($163,863, down from $176,890)
-Tropicana Atlantic City Casino & Resort ($108,392, down from $350,230)
-Resorts AC ($51,278, down from $265,320)
-Harrah's Resort Atlantic City ($22,565, down from $92,449)
-Hard Rock Hotel & Casino - Atlantic City ($19,837, down from $123,616)

“The proximity of The Meadowlands to the New York City market continues to be a boon for both FanDuel’s retail and online sportsbooks,” Gouker said. “So long as it’s the easiest vehicle for New Yorkers to make a legal sports bet, FanDuel will in all likelihood continue to dominate the New Jersey market.”

ONLINE CASINOS CELEBRATE 6TH BIRTHDAY WITH NEARLY $50 MILLION MONTH

New Jersey’s online casino and poker industry celebrated its sixth birthday by generating another monthly revenue record and surpassing the $250 million tax revenue milestone. Online casino games and poker generated $49.1 million in November, up 82.5% from $26.9 million in November 2018. November’s revenue easily eclipsed the previous record of $45.2 million set in October and generated $7.4 million in tax revenue.

The growth has been nonstop since the industry launched in November 2013 with $980,165 in monthly revenue. Online casinos and poker have now generated $1.5 billion in lifetime revenue, injecting $253.6 million into state coffers along the way.

In 2019, the pace has only quickened. The industry has now generated $433.4 million this year, which is 60.7% better than the $269.7 million generated in the first 11 months of 2018.

“Six years in, and it’s clear that online casinos have been a win across the board in New Jersey,” Ramsey said. “Not only do online casinos continue to increase revenue at a breathtaking pace, they have built a symbiotic relationship with online sports betting. Online sportsbooks and casinos are helping to fuel each other’s growth.”

Some other important online casino and poker data from the November report:

-With $18.9 million in November, the Golden Nugget’s online product generated more revenue than its land-based counterpart ($17.1 million) for the second consecutive month. November’s total was up 105.4% from $9.2 million in November 2018, to easily lead the online casino market.
-The industry generated a breathtaking $1.6 million per day during the 30 days in November, up from $898,136 per day in November 2018.
-Online casino games generated $47.6 million in November, up from $43.6 million in October. Online poker posted $1.5 million, down from $1.6 million in October.

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New Jersey sportsbooks hit $5 billion milestone is republished from Online.CasinoCity.com.