ATLANTIC CITY, N.J., Oct. 15, 2019 /PRNewswire/ -- The first month of the NFL season propelled New Jersey's online and retail sportsbooks to a record handle and past $4 billion in bets since the industry launched in June 2018, according to PlayNJ.com analysts.
"New Jersey more than doubled its handle from September 2018, which is staggering growth," said Dusin Gouker, lead analyst at PlayNJ.com. "After such an impressive debut, the question now becomes how much room is there to grow? The upward trajectory will continue, it is just a matter of how steep the growth."
In September, bettors made $445.6 million in wagers through New Jersey sportsbooks, a 142% jump from $183.9 million in September 2018, according to official reporting. Those bets yielded a record $37.9 million in revenue, up 59% from $23.9 million in September 2018 and breaking the record $31.7 million set in March. September's revenue injected $4.5 million into state coffers.
New Jersey reached a number of milestones in September, including:
$4.2 billion in lifetime handle
$284.8 million in lifetime sports betting revenue
$33.5 million in tax revenue collected
But New Jersey's September handle will still likely fall short of Nevada's, which generated $571 million in September 2018.
"Football betting is massive in Nevada, so it won't be shocking if New Jersey doesn't overtake the Silver State in September," Gouker said. "But what September did show us it that football betting is still an overwhelmingly powerful force in New Jersey, and that will help it keep pace."
$374.3 million in bets were made online in September, accounting for 84% of New Jersey's handle. That is down from 85% in August.
FanDuel Sportsbook/PointsBet led the online market, gaining $13.3 million in gross revenue. Still driven primarily by DraftKings in September, Resorts license generated $10.7 million, up from $6.7 million in August. But after the Sept. 13 launch of Fox Bet, Resorts is now anchored by two of the most recognizable brands.
Earlier this month, the parent company of FanDuel agreed to buy Fox Bet's parent. Though the brands will likely remain separate, the merger will create an online sports betting behemoth.
"The launch of Fox Bet adds another instantly recognizable brand name to New Jersey, and it could eventually challenge the DraftKings and FanDuel brands," Gouker said. "In the end, though, the merger puts the company that owns both FanDuel and Fox Bet in position to be the big winner."
FanDuel Sportsbook at The Meadowlands led retail sportsbooks with $3.6 million in September gross revenue, up from $2.6 million in August.
Online casinos Another record month pushed New Jersey's online casino and poker industry past the $300 million annual revenue mark for the first time. In September, online casino games and poker generated $41.14 million, up 59% from $25.8 million in September 2018, and edging the $41.1 million gained in August.
The industry has now generated $339 million through the first nine months of the year, easily outpacing the $298.7 million full-year record set in 2018.
"The emergence of sports betting over the last year has lifted online casinos more than most would have guessed," said Eric Ramsey, online gambling analyst for PlayNJ.com. "New Jersey online sportsbooks and online casinos have been aggressive in cross-marketing to sports bettors and casino gamblers, which has benefited the bottom line of both."
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