New Jersey Sportsbooks' Hot December Pushes Annual Handle to More Than $4.5 Billion in 2019, According to PlayNJ.com
ATLANTIC CITY, N.J., Jan. 14, 2020 /PRNewswire/ -- New Jersey's sportsbooks and online casinos performed in December in much the same way they spent the rest of 2019: With new records and more growth. Retail and online sportsbooks combined with online casinos and poker to generate nearly $800 million in revenue in 2019, sending New Jersey into 2020 with plenty of momentum, according to PlayNJ.com analysts.
"Online sports betting and casino gambling should continue on or near its current growth trajectory in 2020," said Dustin Gouker, lead analyst for PlayNJ.com. "Online growth will continue to be a net win for New Jersey's gaming industry."
New Jersey's online and retail sportsbooks collected $557.8 million in bets in December, short of the record $562.2 million handle set in November, according to official reporting. December 2019's handle was up 74.7% from $319.2 million in December 2018.
Revenue from sportsbooks reached $29.4 million, down from $32.9 million in November and up 41.4% from $20.8 million won in December 2018. December's revenue yielded $3.7 million in tax revenue for the state.
For 2019, New Jersey's sportsbooks combined to generate:
- $4.6 billion in bets. Of that $3.8 billion, or 83.7%, was generated online.
- Revenue of $299.4 million, including $244.5 million online.
- State tax revenue of $36.5 million.
New Jersey will fall short of Nevada, which has generated $4.7 billion in bets through November, in the race to be the country's largest legal sports betting jurisdiction.
"2019 could very well go down as the last year that New Jersey was eclipsed by Nevada," said Eric Ramsey, analyst for PlayNJ.com said. "From its proximity to the New York market to its pioneering online sports betting infrastructure, New Jersey's positives as a sports betting market will continue to fuel its growth."
In December, online betting generated $488.9 million, or 87.6% of the state's handle, up from 86.5% in November. FanDuel Sportsbook/PointsBet continues to pace the online market, tallying $12.1 million in gross revenue, down from $12.2 million in November.
FanDuel Sportsbook at The Meadowlands lead the retail market with $2.4 million in November gross revenue.
"In addition to constant growth, one of the constants in New Jersey's sports betting market has been FanDuel's dominance," Gouker said. "The brands under Resorts Digital have made it a relatively close second in the online market, but it has proven difficult to overcome FanDuel's advantages, despite the brand recognition that comes from DraftKings and Fox Bet."
ONLINE CASINOS
New Jersey's online casino and poker industry nearly surpassed $50 million in monthly revenue for the first time in December, completing a year of expansion. Online casino games and poker generated a record $49.3 million in December, up 70% from $29 million in December 2018.
For the year, online casinos and poker generated a record $482.7 million, up 61.6% from $298.7 million in 2018. That injected $65,065,045+December into state coffers.
"Online casino gambling has clearly become one of the biggest winners from online sports betting," Ramsey said. "In a highly competitive market such as online casino gambling, the cross-selling of online gambling products has successfully kept customers playing."
For more, visit PlayNJ.com/news.
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The PlayUSA.com Network and its state-focused branches (including PlayNJ.com and PlayPennsylvania.com) is a leading source for news, analysis, and research related to the market for regulated online gaming in the U.S.
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SOURCE PlayNJ.com
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