New Jersey Sportsbooks Near $1 Billion in Wagers
Legal online gambling also nears major milestone, according to PlayNJ.com analysts
ATLANTIC CITY, N.J., Dec. 12, 2018 /PRNewswire/ -- Wagers at New Jersey's online and retail sportsbooks rose 27 percent in November, to a whopping $330.7 million, and revenue rebounded from October. New Jersey's handle now sits at $928.1 million in less than six months since legalization, an undeniable success, according to analysts for PlayNJ.com.
"New Jersey continues its march toward becoming the nation's largest legal sports betting market," said Dustin Gouker, lead sports betting analyst for PlayNJ.com. "The main driver is online sports betting, which now accounts for the vast majority of all bets in New Jersey. The state's embrace of mobile betting has shown the path forward for any other state planning on legalizing and regulating sports betting."
Online sportsbooks accounted for $238.6 million, or 72 percent, of total bets in November, with retail sportsbooks making up the remaining 28 percent, according to official reporting released Wednesday. New Jersey's $21.2 million in November gross revenue jumped from $11.7 million in October.
New Jersey could soon face some headwinds. Momentum to legalize mobile sports betting in New York is gaining momentum. In addition, legal online sports betting could begin in Pennsylvania by early 2019.
"New Jersey's period of having the mobile sports betting market to itself is coming to an end," Gouker said. "A lot of wagering takes place near the population centers in New York and Philadelphia. At this point it would be premature to estimate its effect, but New Jersey's astronomical growth so far will no doubt slow if and when New York joins the market."
DraftKings Sportsbook — which operates under the Resorts license — fueled Resorts' $7.2 million in online gross revenue, up from $5.1 million in October. DraftKings topped the online market by generating 34 percent of New Jersey's November online revenue. But the gap is narrowing, led by FanDuel Sportsbook, which generated $4.4 million in November.
FanDuel Sportsbook at The Meadowlands remained the market leader among retail sportsbooks, gathering $2.6 million in November, up 165 percent from $1.1 million in October. FanDuel — which represented 42 percent of the retail market in November — was followed by Ocean Resort Casino's $1.9 million.
"DraftKings' advantage from being the first to hit the online market is slowly beginning to dissipate, and no New Jersey sportsbook will be affected more by legalization in New York than FanDuel at The Meadowlands," Gouker said. "With the market set for change, it's critical for operators to establish a solid foundation in terms of revenue and users now."
LEGAL ONLINE GAMBLING
New Jersey's online casino and poker industry set an annual revenue record by generating a record monthly total of $26.9 million in November, up slightly from October. That pushed the state to $269.7 million in 2018 revenue, surpassing $245.6 million generated in 2017.
The industry has now generated $992.1 million in revenue since launch in November 2013, and will surpass the $1 billion mark in December.
"New Jersey has proven that online gambling is a critical component to the health of a market's gambling industry," said Steve Ruddock, lead online gambling analyst for PlayNJ.com. "As the industry closes in on $1 billion in lifetime revenue, there's no longer a debate: online gambling is an Atlantic City success story."
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SOURCE PlayNJ.com
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