New Jersey’s sportsbooks raked in nearly $400m in bets in January as the state’s bettors took advantage of their first opportunity to bet legally on the NFL Playoffs.
January’s record $385.3 million handle, which netted $18.8m in revenue, was up 20.7 per cent from the $319.2m New Jersey’s online and retail sportsbooks collected in December.
“January has historically been considered part of the off season in Atlantic City, but the crowds in the city’s sportsbooks on NFL Sundays suggest otherwise,” said Steve Ruddock, analyst for PlayNJ.com. “In addition to creating jobs and a new revenue stream for the state, sports betting is helping transform Atlantic City into a year-round destination.”
New Jersey’s 11 online sportsbook brands accounted for $304.97m, or 79.2 per cent, of total bets in January, according to official reporting released Wednesday. The state’s 10 retail sportsbooks made up the remaining 20.8 per cent. That compares to 76 per cent of total bets flowing through online sportsbooks in December.
New Jersey sports betting revenue, or the “win,” was down 9.9 per cent from $20.8m in December.
January is historically a slower month than December for legal sports betting operators in the US And January’s results follow news of a slightly underwhelming Super Bowl performance in February, which ended with a $4.5m loss for New Jersey’s sportsbooks on a handle just short of $35m.
“Super Bowl betting didn’t quite reach expectations, but there were definitely some positives,” said Dustin Gouker, lead sports betting analyst for PlayNJ.com. “The NFL Playoffs generated significant action in January, and anecdotal evidence suggests visitation to Atlantic City for the weekend of the Super Bowl was way up. All in all, it was a successful first season of the NFL for New Jersey’s sportsbooks.”
DraftKings Sportsbook — which represents more than 95 per cent of Resorts’ online revenue — fuelled Resorts’ $6.9m in January online gross revenue, up slightly from $6.7m in December. Resorts accounted for 48 per cent of the state’s online win for the month. DraftKings was followed by FanDuel Sportsbook/PointsBet ($5.9m, up slightly from $5.5m in December)
Third place went to Monmouth/William Hill Sportsbook & Racebook/Sugarhouse, who generated $1.2m, down from $1.3m. Caesars Sportsbook and 888 Sport were fourth bringing in $260,290 followed by playMGM/Borgata, Hard Rock and Tropicana/William Hill.
FanDuel Sportsbook at The Meadowlands remained the dominant retail sportsbook. FanDuel gained $1.2m in January gross revenue, down 67 per cent from $3.6m in December. FanDuel represented 36 per cent of the entire retail win in January, compared with 58% in December. FanDuel was followed in gross revenue by Monmouth Park, Borgata Hotel Casino and Spa and Resorts Casino Hotel,
“The battle for market share, particularly in the online market, will continue to be fascinating as the year plays out,” Mr. Gouker said. “FanDuel has gained on DraftKings in the online market. But through the entire NFL season, the smaller online brands have yet to make a significant challenge to the two dominant forces in the market.”