Operator News
US – New Jersey’s sports betting falls by half in October
By Phil - 21 November 2018
New Jersey sports betting was looking red hot in September with the first month of NFL betting generating nearly $24m but things took a quick turn in October where revenues dropped drastically to $11.68m, a drop of 50.6 per cent month over month.
Not all New Jersey online casinos who are planning to offer sports betting have launched yet. Golden Nugget online casino, Resorts Online Casino, Hard Rock online casino and Bet365 are just a few that all plan to launch online sportsbooks within the next few months. So, the market is still very young and without a few of its heavy hitters.
At the current level of revenue, it is very easy for a few big wins to drastically sway the revenue total. Look at DraftKings Sportsbook. They went from $8.5m in September to just over $5m in October showing that DraftKings probably took in some heavy action that didn’t go its way. Home underdogs have been uncharacteristically good against the spread this year with a total record of 27-22-1 through November 20.
BonusSeeker.com NJ Marketing Editor, Anirudh Vashishth, said: “We’ll be keeping a close on the market as we move out of the NFL regular season to see what impact that will also have on the market but it should be noted that there could be some lost revenue back to the black market while NJ still suffers from payment and registration pains. The sportsbooks in market are still trying to catch their footing. It’s early days for New Jersey sports betting and most books are still tweaking their operations and gearing up their marketing. There is still much to learn in terms of liability and odds management and the books are getting better every day. Give them some time and not before long will we see more brand advertising and better service.”
The regulated New Jersey online sports market generated $11.68m gross revenue in October, down $11.98m from the previous month. Resorts online took the most money at $5.09m followed by Meadowlands online at $2.43m
