New Jersey’s online and retail sportsbooks posted dramatic year-over-year gains in August and the state’s total handle is once again poised to surpass Nevada.
In all, New Jersey’s combined handle has more than tripled from August 2018, the month online sports betting launched and has the Garden State establishing itself as the country’s largest legal sports betting jurisdiction, according to PlayNJ.com analysts.
“New Jersey has successfully managed to shrug off competition and continue to grow, and at a faster rate than initially expected,” said Dustin Gouker, lead sports betting analyst for PlayNJ.com. “With new operators launching in September and the NFL season in full swing, New Jersey’s upward trajectory should continue, even as neighbouring Pennsylvania expands online sports betting.”
In August, New Jersey’s sportsbooks accepted $293.6m in bets, according to Thursday’s official reporting. That is up 17 per cent from $251.3m in July 2019. The handle, which was up 207 per cent from $95.6m in August 2018, will likely surpass Nevada.
August’s bets yielded $25.2m in revenue, up 174% from $9.2m in August 2018 and up 42 per cent from $17.8m in July. By amassing nearly $250m in revenue since launching in June 2018, sports betting has generated $28.9m in state taxes.
“By injecting $30m in tax revenue in just over a year, there can be little question that sports betting has been an unqualified success for New Jersey,” said Eric Ramsey, online gambling analyst for PlayNJ.com. “With a more mature industry ready as football gets into full swing, the next few months could show dramatic gains, too.”
Online sports betting attracted $249.2m in August bets, or 85% of the state’s total handle.
FanDuel Sportsbook/PointsBet lead online books with $9.3m in gross revenue, up from $7.3m in July. Rival DraftKings fueled Resorts’ to a $6.7m month, up from $3.7m in July. FanDuel Sportsbook at The Meadowlands also remained the retail leader, posting $2.6m in August gross revenue, up from $1.8m in July.
“The addition of new online sportsbooks, including bet365 in late August and TheScore in September, is a good indication that the market still has room to grow,” Mr. Gouker said. “That said, the beginning of the NFL season should benefit those operators who offer the most engaging and user-friendly products. It is feasible that FanDuel and DraftKings could increase market share in the coming months.”
New Jersey’s online casino and poker industry hit yet another monthly revenue record in August, and in doing so is neared the total revenue generated in all of 2018. In all, online casino games and poker generated $41.1m in August, topping the record of $39.3m set in July.
August’s total,which was up 66 per cent from $24.8m in August 2018, gives the industry $297.9m in revenue for the year. That’s just shy of the $298.7mthe industry generated in 2018.
“Bettors’ thirst for online casino games in New Jersey seems to be unquenchable, and could feasibly generate nearly $500 million this year,” Mr. Ramsey said. “It’s conceivable the launch of online gambling in Pennsylvania could slow the momentum in New Jersey, but right now we’re seeing no signs of the growth letting up.”