ATLANTIC CITY, N.J., Feb. 13, 2019 /PRNewswire/ — New Jersey sportsbooks raked in almost $400 million in stakes in January as the state’s bettors took good advantage of their first opportunity to bet legally on the NFL Playoffs. January’s record $385.3 million handle, which totaled $18.8 million in revenue, was up from the $319.2 million New Jersey’s retail and online sportsbooks accumulated in December.
“January has historically been regarded as a part of this offseason in Atlantic City, but the crowds in town’s sportsbooks on NFL Sundays suggest otherwise,” said Steve Ruddock, analyst for PlayNJ.com. “In addition to creating a new revenue stream for the state, sports gambling is helping transform Atlantic City into a year-round destination”
New Jersey’s online sportsbooks accounted for $304.97 million, or 79 percent, of total bets in January. The remaining 21 percent was made up by retail sportsbooks. That compares to 76 percent of total bets flowing through online sportsbooks at December.
New Jersey sports betting revenue, or the”win,” was down 9.9 percent from $20.8 million in December. January’s results followed a slightly underwhelming Super Bowl performance, that ended with a $4.5 million loss for New Jersey’s sportsbooks on a handle only short of $35 million.
“Super Bowl gambling didn’t quite achieve expectations, but there were some positives,” said Dustin Gouker, lead sports betting analyst for PlayNJ.com. “The NFL Playoffs generated considerable activity in January, and anecdotal evidence suggests visitation to Atlantic City for the weekend of the Super Bowl was way up. Overall, it was a successful first season of the NFL for New Jersey’s sportsbooks.”
DraftKings Sportsbook — which works under the Resorts license — fueled Resorts’ $6.9 million in January online gross revenue, up from $6.7 million in December. Resorts accounted for 48 percent of the online win of the state for the month. FanDuel Sportsbook/Pointsbet was just behind with $5.9 million.
FanDuel Sportsbook at The Meadowlands remains the dominant retail sportsbook, gaining $1.2 million in January gross earnings, down from $3.6 million in December. Monmouth Park’s $830,792 — followed in gross revenue fanDuel — that represents 36% of New Jersey triumph in January.
“The struggle for market share, especially in the online marketplace, will be fascinating as the year plays out,” Gouker said. “FanDuel has gained on DraftKings in the internet market. But throughout the total NFL season, the smaller online brands have to earn a significant challenge to both dominant forces in the market.”
LEGAL ONLINE CASINOS
Legal online casinos generated a record $33.6 million in January — up from $29 million in December — and $5.9 million in taxation revenue. New Jersey’s online casino and poker sector can generate $400 million in earnings in 2019, according to PlayNJ.com.
“New Jersey’s online gambling industry grew nearly 22% in 2018 and has grown 50 percent since 2016, and that growth will continue,” said Ruddock, direct online gambling analyst for PlayNJ.com. “There are some concrete reasons why. Two new casinos opened in 2018 with online gaming, Atlantic City’s revitalization efforts continue to repay, the popularity of live dealer games which have added to an already strong portfolio of online casino games, along with the legalization and launching of New Jersey sports betting.”
For more, see PlayNJ.com/information.
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SOURCE PlayNJ.com
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