ATLANTIC CITY, N.J., Feb. 13, 2019 /PRNewswire/ — New Jersey sportsbooks raked in nearly $400 million in bets in January as the state’s bettors took good advantage of the first opportunity to wager legally about the NFL Playoffs. January’s record $385.3 million manage, which totaled $18.8 million in revenue, was up from the $319.2 million New Jersey’s online and retail sportsbooks collected in December.
“January has historically been considered a part of this offseason at Atlantic City, but the crowds in the city’s sportsbooks on NFL Sundays suggest otherwise,” explained Steve Ruddock, analyst for PlayNJ.com. “In addition to generating a new revenue stream for the state, sports betting 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. Sportsbooks made up the remaining 21 percent. That compares to 76 percent of total bets flowing through internet sportsbooks at December.
New Jersey sports gambling 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, which ended with a $4.5 million reduction for New Jersey’s sportsbooks on a handle just short of $35 million.
“Super Bowl betting didn’t really 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 far up. All in all, it was a successful first season of the NFL for New Jersey’s sportsbooks.”
DraftKings Sportsbook — which operates under the Resorts permit — fueled Resorts’ $6.9 million in January online gross earnings, 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 in The Meadowlands stays the dominant retail sportsbook, getting $1.2 million in January gross revenue, down from $3.6 million in December. Monmouth Park’s $830,792 — followed in revenue fanDuel — that represents 36% of New Jersey’s retail win in January.
“The struggle for market share, particularly in the online market, will be fascinating as the year plays out,” Gouker said. “FanDuel has gained on DraftKings in the online sector. But throughout the total NFL season, the smaller online brands have yet to earn a substantial challenge to the two dominant forces on the marketplace.”
LEGAL ONLINE CASINOS
Legal online casinos created 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 industry can generate $400 million in revenue in 2019, based on PlayNJ.com.
“New Jersey’s internet gambling industry grew nearly 22% in 2018 and has grown 50 percent since 2016, and that expansion will continue,” said Ruddock, direct online gambling analyst for PlayNJ.com. “There are some concrete reasons why. Two new casinos started in 2018 with online gaming, Atlantic City’s revitalization efforts continue to repay, the popularity of live dealer games that have added to an already robust portfolio of online casino games, and the legalization and launch of New Jersey sports gambling.”
For more, visit PlayNJ.com/news.
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SOURCE PlayNJ.com
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