ATLANTIC CITY, N.J., Feb. 13, 2019 /PRNewswire/ — New Jersey sportsbooks raked in nearly $400 million in bets in January since the nation’s bettors took good advantage of the first opportunity to wager legally about the NFL Playoffs. January’s album $385.3 million handle, 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 regarded as a part of this offseason at Atlantic City, but the crowds in town’s sportsbooks on NFL Sundays suggest otherwise,” said Steve Ruddock, analyst for PlayNJ.com. “In addition to generating a new revenue stream for your country, sports gambling is helping transform Atlantic City into a yearlong 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 bets flowing through internet sportsbooks at December.
New Jersey sports betting revenue, or the”triumph,” 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 loss for New Jersey’s sportsbooks on a deal just short of $35 million.
“Super Bowl betting didn’t really reach expectations, but there were definitely some advantages,” said Dustin Gouker, lead sports betting analyst for PlayNJ.com. “The NFL Playoffs generated significant action in January, and anecdotal evidence indicates visitation to Atlantic City for the weekend of the Super Bowl was far up. Overall, it was a successful first season of the NFL for New Jersey’s sportsbooks.”
DraftKings Sportsbook — which works under the Resorts permit — fueled Resorts’ $6.9 million in January online gross revenue, up from $6.7 million in December. Resorts accounted for 48 percent of the state win . 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. FanDuel — which represents 36% of New Jersey’s retail win in January — was followed in gross earnings by Monmouth Park’s $830,792.
“The struggle for market share, particularly in the internet market, will be interesting as the year plays out,” Gouker said. “FanDuel has obtained on DraftKings in the internet sector. But through the entire NFL season, the bigger online brands have to earn a significant challenge to the two dominant forces in the market.”
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 internet casino and poker industry could generate $400 million in revenue in 2019, according to PlayNJ.com.
“New Jersey’s internet gambling industry grew nearly 22 percent in 2018 and has increased 50 percent since 2016, and that growth will continue,” said Ruddock, lead online gambling analyst for PlayNJ.com. “There are a few concrete reasons why. Two new casinos started in 2018 with online gambling, Atlantic City’s revitalization efforts continue to pay off, the prevalence of live dealer games which have added to an already robust portfolio of online casino games, and the legalization and launching of New Jersey sports betting.”
For more, visit PlayNJ.com/news.
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The PlayUSA.com Network and its own state-focused branches (like PlayNJ.com and PlayPennsylvania.com) is a major source for news, analysis, and study related to the marketplace for regulated online gambling in the U.S.
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SOURCE PlayNJ.com
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