Sports Gambling Revenue Nj

How would the start of the 2020 NFL season, minus the fans, impact September’s NJ sports betting handle?

Well, looking at the $748.5 million handlereported earlier today by the New Jersey Division of Gaming Enforcement, the word HUGE comes to mind. Not surprisingly, 90.6% came via mobile apps.

And it’s $80.6 million more than August’s $667.9 million. This makes it back-to-back months in which the Garden State has hit all-time highs for handle.

NJ sports betting + online casino = winning hand Looking at the October numbers as a whole, it’s hard to ignore the $93.4 million in NJ online casino revenue. This is the first time ever that number has crossed the $90 million mark. Fittingly, it comes as the industry is about to celebrate the seventh anniversary of its launch. New Jersey: monthly sports betting revenue 2018-2020 Published by S. Lock, Dec 3, 2020. A complete breakdown of NJ sports wagering income and NJ online games wagering income since dispatch by administrator, including all out NJ sports wagering handle.

The New Jersey sports betting market has been on a roll. Setting records for the past two months, the NJ sports betting market hit another high in October with over $803 million. The state's gambling revenue went up by 15% in October. In August, New Jersey broke the previous records with about $667.
So far, the pool of tax dollars has been small. New Jersey originally projected $25 million in tax revenue from sports betting in the current fiscal year — a sliver of the $38.6 billion state.

We’re talking any legal US sports betting jurisdiction, even Nevada.

NJ sports betting revenue came in at $45 million, good enough for a 19% year-over-year increase.

Here’s a closer look at three factors that can be attributed to September’s results.

Broken record: FanDuel is still killing it

No matter what month we’re talking about, Meadowlands Racetrack, the land-based partner of FanDuel Sportsbook, is dominating the field.

September was no exception, with $28.1 million in revenue. PointsBet NJ also operates under the license, but NJ Gambling Sites understands that FanDuel accounts for the bulk of it.

For the month, the Meadowlands/FanDuel claimed a 62.3% market share.

Resorts Digital, which consists of DraftKings Sportsbook,Fox Bet and the self-branded app, finished an extremely distant second with $4.7 million.

Borgata (BetMGM and Borgata Sports) was the only other license holder to crack $4 million in revenue; $4.06 million, to be exact.

September sports calendar was stacked

Sports bettors have never seen a September like the one that just passed.

Sure, NFL betting and the tail end of the Major League Baseball season are the norms.

However, the 2020 version also included the NBA and NHL playoffs along with PGA Tour’s US Open. So besides the buzz generated by the NFL’s opening weekend, the menu of additional options resembled a gourmet restaurant for sports bettors.

When the COVID-19 pandemic shut down the pro sports world back in March, eventually there was going to be a month where every major pro sport would be playing meaningful games.

September was it.

Will it happen again? It’s hard to predict anything these days.

Cross-selling with online casino

In case you haven’t noticed, the NJ online casino market is enjoying quite a run of its own.

September’s $87.6 million may not be an all-time high, but it’s pretty close to being one. The $87.7 million from August still tops the charts. For those keeping track, this would be five straight months of online casino revenue exceeding $80 million.

Some of it can be attributed to Atlantic City casinos operating at 25% capacity.

At the same time, the bulk of the NJ sportsbook apps out there have sports and casino offerings integrated in the same platform. Access to a shared wallet combined with cross-selling promotions makes it a win-win for operators and players.

The proof comes in the latest numbers.

How big will NJ sports betting handle get?

At the moment, there are no signs of the NJ sports betting market slowing down.

Sure, the NBA and NHL recently crowned their respective champions, but NFL and college football are the bigger draws. And those seasons still have a long way to go.

And with baseball, there is the excitement of the Tampa Bay Rays, not New York Yankees, shocking the baseball world as the American’s League top team. They are one win away from making it to only the second World Series in franchise history (although interest in the Yankees would have probably helped boost handle a bit).

The other came in 2008, when the Philadelphia Phillies won it all.

Could the current scenario result in the first $800 million month in NJ sports betting history?

AP Photo/Brett Duke

ATLANTIC CITY, N.J. (AP) — New Jersey’s fast-growing sports betting market blew past its own national record in September, taking in more than $748 million in bets from sports gamblers finally able to wager on football amid the coronavirus outbreak.

Sports Gambling Revenue Nj Reg

Figures released Thursday from the New Jersey Division of Gaming Enforcement show Atlantic City’s nine casinos and the three horse racing tracks that offer sports betting handled over $748 million in bets, easily surpassing the national monthly record they set just a month earlier, when $668 million was wagered on sports in August.

Both figures easily eclipsed what had been the U.S. record of $614 million set in Nevada in Nov. 2019.

So far this year, New Jersey casinos and tracks have taken in nearly $3.3 billion in sports bets alone. That equals or surpasses what Atlantic City used to make in an entire year from casino gambling before sports betting was legalized.

New Jersey won a U.S. Supreme Court case in 2018 allowing all 50 states to offer legal sports betting should they so choose. It quickly dominated the East Coast market and challenged Nevada for the national lead.

The $748 million includes the total amount of bets accepted by the casinos and tracks; after paying off winning bets and expenses, they kept $45 million of that total.

Including casino games, the gambling industry in New Jersey won $323.2 million in September, an increase of 6.5% over last September, when there was no pandemic and casinos were operating at full capacity. Casinos are currently limited to 25% occupancy as a precaution to prevent the spread of the coronavirus.

The Borgata won $64 million in September, down 2.8% from a year earlier. Golden Nugget won $37.5 million, up 16.3%; Hard Rock won $35.8 million, up 12.5%, and the Ocean Casino Resort won $29.5 million, up nearly 22%.

The Tropicana won $26.1 million, down nearly 10%; Harrah’s won $19.5 million, down 26.6%, and Caesars won $18.9%, down 1.8%.

Resorts won $13.9%, down 7.5%; and Bally’s won $12.9%, down 15.6%.

The Ocean Casino showed the largest percentage increase in September revenue in Atlantic City, and CEO Terry Glebocki said that was due to serval factors.

“The combination of Labor Day weekend and the return of indoor dining, limited to 25%, afforded us the opportunity in September to continue the momentum created here at Ocean,” she said. “Our guests have enjoyed dining again at their favorite restaurants within our casino resort, and our year-over-year gaming revenue growth of nearly 27% is indicative of the successes we have achieved.”

James Plousis, chairman of the New Jersey Casino Control Commission, was heartened by the pace of recovery of casino gambling revenue.

Sports Gambling Revenue Nj Reg

“Casino win was 85 percent of last September’s performance, aided by the reopening of casino restaurants on September 4, and the resumption of food and beverage service on casino floors,” he said. “These results were promising in the midst of continuing travel advisories that decrease visits from out of state, as well as restrictions on capacity, amenities and entertainment that have made 2020 not reasonably comparable to last year.”

Internet gambling revenue was $87.6 million in September, up 113% from the $41.1 million it produced in Sept. 2019.

The Freehold Raceway began taking in-person bets on Sept. 24, making it the third horse racing track in the New Jersey sports betting market. It has not yet been approved for mobile sports betting and reported a loss of almost $45,000 in the final week of the month.

The Meadowlands Racetrack in East Rutherford, near New York City, continued to dominate sports betting in the state, with $28.1 million in revenue in September. Monmouth Park in Oceanport, about 18 miles (29 kilometers) east of Freehold near the Jersey Shore, made nearly $3.5 million.