New Jersey Sports Betting Boosted in January by Football Playoffs, According to PlayNJ.com Analysts

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 the first opportunity to bet legally on the NFL Playoffs. January’s record $385.3 million handle, which netted $18.8 million in revenue, was up from the $319.2 million New Jersey’s retail and online sportsbooks collected in December.
“January has historically been regarded as part of the offseason at Atlantic City, but the crowds in town’s sportsbooks on NFL Sundays suggest differently,” explained Steve Ruddock, analyst for PlayNJ.com. “In addition to generating jobs and 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. The remaining 21 percent was made up by sportsbooks. That compares to 76 percent of bets flowing through online sportsbooks in December.
New Jersey sports gambling 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, that ended with a $4.5 million reduction for New Jersey’s sportsbooks on a handle only 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 considerable action in January, and anecdotal evidence indicates 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 — that operates 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% of the online win of the state . FanDuel Sportsbook/Pointsbet was just behind with $5.9 million.
FanDuel Sportsbook at The Meadowlands remains the dominant retail sportsbook, getting $1.2 million in January gross earnings, down from $3.6 million in December. FanDuel — which represents 36% of the retail win in January of New Jersey — was followed in gross revenue by Monmouth Park’s $830,792.
“The battle for market share, particularly in the internet market, will continue to be interesting as the year plays out,” Gouker said. “FanDuel has gained on DraftKings in the internet market. But through the total NFL season, the smaller online brands have yet to make a substantial challenge to the two dominant forces on 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 internet casino and poker sector could generate $400 million in earnings in 2019, based on PlayNJ.com.
“New Jersey’s online gaming industry grew almost 22 percent in 2018 and has increased 50 percent since 2016, and that growth will continue,” said Ruddock, direct online gaming analyst for PlayNJ.com. “There are a few concrete reasons why. Two new casinos opened in 2018 with online gambling, Atlantic City’s revitalization efforts continue to repay, the prevalence 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 betting.”
For more, visit PlayNJ.com/news.
Concerning The PlayUSA.com Network:
The PlayUSA.com Network and its own state-focused branches (including PlayNJ.com and PlayPennsylvania.com) is a leading source for news, analysis, and research related to the market for controlled online gambling in the U.S.
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SOURCE PlayNJ.com
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