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

Posted September 13, 2019

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 manage, 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 the offseason in Atlantic City, but the crowds in the city’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 your country, sports betting is helping transform Atlantic City to a yearlong 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 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, which ended with a $4.5 million loss for New Jersey’s sportsbooks on a deal just short of $35 million.
“Super Bowl gambling didn’t quite achieve expectations, but there were definitely some advantages,” said Dustin Gouker, lead sports betting analyst for PlayNJ.com. “The NFL Playoffs generated significant activity in January, and anecdotal evidence suggests 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 operates 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% of the online win of the state . FanDuel Sportsbook/Pointsbet was only behind with $5.9 million.
FanDuel Sportsbook in The Meadowlands stays the dominant retail sportsbook, gaining $1.2 million in January gross revenue, down from $3.6 million in December. Monmouth Park’s $830,792 — followed in gross revenue fanDuel — that represents 36% of New Jersey’s retail triumph in January.
“The battle for market share, particularly in the online marketplace, will continue to be interesting as the year ends,” Gouker said. “FanDuel has obtained on DraftKings in the online sector. But throughout the entire NFL season, the smaller online brands have to earn a significant challenge to both 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 industry can generate $400 million in revenue in 2019, based on PlayNJ.com.
“New Jersey’s internet gambling industry grew almost 22 percent in 2018 and has increased 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 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 gambling.”
For more, visit PlayNJ.com/information.
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SOURCE PlayNJ.com
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