NEW JERSEY SPORTSBOOKS POISED TO SURPASS NEVADA AGAIN IN JULY AS ONLINE BETS PUSH PAST $2.5 BILLION IN 12 MONTHS
Online sports betting turns 1, while record revenue pushes online casinos past $250 million in revenue for 2019, according to PlayNJ.com
(ATLANTIC CITY, N.J.) — New Jersey’s sportsbooks appear to be ready to surpass Nevada again in July as online betting continued to dominate the state’s landscape, a trend that has only gained steam in the 12 months since DraftKings became the first to launch its digital platform. Online sportsbooks have accepted $2.6 billion in wagers in 12 months — 75 percent of the state’s handle since the first online sportsbook launched in August 2018 — as New Jersey bettors prove their overwhelming preference for the convenience of online betting, according to analysts from PlayNJ.com.
“Online sports betting is clearly the driving force in New Jersey’s sports betting market, and definitely more so than what has historically been the case in Nevada,” said Dustin Gouker, lead sports betting analyst for PlayNJ.com. “In fact, the online product in New Jersey is the key difference that has the state competing with Nevada as the country’s most lucrative legal sports betting jurisdiction.”
In July, New Jersey’s sportsbooks generated $251.3 million handle, down 8% from $273.2 million in June 2019, according to official reporting released Wednesday. The handle is greater than in any July in Nevada’s history. In New Jersey, it yielded $17.8 million in revenue, up 365% from $3.8 million in July 2018 and up 84% from $9.7 million in June.
July’s handle was up 517% from $40.7 million in July 2018, the last month when sports betting was retail only in New Jersey. And much of that growth can be attributed to online sports betting, which generated $213 million, or 85% of July’s handle, up from 83% in June.
In all, online and retail sportsbooks have combined to attract $3.5 billion in bets and $269.3 million in revenue since launch, which has generated $25.6 million in tax revenue for New Jersey.
“If there is any trouble on the horizon for New Jersey, it’s the launch and expansion of online sportsbooks in Pennsylvania,” Gouker said. “So far, New Jersey has proven resilient in the face of competition from its neighboring state. But with football season kicking off in August, Pennsylvania’s effect on New Jersey will be interesting.”
FanDuel Sportsbook/PointsBet remained the online market leader by generating $7.3 million in gross revenue, up from $2.7 million in June. Rival DraftKings — which represents the vast majority of Resorts’ online revenue — fueled Resorts’ $3.7 million July, up from $2.7 million in June. The online market leaders were followed by:
- Monmouth/William Hill/Sugarhouse ($1.7 million, up from $718,131 in June)
- Ocean Resort/William Hill ($645,956, down from $793,682
- Caesars Sportsbook/888sport ($236,254, up from $26,752)
- playMGM/Borgata ($163,086, up from -$32,882)
- Golden Nugget/BetAmerica ($127,349, up from $37,515)
- Hard Rock ($24,669, up from -$28,698)
- Tropicana/William Hill ($14,968, up from $10,329)
FanDuel Sportsbook at The Meadowlands also remained the retail leader, posting $1.8 million in July gross revenue, up from $1.7 million in June. FanDuel was followed in gross revenue by:
- Borgata ($696,392, up from $97,131 in June)
- Resorts AC ($544,990, up from -$34,220)
- Monmouth Park ($321,694, down from $527,588)
- Bally’s AC ($256,137, up from $38,061)
- Hard Rock AC ($129,322, up from $24,443)
- Harrah’s AC ($113,530, up from $12,585)
- Golden Nugget ($96,373, down from $115,428)
- Tropicana Casino ($111,281, up from $78,846)
- Ocean Resort (-$59,040, down from $178,805)
“FanDuel’s ascension to the market lead in both the online and retail market shows the power of the online marketplace and name recognition,” Gouker said. “This has been the primary advantage for both FanDuel and DraftKings.”
Online casinos set new revenue record
New Jersey’s online casino and poker industry generated a record $39.3 million in July gross revenue, pushing the industry past $250 million in revenue so far this year. July’s revenue is up 52% from $25.9 million in July 2018.
The growth in online casino games and poker has been dramatic, generating ($256.8 million) so far this year. That is up 55% from the $165.4 million the industry generated in the first seven months of 2018.
“Online casino games have received a boost from the proliferation of online sports betting in New Jersey,” said Eric Ramsey, online gambling analyst for PlayNJ.com. “Together they have helped accelerate the development of both industries, even while the retail market has made gains.”
Some other important online casino and poker data from the July report:
- Online casinos generated $6.9 million in tax revenue and has now injected nearly $225 million into government coffers since launch in November 2013.
- The Golden Nugget generated a record $14.9 million in July, up from $13.6 million in June, to remain the market leader. Resorts Digital remained second with $6.9 million in July, even with June.
- The industry generated $1.3 million per day during the 31 days of July, even with the $1.3 million per day in the 30 days of June.
- Online casino games generated $37.4 million in July, up from $36.3 million in June. Online poker hit $1.9 million in July, up with $1.8 million in June.
For more information and analysis on regulated sports betting and online gaming in New Jersey, visit PlayNJ.com.
About the PlayUSA.com Network:
The PlayUSA.com Network is a leading source for news, analysis, and research related to the market for regulated online gaming in the United States. With a presence in over a dozen states, PlayUSA.com and its state-focused branches (including PlayNJ.com and PlayPennsylvania.com) produce daily original reporting, publish in-depth research, and offer player advocacy tools related to the advancement of safe, licensed, and legal online gaming options for consumers. Based in Las Vegas, the PlayUSA Network is independently owned and operated, with no affiliations to any casino — commercial, tribal, online, or otherwise.
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