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 advantage of their first opportunity to bet 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 accumulated in December.
“January has historically been regarded as part of this offseason in 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 jobs and a new revenue stream for your country, sports gambling 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. The remaining 21 percent was made up by retail sportsbooks. That compares to 76 percent of bets flowing through online sportsbooks in December.
New Jersey sports gambling revenue, or the”win,” 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 just short of $35 million.
“Super Bowl gambling didn’t really reach expectations, but there were definitely some advantages,” said Dustin Gouker, lead sports gambling 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 way up. Overall, it was a successful first season of the NFL for New Jersey’s sportsbooks.”
DraftKings Sportsbook — that 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 nation’s online win for the month. FanDuel Sportsbook/Pointsbet was only behind with $5.9 million.
FanDuel Sportsbook at The Meadowlands remains the dominant retail sportsbook, getting $1.2 million in January gross revenue, down from $3.6 million in December. FanDuel — that represents 36 percent of New Jersey’s retail win in January — was followed in gross earnings by Monmouth Park’s $830,792.
“The struggle for market share, especially in the online market, will continue to be interesting as the year ends,” Gouker said. “FanDuel has obtained on DraftKings in the internet sector. But through 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 tax revenue. New Jersey’s online casino and poker industry can generate $400 million in revenue in 2019, according to PlayNJ.com.
“New Jersey’s internet gaming industry grew almost 22 percent in 2018 and has increased 50 percent since 2016, and that expansion 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 strong portfolio of online casino games, along with the legalization and launching of New Jersey sports gambling.”
For more, visit PlayNJ.com/information.
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The PlayUSA.com Network and its own state-focused branches (like PlayNJ.com and PlayPennsylvania.com) is a leading source for information, analysis, and study regarding the market for regulated online gambling in the U.S.
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SOURCE PlayNJ.com
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