ATLANTIC CITY, N.J., Feb. 13, 2019 /PRNewswire/ — New Jersey sportsbooks raked in almost $400 million in stakes in January since the state’s bettors took good advantage of their first opportunity to wager legally about the NFL Playoffs. January’s album $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 collected in December.
“January has historically been considered a part of the offseason in Atlantic City, but the crowds in the city’s sportsbooks on NFL Sundays suggest differently,” said Steve Ruddock, analyst for PlayNJ.com. “In addition to generating a new revenue stream for the 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 sportsbooks at 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 reduction for New Jersey’s sportsbooks on a handle only short of $35 million.
“Super Bowl betting didn’t quite achieve expectations, but there were some positives,” said Dustin Gouker, lead sports gambling analyst for PlayNJ.com. “The NFL Playoffs generated significant action in January, and anecdotal evidence suggests 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 — 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 state’s online win . FanDuel Sportsbook/Pointsbet was just behind with $5.9 million.
FanDuel Sportsbook at The Meadowlands stays the dominant retail sportsbook, gaining $1.2 million in January gross earnings, down from $3.6 million in December. FanDuel — that represents 36% of New Jersey’s retail win in January — was followed in revenue by Monmouth Park’s $830,792.
“The battle for market share, particularly in the online market, will be interesting as the year plays out,” Gouker said. “FanDuel has obtained on DraftKings in the online sector. But throughout the total NFL season, the bigger online brands have to make a substantial challenge to both dominant forces in the market.”
LEGAL ONLINE CASINOS
Legal online casinos created 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 earnings in 2019, based on PlayNJ.com.
“New Jersey’s online gambling industry grew almost 22% in 2018 and has grown 50 percent since 2016, and that growth will continue,” said Ruddock, lead online gaming analyst for PlayNJ.com. “There are some concrete reasons why. Two new casinos started in 2018 with online gaming, 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, see PlayNJ.com/news.
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