ATLANTIC CITY, N.J., Feb. 13, 2019 /PRNewswire/ — New Jersey sportsbooks raked in nearly $400 million in stakes in January since the nation’s bettors took advantage of the first opportunity to wager legally on 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 the offseason at 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 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 total bets flowing through online sportsbooks in December.
New Jersey sports betting 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 just short of $35 million.
« Super Bowl gambling didn’t really achieve expectations, but there were some advantages, » said Dustin Gouker, lead sports gambling analyst for PlayNJ.com. « The NFL Playoffs generated considerable action 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 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 for the month. FanDuel Sportsbook/Pointsbet was only behind with $5.9 million.
FanDuel Sportsbook in 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 New Jersey win in January — has been followed in earnings by Monmouth Park’s $830,792.
« The struggle for market share, especially in the internet market, will continue to be interesting as the year plays out, » Gouker said. « FanDuel has gained on DraftKings in the online market. But throughout the entire 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 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 grown 50 percent since 2016, and that expansion will continue, » said Ruddock, lead online gaming analyst for PlayNJ.com. « There are a few concrete reasons why. Two new casinos started in 2018 with online gambling, Atlantic City’s revitalization efforts continue to repay, the prevalence of live dealer games which have added to an already strong portfolio of online casino games, along with the legalization and launch of New Jersey sports betting. »
For more, see PlayNJ.com/information.
Concerning The PlayUSA.com Network:
The PlayUSA.com Network and its state-focused branches (like PlayNJ.com and PlayPennsylvania.com) is a leading source for information, analysis, and research related to the market for regulated online gambling in the U.S.
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SOURCE PlayNJ.com
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