ATLANTIC CITY, N.J., Feb. 13, 2019 /PRNewswire/ — New Jersey sportsbooks raked in almost $400 million in stakes in January since the nation’s bettors took good advantage of their first opportunity to bet legally about the NFL Playoffs. January’s record $385.3 million manage, which netted $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 at 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 a new revenue stream for the state, 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. Sportsbooks made up the remaining 21 percent. That compares to 76 percent of bets flowing through sportsbooks at 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, which ended with a $4.5 million loss for New Jersey’s sportsbooks on a handle only short of $35 million.
« Super Bowl betting 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 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 — 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 win for the month. FanDuel Sportsbook/Pointsbet was only behind with $5.9 million.
FanDuel Sportsbook in The Meadowlands remains 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 earnings by Monmouth Park’s $830,792.
« The battle for market share, particularly in the online marketplace, will continue to be fascinating as the year ends, » Gouker said. « FanDuel has obtained on DraftKings in the online market. But throughout the entire NFL season, the bigger online brands have yet to earn a substantial challenge to both dominant forces on the marketplace. »
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 tax revenue. New Jersey’s online casino and poker industry can generate $400 million in earnings in 2019, based on PlayNJ.com.
« New Jersey’s internet gaming industry grew almost 22% in 2018 and has increased 50 percent since 2016, and that expansion will continue, » said Ruddock, lead online gambling analyst for PlayNJ.com. « There are a few 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 betting. »
For more, see PlayNJ.com/news.
Concerning The PlayUSA.com Network:
The PlayUSA.com Network and its own state-focused branches (like PlayNJ.com and PlayPennsylvania.com) is a major source for information, analysis, and research related to the marketplace for regulated online gambling in the U.S.
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SOURCE PlayNJ.com
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