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New Jersey sports betting boosted in January by football playoffs

13 Feb 2019

(PRESS RELEASE) -- New Jersey’s sportsbooks raked in nearly $400 million in bets in January as the state’s bettors took advantage of their first opportunity to bet legally on the NFL Playoffs. January’s record $385.3 million handle, which netted $18.8 million in revenue, was up 20.7% from the $319.2 million New Jersey’s online and retail sportsbooks collected in December.

“January has historically been considered part of the offseason in Atlantic City, but the crowds in the city's sportsbooks on NFL Sundays suggest otherwise,” said Steve Ruddock, analyst for PlayNJ.com. “In addition to creating jobs and a new revenue stream for the state, sports betting is helping transform Atlantic City into a year-round destination.”

New Jersey's 11 online sportsbook brands accounted for $304.97 million, or 79.2%, of total bets in January, according to official reporting released Wednesday. The state’s 10 retail sportsbooks made up the remaining 20.8%. That compares to 76% of total bets flowing through online sportsbooks in December.

New Jersey sports betting revenue, or the “win,” was down 9.9% from $20.8 million in December.

January is historically a slower month than December for legal sports betting operators in the U.S. And January’s results follow news of a slightly underwhelming Super Bowl performance in February, which ended with a $4.5 million loss for New Jersey’s sportsbooks on a handle just short of $35 million.

“Super Bowl betting didn’t quite reach expectations, but there were definitely some positives,” said Dustin Gouker, lead sports betting 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 way up. All in all, it was a successful first season of the NFL for New Jersey’s sportsbooks.”

DraftKings Sportsbook — which represents more than 95% of Resorts’ online revenue — fueled Resorts’ $6.9 million in January online gross revenue, up slightly from $6.7 million in December. Resorts accounted for 48% of the state’s online win for the month. DraftKings was followed by:

- FanDuel Sportsbook/PointsBet ($5.9 million, up slightly from $5.5 million in December)

- Monmouth/William Hill Sportsbook & Racebook/Sugarhouse ($1.2 million, down from $1.3 million)

- Caesars Sportsbook and 888 Sport ($260,290, up from $108,892)

- playMGM/Borgata ($41,897, up from -$22,436)

- Hard Rock ($25,235, N/A)

- Tropicana/William Hill ($196, N/A)

FanDuel Sportsbook at The Meadowlands remained the dominant retail sportsbook. FanDuel gained $1.2 million in January gross revenue, down 67% from $3.6 million in December. FanDuel represented 36% of the entire retail win in January, compared with 58% in December. FanDuel was followed in gross revenue by:

- Monmouth Park ($830,792, down from $1.03 million in December)

- Borgata Hotel Casino and Spa ($635,564, up from $189,677)

- Resorts Casino Hotel ($242,636, up from $195,766)

- Bally's - Atlantic City ($236,370, up from $19,862)

- Tropicana Atlantic City Casino & Resort ($98,626, down from $217,408)

- Golden Nugget - Atlantic City ($27,287, down from $82,532)

- Harrah's Resort Atlantic City ($20,615, down from $215,971)

“The battle for market share, particularly in the online market, will continue to be fascinating as the year plays out,” Gouker said. “FanDuel has gained on DraftKings in the online market. But through the entire NFL season, the smaller online brands have yet to make a significant challenge to the two dominant forces in the market.”
 
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