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New Jersey sportsbooks bounce back after Super Bowl

13 Mar 2019

(PRESS RELEASE) -- New Jersey’s sportsbooks took in more than $320 million in February bets, generating strong monthly revenue despite a short month and a predictable post-Super Bowl lull. In all, New Jersey’s online and retail sportsbooks netted $12.7 million in revenue on $320.4 million in sports bets, down 16.8% from a record $385.3 million wagered in January.

The February handle works out to $46 per adult resident of New Jersey, significantly larger than any other legal sports jurisdiction besides Nevada.

“Because of the strength of New Jersey’s online product, in-play betting during the Super Bowl was significantly stronger in New Jersey than in other legal markets,” said Dustin Gouker, lead sports betting analyst for PlayNJ.com. “In addition, New Jersey’s sportsbooks saw significant action on other sports, particularly on college basketball and the NBA. It adds up to another very good month for New Jersey even after a somewhat disappointing Super Bowl handle.”

New Jersey's online sportsbook brands accounted for $258.9 million, or 80.8%, of total bets in January, according to official reporting released Wednesday. The state’s retail sportsbooks made up the remaining 20.2%. That compares to 79.2% of total bets flowing through online sportsbooks in January.

New Jersey sports betting did not reach expectations for the Super Bowl, collecting nearly $35 million in wagers for the Super Bowl while paying out more than $39 million. Nevada saw less interest in this year’s Super Bowl, too, with an 8% year-over-year decline in handle for the game, to $145 million.

Interestingly, the Super Bowl represented a much smaller share of New Jersey’s handle, just 10.9%, than in Nevada, where February is a historically slow month for legal sports betting. The Super Bowl typically represents nearly 40% of the Nevada’s February handle, including 36 percent of sports bets made in Nevada in February 2018.

“New Jersey’s sports betting market is less driven by major events than in Nevada, and February’s numbers bear that out,” Gouker said. “The market’s consistency will eventually help New Jersey overtake Nevada as the largest legal sports betting market in the U.S., which is now more a question of when rather than if.”

FanDuel Sportsbook/Pointsbet overtook DraftKings Sportsbook as the state’s dominant online sportsbook with $6.59 million in February gross revenue, up from $5.9 million in January. DraftKings Sportsbook — which represents more than 95% of Resorts’ online revenue — fueled Resorts’ $3.7 million in February online gross revenue, down 46% from $6.9 million in January. Resorts and DraftKings were followed by:
- Monmouth/William Hill/Sugarhouse ($1.3 million, up from $1.2 million)
- Ocean Resort/William Hill ($1.02 million, down from $1.3 million)
- Caesars Sportsbook/888sport ($223,339, down from $260,290)
- Golden Nugget/BetAmerica ($34,018)
- Hard Rock ($18,962, down from $25,235)
- Tropicana/William Hill ($10,477, up from $196)
- playMGM/Borgata (-$40,265, down from $41,897)

FanDuel Sportsbook at The Meadowlands continues to dominate the retail market. FanDuel posted $1.5 million in February gross revenue, up from $1.2 million in January. FanDuel was followed in gross revenue by:
- Resorts Casino Hotel ($142,846, down from $242,636)
- Hard Rock Hotel & Casino - Atlantic City ($103,614)
- Bally's - Atlantic City (-$40,848, down from $236,370)
- Tropicana Atlantic City Casino & Resort (-$69,030, down from $98,626)
- Harrah's Resort Atlantic City (-$95,617, down from $20,615)
- Golden Nugget - Atlantic City (-$159,289, down from $27,287)
- Ocean Resort Casino (-$280,656, down from -$14,287)
- Monmouth Park (-$501,173, down from $830,792 in January)
- Borgata Hotel Casino and Spa (-$715,727, down from $635,564)

“With its digital gains, FanDuel has asserted itself as the sports betting market’s top force,” Gouker said. “But with football now over, it will be interesting to see if a change in focus to college basketball and Major League Baseball alters the dynamic in the coming months.”
 
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