New Jersey nears $3 billion in sports bets
13 Jun 2019
"We knew that sports betting in New Jersey would be successful, but it is fair to say that so far it has exceeded our expectations," said Dustin Gouker, lead sports betting analyst for PlayNJ.com. "$3 billion in bets in 12 months is an impressive milestone by any measure, and in just a year, New Jersey is set up to become the nation's largest legal sports betting market."
New Jersey's handle in May was up 1.7% from $313.7 million in April, according to official reporting released Wednesday. New Jersey's online and retail sportsbooks have now accepted $2.9 billion in bets in the 12 months since launch.
New Jersey's May could top Nevada's, which will not release its May data until later this month. Nevada generated a $315.5 million handle in May 2018.
"If this is indeed the month that New Jersey overtakes Nevada for the first time, it will be a momentous occasion for the Garden State," Gouker said. "New Jersey sports bettors appear to have a stronger preference for basketball and baseball than Nevada, so it makes sense that May would be a likely month for it to happen. But clearly the state is on its way to becoming the largest legal sports jurisdiction in the country."
The May handle generated $15.5 million in revenue, down from $21.2 million in April. New Jersey sportsbooks have now generated a win of $94.1 million and $16.5 million in tax revenue for the state since launch. Online sports betting accounted for $263.6 million, or 82.6%, of May's handle.
FanDuel Sportsbook/PointsBet generated $7.9 million in online gross revenue, down from $8.8 million in May, to lead the online market. FanDuel Sportsbook at The Meadowlands continues to lead the retail market, too, posting $796,469 in May gross revenue, down from $3.3 million in April.
"The sportsbooks branded by the daily fantasy sports giants continue to dominate the sportsbooks tied to Atlantic City-based casinos," Gouker said. "Part of that is the brand recognition of FanDuel and DraftKings. But the proximity of FanDuel Sportsbook to New York City is also a significant factor to its dominance, particularly on the retail side."