New Jersey sports betting and online gambling hits $1 billion
14 Jan 2019
"New Jersey's sportsbooks are in position to generate a $100 million handle from just that single game, which is the most significant single sports-betting event in the U.S.," said Dustin Gouker, lead sports betting analyst for PlayNJ.com. "Nevada's handle was nearly $160 million last year for the one game, and New Jersey's young market is already showing many of the same trends. And we know operators in New Jersey will be aggressive in attracting bettors."
According to official reporting released Monday:
- New Jersey's online and retail sportsbooks collected $319.2 million in bets in December, down 3.5% from $330.7 million in November.
- The state's sportsbooks have collected $1.25 billion in bets since June.
- Revenue from sports betting hit $20.8 million in December, down from $21.2 million in November.
- New Jersey's online sportsbooks accounted for $241.05 million, or 76%, of bets in December.
DraftKings Sportsbook — which operates under the Resorts license — fueled Resorts to $6.7 million in online gross revenue in December, down from $7.2 million in November. Resorts accounted for 46 percent of the state's online win in December, but was followed by FanDuel Sportsbook's $5.5 million.
FanDuel Sportsbook at The Meadowlands still dominates the retail sportsbook market, gaining $3.6 million in December gross revenue, up from $2.6 million in November. FanDuel — which accounted for 58 percent of New Jersey's retail win — was followed by Monmouth Park's $1.03 million.
"Name recognition and an early entrance into the market has made DraftKings and FanDuel the most dominant players in the market, and that advantage will continue in the near-term," Gouker said. "But as 2019 plays out, other operators will adjust and could begin to eat into their market share."
Legal Online Gambling
New Jersey's online casino and poker industry generated $29 million in December, up from $26.9 million in November, to push the industry to $1.02 billion in revenue since launch in 2013.
Online gambling generated a record $298.7 million in 2018, up from $245.6 million tallied in 2017. The revenue has been crucial, too, injecting $178.7 million into government coffers since launch and $52.3 million in 2018 alone.
"Online gambling's growth has been perpetual, and 2019 offers few reasons that it will slow down," said Steve Ruddock, lead online gambling analyst for PlayNJ.com. "Online gambling should generate more than $300 million in 2019, and the taxes from that revenue will continue to be a boon to the state budget.