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New Jersey sportsbooks have record month

14 Sep 2020

(PRESS RELEASE) -- New Jersey’s sportsbooks returned to their record-setting ways in August, using the return of major sports to catapult to the best month in history for any legal jurisdiction. And in generating nearly $670 million in August wagers — more than $100 million more than the state’s previous best — New Jersey surpassed $8 billion in sports bets since launching in June 2018 and again staked its position as the largest and most dependable U.S. market, according to PlayNJ.

“A full schedule of baseball, basketball, and hockey was enough to unleash an avalanche of pent-up demand,” said Dustin Gouker, lead analyst for “New Jersey’s sports betting market has proven resilient since the pandemic began, drawing more bettor interest since March than any other U.S. jurisdiction. With major sports back on the board, though, the state’s sportsbooks are showing shocking strength.”

New Jersey’s online and retail sportsbooks collected a record $667.98 million in wagers in August, up 112% from $315.1 million in July, according to official reporting released Monday. The handle is up 127.5% from $293.6 million in August 2019 and blew past the state record $562.7 million handle set in November. No state has ever drawn in more in bets in a single month, beating Nevada’s all-jurisdiction record of $614.1 million set in November 2019.

With August’s bets, New Jersey sportsbooks have collected $8.4 billion in wagers since the industry launched.

Gross revenue in August grew 56.7% to $39.5 million from $25.2 million in August 2019. The “win” yielded $4.9 million in state taxes.

The return of major sports was the great catalyst. Basketball attracted $166.2 million in bets and baseball added $150 million. Sports classified by the state as “other,” which includes hockey, drew $204.9 million. And the staggering totals came before any significant football games could be played.

New Jersey has weathered the pandemic better than any other state, including Nevada, which hasn’t topped New Jersey’s monthly handle since December. Though Nevada has yet to report its August data, New Jersey will likely take the No. 1 spot again.

“New Jersey’s robust and mature online market is a clear advantage over every other jurisdiction, including Nevada, which relies more on in-person betting,” said Eric Ramsey, analyst for PlayNJ. “A full schedule of major sports in August, generating huge interest, has only highlighted the fact that New Jersey is better positioned to withstand the challenges of the pandemic.”

Online sportsbooks produced 90.1% of August’s handle, down from 93.9% in July. FanDuel Sportsbook/PointsBet led the market with $17.6 million in gross revenue, up from $12.2 million in July. FanDuel was followed in revenue by:

- Resorts Digital/DraftKings/Fox Bet ($10 million, up from $8.2 million in July)

- BetMGM/Borgata ($3.3 million, up from $2.3 million)

- Monmouth/William Hill/Sugarhouse/TheScore ($1.7 million, up from $1.6 million)

- Ocean Casino/William Hill ($1.2 million, down from $1.4 million)

- Hard Rock/Bet365/Unibet ($530,136, down from $838,812)

- Tropicana/William Hill ($51,948, up from $38,358)

- Golden Nugget/BetAmerica ($41,851, down from $85,028)

- Caesars Sportsbook/888 Sport (-$41,648, down from $357,132)

Retail sportsbooks began to steady in August, drawing $66 million in bets, up from $19.3 million in July. FanDuel Sportsbook at The Meadowlands again capitalized on the New York market, easily topping retail books with $3.6 million in revenue.

“The top online brands in the state, including FanDuel and DraftKings, are pouring money into advertising, which is a theme that can be seen across most legal jurisdictions,” Gouker said. “The brands are jockeying for market share now that sports have returned. The end result of that fierce competition will benefit bettors as products and promotions improve.”

Online casinos and poker set another record

New Jersey’s online casinos and poker rooms continued to impress in August with a record $87.8 million in revenue, up 113.6% from $41.1 million in August 2019. With Atlantic City casinos open for the entire month, generating $199.1 million in revenue, online casinos still edged the record $87.5 million generated in July.

August marked the fifth consecutive month that online casinos and poker have topped at least $80 million. Year-to-date, online gambling has generated $597.98 million and is on pace to more than double the $482.7 million in revenue produced in all of 2019.

“New Jersey’s online casino market appears to have set a new floor as it continues to fare well even as casinos reopen in Atlantic City,” Ramsey said. “As people were forced to stay home, they were introduced to these online gambling products. And many of those gamblers apparently liked what they found. I am not sure the online market will ever return to pre-pandemic levels.”

Some other highlights from August’s report:
  • August’s “win” yielded $13.2 million in state and local taxes.
  • Online casinos and poker generated $2.83 million a day in the 31 days of August, up slightly from $2.82 million a day in the 31 days of July.
  • Revenue from online casino games hit $84.7 million, up from $82.7 million in July.
  • Online poker produced $3 million in August revenue, down from $4.8 million in July.
  • Golden Nugget Online Gaming dominated the market with $27.7 million in August, down from $31.5 million. Borgata was second with $19.8 million.
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