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New Jersey sportsbooks ready to surpass Nevada again

15 Aug 2019

(PRESS RELEASE) -- New Jersey's sportsbooks appear ready to surpass Nevada again as online betting continued to dominate the state's landscape in July, a trend that has only gained steam in the 12 months since DraftKings became the first to launch its digital platform. Online sportsbooks have accepted $2.6 billion in wagers in 12 months — 75% of the state's handle since the first online sportsbook launched in August 2018 — as New Jersey bettors prove their overwhelming preference for the convenience of online betting, according to analysts from PlayNJ.com.

"Online sports betting is clearly the driving force in New Jersey's sports betting market, and definitely more so than what has historically been the case in Nevada," said Dustin Gouker, lead sports betting analyst for PlayNJ.com. "In fact, the online product in New Jersey is the key difference that has the state competing with Nevada as the country's most lucrative legal sports betting jurisdiction."

In July, New Jersey's sportsbooks generated $251.3 million handle, down 8% from $273.2 million in June 2019, according to official reporting released Wednesday. The handle is greater than in any July in Nevada's history. In New Jersey, it yielded $17.8 million in revenue, up 365% from $3.8 million in July 2018 and up 84% from $9.7 million in June.

July's handle was up 517% from $40.7 million in July 2018. And much of that growth is due to online sports betting, which generated $213 million in July, or 85%, up from 83% in June.

In all, online and retail sportsbooks have combined to attract $3.5 billion in bets and $269.3 million in revenue since launch, which has generated $25.6 million in tax revenue for New Jersey.

"If there is any trouble on the horizon for New Jersey, it's the launch and expansion of online sportsbooks in Pennsylvania," Gouker said. "So far, New Jersey has proven resilient in the face of competition from its neighboring state. But with football season kicking off in August, Pennsylvania's effect on New Jersey will be interesting."

FanDuel Sportsbook/PointsBet continues to lead the online market, generating $7.3 million in gross revenue in July, up from $2.7 million in June. And FanDuel Sportsbook at The Meadowlands remained the retail leader, posting $1.8 million in July gross revenue, up from $1.7 million in June.

"FanDuel's ascension to the market lead in both the online and retail market shows the power of the online marketplace and name recognition," Gouker said. "This has been the primary advantage for both FanDuel and DraftKings."

Online casinos
New Jersey's online casino and poker industry generated a record $39.3 million in July gross revenue, pushing the industry past $250 million in revenue so far this year. July's revenue is up 52% from $25.9 million in July 2018.

The growth in online casino games and poker has been dramatic, generating $256.8 million so far this year. That is up 55% from the $165.4 million the industry generated in the first seven months of 2018.

"Online casino games have received a boost from the proliferation of online sports betting in New Jersey," said Eric Ramsey, online gambling analyst for PlayNJ.com. "Together they have helped accelerate the development of both industries, even while the retail market has made gains."
 
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