New Jersey

New Jersey hits new heights in sports betting revenues

New Jersey’s sports betting market has gone through its strongest month since its launch, with total amounts which have been wagered more than doubling year-on-year and revenue climbing to a record $37.9m in September.

Total handle for September has made a huge jump of 142.2 per cent from September 2018 to $445.6m. This has suggested the vertical benefitted significantly from the beginning of the National Football League season on September 5. The majority has been staked online, with the channel accounting for $374.2m, or 84.0%, of the market total, compared to $71.3m from retail.

For the year to date, players have wagered a total of $2.97bn, where $2.44bn (82.1%) was spent online, according to the latest figures from the state of Division of Gaming Enforcement.

In terms of revenue by licensee, Meadowlands and its sub-licensees FanDuel and PointsBet took the lead in September. The racetrack accounted for $16.9m of the market in total, a 134.2 per cent year-on-year increase.

Resorts Digital who have partnered with DraftKings and The Stars Group’s Fox Bet joint venture, followed in second, where its monthly revenue of $10.7m representing a 26.0% improvement on the prior year’s figure.

Monmouth Park, who are working with William Hill, then came in third. Their revenue came in third with $3.4m. This up 52.2 per cent from the prior year. Ocean Resort, who are another partner of William Hill then followed closely behind after revenue more  than doubled to $3.1m.

September has also seen a trio of operators report significant year-on-year drops in sports wagering revenue, with Harrah’s being the biggest faller. The Caesars Entertainment-owned has seen a decline of 62.0 per cent to  $118,102. Golden Nugget’s monthly total fell 56.4 per cent to $487,438.

The Borgata, meanwhile has seen a revenue decline of 41.2 per cent to $1.5m. This has happened in the same month in which the GVC-MGM joint venture Roar Digital rolled out its new BetMGM app in the state.

New Jersey’s online gaming marker has also come to enjoy a particularly strong month, with revenue increasing 59.7 per cent to  $41.1m. Golden Nugget has continued to lead the market, and to grow rapidly with its monthly total of $15.6m, a 68.5 per cent increase from the prior year.

Resorts Digital, who are under the license who The Stars Group operates, continues in second place with revenue gaining a huge increase of 160.3 per cent to $8.9m. The  Borgata came in third where they enjoyed a strong year-on-year growth, with its September total up 52.5% to $7.0m.

For the nine months to September 30, New New Jersey’s online casino has increased 57.0 per cent to $339.0m.

The strong performance of the igaming and sports betting verticals offset a weaker month for land-based gaming. Total revenue declined 3.2% to $224.5m. The Borgata rules the roost in the land-based market, with revenue of $57.4m, with Hard Rock’s $29.6m (up 14.1% year-on-year) pushing it into second place. 

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