New Jersey Sports Betting Boosted in January by Football Playoffs, According to PlayNJ.com Analysts

ATLANTIC CITY, N.J., Feb. 13, 2019 /PRNewswire/ — New Jersey sportsbooks raked in nearly $400 million in stakes in January as the state’s bettors took advantage of the first opportunity to wager legally about the NFL Playoffs. January’s record $385.3 million handle, which totaled $18.8 million in revenue, was up from the $319.2 million New Jersey’s retail and online sportsbooks collected in December.
“January has historically been regarded as part of this offseason at Atlantic City, but the crowds in town’s sportsbooks on NFL Sundays suggest otherwise,” said Steve Ruddock, analyst for PlayNJ.com. “In addition to creating a new revenue stream for your state, sports gambling is helping transform Atlantic City to a year-round destination.”
New Jersey’s online sportsbooks accounted for $304.97 million, or 79 percent, of total bets in January. Retail sportsbooks made up the remaining 21 percent. That compares to 76 percent of bets flowing through internet sportsbooks in December.
New Jersey sports gambling revenue, or the”win,” was down 9.9 percent from $20.8 million in December. January’s results followed a slightly underwhelming Super Bowl performance, that ended with a $4.5 million reduction for New Jersey’s sportsbooks on a deal just short of $35 million.
“Super Bowl betting didn’t really reach expectations, but there were some advantages,” said Dustin Gouker, lead sports betting analyst for PlayNJ.com. “The NFL Playoffs generated significant activity in January, and anecdotal evidence suggests visitation to Atlantic City for the weekend of the Super Bowl was way up. All in all, it was a successful first season of the NFL for New Jersey’s sportsbooks.”
DraftKings Sportsbook — which works under the Resorts license — fueled Resorts’ $6.9 million in January online gross revenue, up from $6.7 million in December. Resorts accounted for 48% of the nation’s online win . FanDuel Sportsbook/Pointsbet was just behind with $5.9 million.
FanDuel Sportsbook in The Meadowlands stays the dominant retail sportsbook, gaining $1.2 million in January gross earnings, down from $3.6 million in December. FanDuel — which represents 36% of the retail win in January of New Jersey — has been followed in gross revenue by Monmouth Park’s $830,792.
“The battle for market share, especially in the internet marketplace, will be interesting as the year plays out,” Gouker said. “FanDuel has obtained on DraftKings in the internet market. But throughout the entire NFL season, the smaller online brands have to earn a significant challenge to both dominant forces in the marketplace.”
LEGAL ONLINE CASINOS
Legal online casinos generated a record $33.6 million in January — up from $29 million in December — and $5.9 million in tax revenue. New Jersey’s internet casino and poker industry can generate $400 million in revenue in 2019, based on PlayNJ.com.
“New Jersey’s online gaming industry grew nearly 22% in 2018 and has increased 50 percent since 2016, and that growth will continue,” said Ruddock, direct online gambling analyst for PlayNJ.com. “There are some concrete reasons why. Two new casinos started in 2018 with online gaming, Atlantic City’s revitalization efforts continue to pay off, the popularity of live dealer games which have added to an already robust portfolio of online casino games, along with the legalization and launch of New Jersey sports gambling.”
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SOURCE PlayNJ.com
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