ATLANTIC CITY, N.J., Feb. 13, 2019 /PRNewswire/ — New Jersey sportsbooks raked in almost $400 million in stakes in January since the state’s bettors took good advantage of the first opportunity to bet legally on the NFL Playoffs. January’s record $385.3 million manage, which totaled $18.8 million in revenue, was up from the $319.2 million New Jersey’s online and retail sportsbooks collected in December.
“January has historically been regarded as a part of the offseason in Atlantic City, but the crowds in the city’s sportsbooks on NFL Sundays suggest differently,” said Steve Ruddock, analyst for PlayNJ.com. “In addition to creating a new revenue stream for your state, sports betting is helping transform Atlantic City to a yearlong 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 online sportsbooks in December.
New Jersey sports betting 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, which ended with a $4.5 million reduction for New Jersey’s sportsbooks on a deal only short of $35 million.
“Super Bowl gambling didn’t really reach expectations, but there were definitely some positives,” said Dustin Gouker, lead sports betting analyst for PlayNJ.com. “The NFL Playoffs generated considerable activity in January, and anecdotal evidence suggests visitation to Atlantic City for the weekend of the Super Bowl was way up. Overall, it was a successful first season of the NFL for New Jersey’s sportsbooks.”
DraftKings Sportsbook — that 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 percent of the online win of the state . FanDuel Sportsbook/Pointsbet was only behind with $5.9 million.
FanDuel Sportsbook at The Meadowlands remains the dominant retail sportsbook, getting $1.2 million in January gross revenue, down from $3.6 million in December. Monmouth Park’s $830,792 — followed in gross earnings fanDuel — that represents 36% of New Jersey win in January.
“The battle for market share, especially in the online marketplace, will continue to be fascinating as the year ends,” Gouker said. “FanDuel has obtained on DraftKings in the internet market. But through the entire NFL season, the bigger online brands have yet to make a substantial 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 online casino and poker industry could generate $400 million in revenue in 2019, according to PlayNJ.com.
“New Jersey’s online gambling industry grew nearly 22 percent in 2018 and has increased 50 percent since 2016, and that growth will continue,” said Ruddock, direct online gaming analyst for PlayNJ.com. “There are some concrete reasons why. Two new casinos opened in 2018 with online gambling, Atlantic City’s revitalization efforts continue to repay, the prevalence of live dealer games that have added to an already robust portfolio of online casino games, along with the legalization and launch of New Jersey sports betting.”
For more, see PlayNJ.com/news.
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