ATLANTIC CITY, N.J., Feb. 13, 2019 /PRNewswire/ — New Jersey sportsbooks raked in nearly $400 million in bets in January as the state’s bettors took good advantage of the first opportunity to wager legally on the NFL Playoffs. January’s record $385.3 million handle, which netted $18.8 million in revenue, was up from the $319.2 million New Jersey’s online and retail sportsbooks accumulated in December.
“January has historically been considered part of the offseason in Atlantic City, but the crowds in the city’s sportsbooks on NFL Sundays suggest otherwise,” explained Steve Ruddock, analyst for PlayNJ.com. “In addition to generating jobs and a new revenue stream for your country, 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 total bets flowing through sportsbooks at 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, that ended with a $4.5 million loss for New Jersey’s sportsbooks on a handle only short of $35 million.
“Super Bowl gambling didn’t really achieve 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 earnings, 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. Monmouth Park’s $830,792 — followed in revenue fanDuel — that represents 36 percent of New Jersey’s retail win in January.
“The battle for market share, especially in the internet market, will continue to be interesting as the year ends,” Gouker said. “FanDuel has gained on DraftKings in the internet sector. But throughout the total NFL season, the bigger online brands have yet to earn a substantial challenge to the two 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 sector could generate $400 million in revenue in 2019, based on PlayNJ.com.
“New Jersey’s internet gambling industry grew almost 22 percent in 2018 and has grown 50 percent since 2016, and that expansion will continue,” said Ruddock, direct online gaming analyst for PlayNJ.com. “There are a few concrete reasons why. Two new casinos started 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, and the legalization and launch of New Jersey sports betting.”
For more, visit PlayNJ.com/news.
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SOURCE PlayNJ.com
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