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 bets in January as the nation’s bettors took good advantage of the first opportunity to bet legally on the NFL Playoffs. January’s album $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 regarded as part of this offseason in Atlantic City, but the crowds in the city’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 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. The remaining 21 percent was made up by retail sportsbooks. That compares to 76 percent of bets flowing through sportsbooks in December.
New Jersey sports betting revenue, or the”triumph,” 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 just short of $35 million.
“Super Bowl gambling didn’t really achieve expectations, but there were definitely some advantages,” said Dustin Gouker, lead sports betting analyst for PlayNJ.com. “The NFL Playoffs generated considerable activity in January, and anecdotal evidence indicates 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 — that operates 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 percent of the online win of the state for the month. FanDuel Sportsbook/Pointsbet was just behind with $5.9 million.
FanDuel Sportsbook at The Meadowlands remains the dominant retail sportsbook, gaining $1.2 million in January gross revenue, down from $3.6 million in December. Monmouth Park’s $830,792 — followed in gross revenue fanDuel — that represents 36 percent of New Jersey’s retail triumph in January.
“The struggle for market share, particularly in the internet market, will be interesting as the year ends,” Gouker said. “FanDuel has gained on DraftKings in the internet market. But throughout the total NFL season, the smaller online brands have to make a significant challenge to both dominant forces on the market.”
LEGAL ONLINE CASINOS
Legal online casinos created 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 can generate $400 million in revenue in 2019, according to PlayNJ.com.
“New Jersey’s internet gaming industry grew almost 22% in 2018 and has increased 50 percent since 2016, and that expansion 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 which have added to an already strong portfolio of online casino games, and the legalization and launch of New Jersey sports gambling.”
For more, visit PlayNJ.com/information.
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SOURCE PlayNJ.com
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