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 almost $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 album $385.3 million manage, which totaled $18.8 million in revenue, was up from the $319.2 million New Jersey’s retail and online sportsbooks accumulated in December.
“January has historically been considered part of this offseason at Atlantic City, but the crowds in town’s sportsbooks on NFL Sundays suggest differently,” said Steve Ruddock, analyst for PlayNJ.com. “In addition to generating jobs and a new revenue stream for your state, sports gambling is helping transform Atlantic City into 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 internet 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, that ended with a $4.5 million loss for New Jersey’s sportsbooks on a deal just short of $35 million.
“Super Bowl gambling didn’t really reach expectations, but there were some advantages,” said Dustin Gouker, lead sports gambling 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. Overall, it was a successful first season of the NFL for New Jersey’s sportsbooks.”
DraftKings Sportsbook — which operates 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 state win for the month. FanDuel Sportsbook/Pointsbet was only behind with $5.9 million.
FanDuel Sportsbook at The Meadowlands stays the dominant retail sportsbook, getting $1.2 million in January gross revenue, down from $3.6 million in December. FanDuel — that represents 36 percent of New Jersey’s retail win in January — has been followed in revenue by Monmouth Park’s $830,792.
“The struggle for market share, particularly in the online market, will be fascinating as the year ends,” Gouker said. “FanDuel has gained on DraftKings in the online sector. But throughout the entire NFL season, the smaller online brands have to earn a substantial challenge to both dominant forces in the market.”
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 taxation revenue. New Jersey’s online casino and poker sector could generate $400 million in revenue in 2019, according to PlayNJ.com.
“New Jersey’s online gambling industry grew nearly 22% in 2018 and has grown 50 percent since 2016, and that expansion 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 repay, the prevalence of live dealer games that have added to an already robust portfolio of online casino games, along with the legalization and launching of New Jersey sports gambling.”
For more, visit PlayNJ.com/news.
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SOURCE PlayNJ.com
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