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 about the NFL Playoffs. January’s record $385.3 million manage, which netted $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 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 generating a new revenue stream for the country, sports gambling is helping transform Atlantic City into a year-round 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 at 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 gambling didn’t quite achieve expectations, but there were some advantages,” said Dustin Gouker, lead sports betting analyst for PlayNJ.com. “The NFL Playoffs generated considerable action 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 permit — 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 for the month. 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 earnings, down from $3.6 million in December. Monmouth Park’s $830,792 — followed in gross revenue fanDuel — that represents 36 percent of the retail triumph in January of New Jersey.
“The struggle for market share, especially in the internet marketplace, will be fascinating as the year plays out,” Gouker said. “FanDuel has gained on DraftKings in the online market. But throughout the entire NFL season, the bigger online brands have yet to make a substantial challenge to both dominant forces on 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, according to PlayNJ.com.
“New Jersey’s online gambling industry grew nearly 22% in 2018 and has increased 50 percent since 2016, and that expansion will continue,” said Ruddock, lead online gaming analyst for PlayNJ.com. “There are some 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 which have added to an already strong portfolio of online casino games, and the legalization and launching of New Jersey sports gambling.”
For more, visit PlayNJ.com/information.
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SOURCE PlayNJ.com
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