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ATLANTIC CITY, N.J., Feb. 13, 2019 /PRNewswire/ — New Jersey sportsbooks raked in almost $400 million in bets in January since the state’s bettors took 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 collected in December.
“January has historically been regarded as a part of this offseason at 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 generating a new revenue stream for your state, sports betting 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. Sportsbooks made up the remaining 21 percent. That compares to 76 percent of total bets flowing through internet 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, which ended with a $4.5 million reduction for New Jersey’s sportsbooks on a handle only short of $35 million.
“Super Bowl betting didn’t really reach 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 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 — that operates under the Resorts permit — 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 for the month. FanDuel Sportsbook/Pointsbet was just behind with $5.9 million.
FanDuel Sportsbook at The Meadowlands stays the dominant retail sportsbook, gaining $1.2 million in January gross earnings, down from $3.6 million in December. FanDuel — which represents 36% of New Jersey triumph in January — has been followed in revenue by Monmouth Park’s $830,792.
“The struggle for market share, particularly in the internet market, will be fascinating as the year plays out,” Gouker said. “FanDuel has gained on DraftKings in the online market. But through the entire NFL season, the bigger online brands have yet to earn a substantial challenge to the two 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 tax revenue. New Jersey’s internet 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 expansion will continue,” said Ruddock, direct online gambling analyst for PlayNJ.com. “There are a few 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, and the legalization and launch of New Jersey sports betting.”
For more, see PlayNJ.com/news.
Concerning The PlayUSA.com Network:
The PlayUSA.com Network and its own state-focused branches (like PlayNJ.com and PlayPennsylvania.com) is a major source for information, analysis, and research related to the marketplace for regulated online gaming in the U.S.
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SOURCE PlayNJ.com
Related Links
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