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 advantage of the first opportunity to wager legally about the NFL Playoffs. January's album $385.3 million manage, which netted $18.8 million in revenue, was up from the $319.2 million New Jersey's retail and online sportsbooks collected in December.
"January has historically been considered a part of this offseason in 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 jobs and a new revenue stream for the country, 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. The remaining 21 percent was made up by retail sportsbooks. That compares to 76 percent of total bets flowing through sportsbooks in 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, which ended with a $4.5 million reduction for New Jersey's sportsbooks on a handle just
short of $35 million.
"Super Bowl gambling didn't quite reach 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 far up. All in all, it was a successful first season of the NFL for New Jersey's sportsbooks."
DraftKings Sportsbook -- that 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, gaining $1.2 million in January gross earnings, down from $3.6 million in December. FanDuel -- that represents 36 percent of New Jersey's retail win in January -- has been followed in gross earnings by Monmouth Park's $830,792.
"The struggle for market share, particularly in the internet market, will continue to be fascinating as the year ends," Gouker said. "FanDuel has gained on DraftKings in the online market. But through the total NFL season,the bigger online brands have yet to make a substantial 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 internet casino and poker industry can generate $400 million in earnings in 2019, according to PlayNJ.com.
"New Jersey's online gambling industry grew almost 22% in 2018 and has grown 50 percent since 2016, and that growth 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 pay off, 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 betting."
For more, see PlayNJ.com/news.
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SOURCE PlayNJ.com
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