New Jersey Sports Betting Revenue Skyrockets in September
According to available information, sports books in New Jersey accepted nearly $184 million during the last month. That’s around 93% more than in August when the handle was at nearly $96 million.
It looks like David Rebuck, the director of NJDGE was right when he predicted the numbers would be “stunning”.
Online Led the Way
A number of new mobile and online operators launched their operations at the same time that the new NFL season has been kicked-off in the first week of September. This significantly increased the share the online vertical had in the overall numbers.
The total online betting handle was at $105 million, while the rest – $79 million – were added through land-based betting at casinos in Atlantic City and across state racetracks. There was only one online option available in August – DraftKings – so it’s no wonder online took home five times more revenue in September.
Wagering on sports was at around $24 million, although we have to point out the figure released by the state’s regulator includes pending wagers. That’s quite an increase when compared to revenue of $9.2 million recorded in August. The state’s actual revenue in September is estimated to be three-quarters of this sum.
Resorts Digital, which is partnered with DraftKings, generated $8.5 million in revenue, recording a staggering increase from $3 million in August.
The Meadowlands racetracks, which is partnered with DraftKings’ biggest rival FanDuel, was slightly behind with $7.2 million – $4.2 million more than in August. The only other operators to take home more than $2 million were Monmouth Park and the Borgata.
Results Promise More Improvements in the Months to Come
Total gaming revenue in September was $281.7 million, nearly 20% up yearly basis, while casino win went up by around 8% when compared to the corresponding month of last year. Internet gaming also recorded a year-on-year increase – 26% – jumping from $20.4 million in September 2017 to $25.8 million in September this year.
Although the numbers are going up, that’s still far from the results achieved in the country’s biggest gaming market, as Nevada recorded a total gaming revenue of $913 in August.
Commenting on the latest figures, director Rebuck said the gambling industry had produced another month of superb revenue increases, driven by the explosive growth in sports wagering and continuous improvements in internet gaming and brick and mortar casino win results.
He stated the revenue results pointed to a strong finish for New Jersey’s gaming industry in 2018.
Sports betting was made legal in New Jersey in June, a month following the decision of the US Supreme Court to repeal the Professional and Amateur Sports Protection Act of 1992. This move effectively ended the federal ban on sports betting which had been in force for more than 25 years. Since the state legalised wagering on sports, around $336 million has been wagered across New Jersey.