New Jersey's Sports Betting Market Sets a New Record in March
The New Jersey Division of Gaming Enforcement (DGE) has posted the latest report for March, revealing that New Jersey’s regulated sports betting market not only saw its revenue go up but also set a new record.
The numbers released last week, show that licensed sportsbooks in the Garden State earned a total of $31.9 million in March. That’s quite an increase when compared to February when revenue was just $12.7 million. As we’ve already pointed out, this is a new revenue record, smashing the previous one, set last year in September, by almost $8 million.
An Excellent Month
We should point out that the DGE included pending wagers in its report. This means that some of the wagers placed on the NCAA March Madness were included in the March revenue report, although they didn’t take place until April.
Nevertheless, betting handle in March was at $372.4 million, with only January surpassing this figure. 80% of that figure, or $298.3 million, was wagered through digital channels, which about the same percentage New Jersey reported since the beginning of the year. So far in 2019, bookmakers in New Jersey have handled approximately $1.1 billion worth of bets.
The leader, when it comes to revenue, is the Meadowlands/Fan Duel, who claimed 45% of the whole sum – $17.6 million – while 75% of that amount was generated online. That’s $5.3 million more than this venue reported in February.
Resorts Digital Gaming and its DraftKing and BetStars partners generated around $7.3 million in revenue. That’s quite an increase when compared to the previous month ($3.7 million), but only a slight improvement over January revenue of $6.9 million. The Resorts Casino Hotel’s brick and mortar Sportsbook earned $85,000, which represents a significant drop when compared to the first two months of this year.
Most Operators Improved Their Results
New Jersey’s other racetrack-based venue, Monmouth Park, recorded $2.65 million in revenue during March, with nearly two-thirds (or 64.2%) coming online. The Ocean Casino Resort (formerly the Ocean Resort Casino) was the highest-ranked Atlantic City casino operator, generating a record-breaking sum of around $2 million.
No other operator managed to grab more than $1 million in revenue in March. The Borgata generated $853,000, which was a much better result than the one in February when the casino reported a loss of $753,000. The Golden Nugget also managed to bounce back from a poor February by taking home $192,000.
Extra Points in April
Pointsbet, which operates online using the Meadowlands’ betting permit has kicked-off a new Game Day Guarantee in April, offering a minimum bet-to-win amount of $10,000 to its customers on game day, no matter whether they bet on MLB, NBA, NHL or the upcoming NFL games.
According to Pointbet, the introduction of this guarantee should prevent high-rollers from moving to internationally licensed betting sites, which offer less limiting options. It is a bold move, but it still remains to be seen what effect will it have.
New Jersey was one of the first states to make wagering on sports legal following the last year’s decision of the U.S. Supreme Court to overturn PASPA, which effectively put an end to the 25-year-long federal ban.