Sports Betting Operators in New Jersey Saw Their Revenues Drop in June
The end of the basketball and hockey season made a strong impact on sports betting revenue in New Jersey, with the Garden State recording a new monthly low result for 2019.
According to numbers released by the New Jersey Division of Gaming Enforcement (DGE) last week, sports betting operators doing business in New Jersey generated $9.7 million in revenue during the 30-day period that ended on June 30.
Numbers Going Down
This result represents a drop of 37.4% when compared to May this year when New Jersey generated $15.5 million in revenue. The decline is even bigger when compared to April, when the Garden State recorded revenue of $21.2 million.
In the first six months of this year, the New Jersey sports betting industry generated revenue of $113.1 million, 5.7% less than in the corresponding period of 2018.
Wagering handle reached $273.2 million, which is a drop from $319 million in May.
Digital channels led the way, accounting for the biggest portion of overall bets (83%, $226.7 million). Since the start of the year, the state’s total betting handle hit $1.98 billion, with 81% of that sum placed through desktop or online mobile betting.
Meadowlands racetrack and its FanDuel and Pointsbet partners topped the betting revenue charts in June with $4.38 million, with a little over 62% coming via digital channels. The Meadowland’s betting revenue in the first six months of 2019 stands at $57.85 million, almost twice as much as its closest rival.
Resorts Digital and its partners at DraftKings and The Stars Group-owned BetStar brand saw their combined revenue reach $2.68 million in June. So far in 2019, Resorts Digital has recorded total betting revenue of $29.44 million.
The Monmouth Park racetrack followed with $1.24 million in revenue, with the Ocean Casino Resort keeping its fourth place from the previous month despite its revenue going up by more than 60% to $972,000. Golden Nugget generated $153,000 in revenue, while all other casinos in Atlantic City failed to record a six-figure result.
Hard Rock Atlantic City ended June with a net loss of $4,255.
There’s Room for Improvement
Legal sports betting market in New Jersey was launched in June last year, only a month after the decision of the U.S. Supreme Court to overturn PASPA and end the 25-year-old federal ban on this activity.
The market went live with only three operators, but it’s them that offer us the first year-on-year comparison.
In June, Monmouth Park’s recorded a result 45% below the same month last year, while the Borgata tumbled 93.4% over that same period. Ocean Casino Resort was the only one to record a rise, quintupling its $192,000 result from the same month of 2018.
At the same time, New Jersey’s online gambling market had another excellent month, with poker posting an annual improvement.
Figures released last week reveal the state’s online gambling licensees generated combined revenue of $38 million in June, representing a 67.8% increase when compared to the same month of 2018.