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 their first opportunity to wager legally on the NFL Playoffs. January’s album $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 considered part of this offseason in Atlantic City, but the crowds in the city’s sportsbooks on NFL Sundays suggest otherwise,” said Steve Ruddock, analyst for PlayNJ.com. “In addition to creating jobs and a new revenue stream for your country, sports gambling is helping transform Atlantic City to a yearlong destination”
New Jersey’s online sportsbooks accounted for $304.97 million, or 79 percent, of total bets in January. Retail sportsbooks made up the remaining 21 percent. That compares to 76 percent of bets flowing through sportsbooks in 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, that ended with a $4.5 million loss for New Jersey’s sportsbooks on a deal just short of $35 million.
“Super Bowl gambling didn’t quite achieve expectations, but there were some advantages,” said Dustin Gouker, lead sports betting analyst for PlayNJ.com. “The NFL Playoffs generated significant action in January, and anecdotal evidence indicates 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 — which works under the Resorts license — fueled Resorts’ $6.9 million in January online gross earnings, up from $6.7 million in December. Resorts accounted for 48% of the state’s online win . FanDuel Sportsbook/Pointsbet was just behind with $5.9 million.
FanDuel Sportsbook at The Meadowlands stays the dominant retail sportsbook, getting $1.2 million in January gross revenue, down from $3.6 million in December. Monmouth Park’s $830,792 — followed in gross earnings fanDuel — which represents 36 percent of New Jersey win in January.
“The struggle for market share, especially in the internet market, will be interesting as the year plays out,” Gouker said. “FanDuel has gained on DraftKings in the internet sector. But throughout the entire NFL season, the bigger online brands have yet to make a significant challenge to both dominant forces on the marketplace.”
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 online casino and poker sector could generate $400 million in earnings in 2019, based on PlayNJ.com.
“New Jersey’s online gambling industry grew nearly 22 percent in 2018 and has grown 50 percent since 2016, and that expansion will continue,” said Ruddock, direct online gaming analyst for PlayNJ.com. “There are some concrete reasons why. Two new casinos opened 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, along with the legalization and launch of New Jersey sports betting.”
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SOURCE PlayNJ.com
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