ATLANTIC CITY, N.J., Feb. 13, 2019 /PRNewswire/ — New Jersey sportsbooks raked in nearly $400 million in stakes in January as the state’s bettors took advantage of the first opportunity to bet legally on the NFL Playoffs. January’s record $385.3 million manage, which totaled $18.8 million in revenue, was up from the $319.2 million New Jersey’s online and retail sportsbooks accumulated in December.
“January has historically been regarded as part of the 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 creating jobs and a new revenue stream for the country, sports gambling is helping transform Atlantic City to 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”triumph,” 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 only short of $35 million.
“Super Bowl gambling didn’t quite achieve expectations, but there were definitely some advantages,” said Dustin Gouker, lead sports betting analyst for PlayNJ.com. “The NFL Playoffs generated significant activity in January, and anecdotal evidence suggests visitation to Atlantic City for the weekend of the Super Bowl was far up. Overall, 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 earnings, up from $6.7 million in December. Resorts accounted for 48 percent of the state’s online win for the month. FanDuel Sportsbook/Pointsbet was only behind with $5.9 million.
FanDuel Sportsbook at The Meadowlands remains the dominant retail sportsbook, getting $1.2 million in January gross earnings, down from $3.6 million in December. Monmouth Park’s $830,792 — followed in gross revenue fanDuel — that represents 36% of the retail win in January of New Jersey.
“The battle for market share, especially in the internet market, will continue to be interesting as the year plays out,” Gouker said. “FanDuel has gained on DraftKings in the online market. But throughout the total NFL season, the bigger online brands have to make a substantial challenge to the two 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 internet casino and poker industry can generate $400 million in earnings in 2019, based on PlayNJ.com.
“New Jersey’s online gambling industry grew almost 22% in 2018 and has increased 50 percent since 2016, and that expansion will continue,” said Ruddock, lead online gaming analyst for PlayNJ.com. “There are a few concrete reasons why. Two new casinos opened in 2018 with online gambling, Atlantic City’s revitalization efforts continue to pay off, the popularity of live dealer games which have added to an already robust portfolio of online casino games, and the legalization and launching of New Jersey sports gambling.”
For more, see PlayNJ.com/information.
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SOURCE PlayNJ.com
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