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 almost $400 million in bets in January since the nation’s bettors took good advantage of their first opportunity to wager legally on the NFL Playoffs. January’s album $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 considered part of the offseason in Atlantic City, but the crowds in town’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 betting is helping transform Atlantic City into 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 total bets flowing through internet sportsbooks at 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 reduction for New Jersey’s sportsbooks on a deal only short of $35 million.
“Super Bowl betting didn’t quite reach expectations, but there were some positives,” 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 way up. All in all, 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 revenue, up from $6.7 million in December. Resorts accounted for 48 percent of the state win for the month. FanDuel Sportsbook/Pointsbet was only behind with $5.9 million.
FanDuel Sportsbook at The Meadowlands stays 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 earnings fanDuel — which represents 36 percent of New Jersey’s retail win in January.
“The struggle for market share, particularly in the internet marketplace, will be interesting as the year ends,” Gouker said. “FanDuel has gained on DraftKings in the online market. But through the total NFL season, the bigger online brands have to make a substantial challenge to both dominant forces in 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 taxation revenue. New Jersey’s online casino and poker sector could generate $400 million in revenue in 2019, based on PlayNJ.com.
“New Jersey’s internet gambling industry grew almost 22% in 2018 and has grown 50 percent since 2016, and that growth 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 gambling, 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, and the legalization and launch of New Jersey sports betting.”
For more, visit PlayNJ.com/news.
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SOURCE PlayNJ.com
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