Football Helps NJ Sportsbooks Post Record Numbers

Categories: News, New Jersey | Published by: Alex W

18/10/2019

New Jersey has set a new monthly record for sports betting handle, with an eye-popping $445.6 million being wagered in September.

The previous record came in January with $385 million and it doesn’t take a genius to work out the start of college football and NFL betting played a big part in boosting the state’s bottom line.

Revenue was also up last month with sportsbooks holding on to $38 million, a healthy yield of 8.5% and a 59.3% increase from the $23.8 million posted in September 2018.

There were just eight NJ betting apps then and that figure has now jumped to 17, while retail options have also increased slightly to 10. This proliferation of wagering options – either in authorized casinos or by phone or computer – is what is driving the remarkable growth.

FanDuel still the operator to catch

Of those 17, FanDuel Sportsbook remains comfortably ahead of the pack. Its land-based partner, The Meadowlands, generated a September revenue total (online and retail combined) of almost $17 million, which includes PointsBet NJ.

That figure is a significant jump on the $7.2 million reported a year ago, which came just a few weeks after FanDuel launched in the Garden State (PointsBet didn’t arrive until December).

The sports betting giant has held a significant edge over its rivals for most of 2019, having taken over from early leader DraftKings, and its year-to-date revenue figure is a reported $96 million.

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Resorts Digital the one to watch

If any of the current licence holders have the potential to knock FanDuel off top spot, it’s Resorts Atlantic City, which is partnered with Draftkings and, since early September, FOX Bet NJ.

The latter sportsbook is the first of its kind to involve a U.S. media company (Fox Sports) and recently signed a multi-year deal with MLB, giving it access to the league’s official data feed.

All three Resorts platforms combined for a September revenue figure of $11.1 million, the vast majority of which came from online. That figure is 26% higher than 2018 and a 60% increase from August.

European & Canadian newcomers to prosper too

Other operators in the Garden State making positive strides include William Hill Sportsbook, which is attracting plenty of football fans to its land-based partner, the Ocean Casino Resort in Atlantic City.

Ocean generated record revenue in September of $3.1 million, with the retail portion coming in at $1.8 million. That’s a whopping 140% year-on-year increase.

Hard Rock Atlantic City is another dark horse to look out for, with the arrival of a couple of European-based skins in bet365 NJ and Unibet NJ giving it a powerful one-two punch.

The former opened for business on August 30th, while Unibet is another latecomer to the party, only fully launching on Sept. 10. It’ll be interesting to see what October brings for those brands.

TheScore Bet, which operates out of Monmouth Park, had its official launch on September 3rd and the Toronto-based media company has the advantage of an established user base, which it will hope to crossover to sports wagering.

Monmouth now has three skins operating under its license, the others being William Hill and SugarHouse Sportsbook, and that provides it with a solid anchor for significant growth in the coming months. Another EU giant, 888sport is also prospering, especially after its recent deal with the Jets

The bottom line is that there is no shortage of operators vying for the tens of millions of available betting dollars in New Jersey and that football is likely to continue pushing the state towards new milestones in terms of handle and revenue.