ATLANTIC CITY, N.J., Feb. 13, 2019 /PRNewswire/ — New Jersey sportsbooks raked in almost $400 million in bets in January as the state’s bettors took good advantage of their first opportunity to bet legally about 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 accumulated in December.
“January has historically been considered a part of the offseason in Atlantic City, but the crowds in town’s sportsbooks on NFL Sundays suggest otherwise,” explained Steve Ruddock, analyst for PlayNJ.com. “In addition to creating jobs and a new revenue stream for your 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. Sportsbooks made up the remaining 21 percent. That compares to 76 percent of total bets flowing through online sportsbooks in December.
New Jersey sports betting 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, that ended with a $4.5 million loss for New Jersey’s sportsbooks on a deal just short of $35 million.
“Super Bowl betting didn’t really achieve expectations, but there were definitely some advantages,” said Dustin Gouker, lead sports betting analyst for PlayNJ.com. “The NFL Playoffs generated considerable 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 — which operates under the Resorts license — fueled Resorts’ $6.9 million in January online gross revenue, up from $6.7 million in December. Resorts accounted for 48 percent of the online win of the state . FanDuel Sportsbook/Pointsbet was just behind with $5.9 million.
FanDuel Sportsbook at The Meadowlands remains the dominant retail sportsbook, gaining $1.2 million in January gross revenue, down from $3.6 million in December. Monmouth Park’s $830,792 — followed in revenue fanDuel — which represents 36 percent of the retail win in January of New Jersey.
“The battle for market share, especially in the internet marketplace, will continue to be interesting as the year ends,” Gouker said. “FanDuel has gained on DraftKings in the internet market. But through the entire NFL season, the smaller online brands have yet to earn a significant challenge to the two dominant forces on the market.”
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 can generate $400 million in earnings in 2019, according to PlayNJ.com.
“New Jersey’s online gaming industry grew nearly 22% in 2018 and has grown 50 percent since 2016, and that growth will continue,” said Ruddock, lead online gambling analyst for PlayNJ.com. “There are a few concrete reasons why. Two new casinos started in 2018 with online gaming, Atlantic City’s revitalization efforts continue to repay, the popularity of live dealer games which have added to an already strong portfolio of online casino games, along with the legalization and launching of New Jersey sports betting.”
For more, visit PlayNJ.com/information.
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SOURCE PlayNJ.com
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