ATLANTIC CITY, N.J.— New Jersey’s online and retail sportsbooks continued their string of record months and whopping year-over-year gains in October, nearly reaching its first$500 millionmonth. And that growth should continue with the tip-off of basketball season, according to PlayNJ.com.
“New Jerseyhas a real shot at surpassingNevadaagain, if not in October, some time before the end of the NFL season,” saidDustin Gouker, lead analyst at PlayNJ.com. “The state’s handle is growing at a pace near 100%, year-over-year. And the overlapping of football and basketball should propelNew Jerseyinto new territory.”
New Jersey’ssportsbooks accepted a record$487.9 millionin bets in October, an 87% jump from$260.7 millioninOctober 2018, according to official reporting. October’s bets yielded a record$46.4 millionin revenue, up from$11.7 millioninOctober 2018, generating$5.7 millionin taxes. Sportsbooks have now generated$331.2 millionin lifetime revenue.
New Jersey’sOctober handle will likely fall short ofNevada— which will announceOctober 2019data later this month — for the second straight month. But that could change in coming months.
“If New Jersey is going to passNevadaduring the NFL season, it will be in large part due to the comparative popularity of basketball in the Northeast,” Gouker said. “In Nevada, football betting is king, and it’s nearly as popular inNew Jersey. But a key differentiator between the two markets is thatNew Jerseybettors’ have shown more interest in other major sports, especially basketball.”
$417 millionof all October bets were made online, accounting for 85% ofNew Jersey’shandle. That is up from 84% in September.
FanDuel Sportsbook/PointsBet continued to pace the online market, gaining$20.7 millionin gross revenue, up from$13.3 millionin September. Resorts Digital’s license, anchored by DraftKings and Fox Bet, lost ground by generating$10.6 million, down from$10.7 millionin September.
FanDuel Sportsbook at The Meadowlands posted$4.1 millionin October gross revenue, up from$3.6 millionin September, to lead retail sportsbooks.
“The addition of Fox Bet under the Resorts Digital license has reset the race for the top spot in the online market,” Gouker said. “FanDuel is still the most popular single brand in the state, but it will be worth watching whether it can keep its lead with DraftKings and Fox Bet.”
ONLINE CASINOS
New Jersey’sonline casino and poker industry continued its push toward$450 millionin annual revenue after a record October, as the Golden Nugget’s online product generated more revenue than its land-based casino for the first time.
Online casino games and poker generated$45.2 millionin October, up 69% from$26.8 millioninOctober 2018. The Golden Nugget tallied$16.6 millionin October, up 71% from$9.7 millioninOctober 2018, to easily lead the online casino market and topped the$14.8 millionGolden Nugget Atlantic City generated for the first time.
“What the Golden Nugget continues to prove is that its online casino can generate millions in revenue and grow at an overwhelming pace without a negative impact on their own land-based operations,” saidEric Ramsey, online gambling analyst for PlayNJ.com. “When the first online casinos launched in 2013, many thought such a dynamic would be impossible. But clearly that has been proven wrong.”
For more, visit PlayNJ.com/news.