Sports Gambling Revenue Nj
New Jersey was the second state to legalize sports betting in June 2018 after a U.S. Supreme Court ruling that struck down the federal Professional and Amateur Sports Protection Act, known as. New Jersey has an 8.5% tax for sports bets made in person and a 13% tax for online and mobile sports bets. Nevada has a much lower tax rate of 6.75% for all types of sports bets. New Jersey sports betting handle sees monthly growth of 91% in July Sports betting revenue was $29.6 million in July, an increase of 65.2% year-over-year. Online gaming revenue was $87.5 million, representing a 122.5% increase over the same period last year. ATLANTIC CITY, N.J. — New Jersey gamblers wagered more than $931 million on sports in November, the latest in a string of monthly records set by a rapidly growing market that’s closing in on the $1.
There is a NJ sports betting trend, and there are no signs of it slowing down.
The trend we are referencing is the amount of money being wagered on a monthly basis, with the latest all-time high being October’s $803 million. More than 92% of those wagers were made via mobile apps.
Besides being a New Jersey record, it’s the biggest monthly handle ever reported by any legal US sports betting jurisdiction, Nevada included.
The New Jersey Division of Gaming Enforcement released October numbers earlier today.
NJ sports betting revenue came in at $58.5 million, good enough for a 26.1% year-over-year increase.
Here’s a closer look at a few of the other highlights.
NJ sports betting isn’t slowing down
For the year, New Jersey has taken in more than $4 billion in bets, and the last three months have a lot to do with it.
Just look at the numbers.
- August handle: $667.9 million
- September handle: $748.5 million
- October handle: $803 million
Sports Gambling Revenue By State
So out of the $4 billion, more than 50% of the wagers have been placed over the last three months.
Clearly, the shift in the pro sports calendar as a result of the COVID-19 stoppage is having a lasting impact. Remember, all four major pro sports were sidelined during the months of April, May and June.
They slowly started returning in July, but things really didn’t get rolling again until August.
Now, with NFL betting season in midseason form, the industry is showing no signs of slowing down.
FanDuel + Meadowlands still dominating
Once again, there were no surprises regarding the market leader. The Meadowlands Racetrack crushed the field with $29.8 million in revenue.
Out of that total, $29.3 million came via online.
It’s NJ Gambling Sites’ understanding that the bulk of this number can be attributed to FanDuel Sportsbook. However, PointsBet NJ also operates under the license.
Resorts Digital, which is led by DraftKings Sportsbookand Fox Bet, finished an extremely distant second with $14.6 million. The Resorts-branded app also operates under the license.
Borgata, consisting of BetMGM Sportsbookand Borgata Sports, followed in third with $4.3 million.
In terms of market share, Meadowlands still has the biggest chunk, with 50.8% for October.
NJ sports betting + online casino = winning hand
Looking at the October numbers as a whole, it’s hard to ignore the $93.4 million in NJ online casino revenue.
This is the first time ever that number has crossed the $90 million mark. Fittingly, it comes as the industry is about to celebrate the seventh anniversary of its launch.
Here is why this number is significant. The majority of operators have sports betting and casino platforms integrated in the same app. This means the cross-selling model continues to pay dividends.
Resorts Digital is a perfect example, reporting $21.6 million in internet gaming revenue. Combine it with the sports betting revenue, and the grand total comes out to $36.2 million.
Bally’s Atlantic City, as a land-based operation, only earned $11.5 million in total gaming revenue.
Nj Sports Gambling Revenue
Looking ahead to November revenue
Like previous months in 2020, November’s NJ sports betting revenue will include a couple of interesting twists.
For one, the NBA and NHL regular-season starts are delayed as a result of the much later finishes to their respective seasons.
Right now, the majority of the spotlight belongs to NFL and college football betting.
The Masters is the wild card. The PGA Tour major, which typically follows March Madness betting, is making an extremely rare fall appearance.
This is the first time the event is being played in November. Plus, NJ sportsbooks are going all out for Masters weekend.
Then there is the NBA Draft, which is usually held every summer. This year’s version is taking place Nov. 18, but it’s unlikely to attract a significant amount of wagering.
However, DraftKings is offering odds on everything from the No. 1 overall pick to player draft position to school specials.
But here’s the bigger question: Is the $803 million record here to stay, or will New Jersey be looking at its first $850 million month?
The growth of sports betting in New Jersey has been strong and consistent since it began in June of 2018. Sometime during September of 2019, the overall sports betting handle since launch will surpass $4 BILLION dollars! Roughly 80-85% of the handle has come in via online/mobile sports betting platforms and mobile apps. With NY online sports betting sitting in limbo, roughly 25% of NJ betting revenue is coming in from New York bettors crossing the state line.
Industry insiders are also expecting to New Jersey to see their first $500 million handle month before the end of 2019. This would officially stamp NJ as the new leader in sports betting in the United States. FanDuel Sportsbook has been the #1 sportsbook brand by far in 2019, with DraftKings Sportsbook in a distant second. The battle for #3 is up in the air between William Hill Sportsbook, FoxBet NJ and Bet365 NJ.
New Jersey Sports Betting Handle & Revenue 2019
(Revenue metrics from NJDGE)
NJ Online Sports Betting Revenue
April 2019 NJ Sports Betting Revenue
FanDuel Sportsbook continues to dominate the New Jersey online sports betting market according to April revenue numbers. In fact, they have begun to distance themselves from #2 DraftKings Sportsbook.
The overall sports betting handle is down $372 million in March. This decrease was expected due to the massive volume that occurs with March Madness and the volume of NBA/NHL. April betting events like the Final Four, The Masters, MLB and the NBA/NHL playoffs helped to provide a solid month for NJ sports betting.
Online sports wagering accounted for 80% of handle in April, seeing more than $253 million.
| Operator License | Handle | Revenue | Taxes Paid | YTD Total Revenue |
|---|---|---|---|---|
| Meadowlands (FanDuel, PointsBet) | $8,776,808 | $1,145,225 | $34,534,347 | |
| Resorts (DraftKings, BetStars) | $4,766,701 | $619,040 | $22,655,418 | |
| Monmouth (William Hill NJ, SugarHouse) | $1,791,058 | $232,800 | $5,908,970 | |
| Ocean Resort (William Hill NJ) | $874,737 | $113,459 | $4,602,990 | |
| Bally’s (888, Caesars) | $270,782 | $35,201 | $1,093,918 | |
| Hard Rock | $81,613 | $10,609 | $142,764 | |
| Golden Nugget (BetAmerica) | $39,392 | $10,691 | $171,530 | |
| Tropicana (William Hill NJ) | -$20,279 | -$2,636 | $11,704 | |
| Borgata (playMGM) | -$24,697 | -$3,210 | $77,821 | |
| Totals | $253,976,244 | $16,556,115 | $2,161,179 | $69,199,462 |
| RETAIL SPORTSBOOK (brick/mortar) | HANDLE | REVENUE | TAX PAID | YTD REVENUE |
|---|---|---|---|---|
| Meadowlands | $3,339,818 | $284,044 | $10,277,758 | |
| Monmouth Park | $761,316 | $64,633 | $2,076,486 | |
| Resorts AC | $245,717 | $20,886 | $716,304 | |
| Tropicana | $97,247 | $8,230 | $378,012 | |
| Bally’s | $80,581 | $6,849 | $510,094 | |
| Harrah’s | $73,542 | $6,251 | $126,184 | |
| Borgata | $49,457 | $4,204 | $721,701 | |
| Hard Rock AC | $49,137 | $4,176 | $218,051 | |
| Golden Nugget | -$176 | -$5,585 | -$38,423 | |
| Ocean Resort Casino | -$37,007 | -$3,179 | $209,826 | |
| Totals | $59,743,318 | $4,659,632 | $390,509 | $15,195,993 |
| Month | NJ Online Sports Betting Handle | NJ Online Sports Betting Rev |
|---|---|---|
| August | $21,714,157 | $3,123,281 |
| Sep | $104,885,673 | $12,567,785 |
| October | $174,369,684 | $8,839,162 |
| Nov | $238,615,611 | $14,446,570 |
| Dec | $241,043,289 | $14,650,636 |
| Jan | $304,973,986 | $15,504,039 |
| Feb | $258,871,597 | $10,262,588 |
| March | $298,282,154 | $25,355,096 |
| April | $253,976,244 | $16,556,115 |
March 2019 NJ Sports Betting Figures
The total NJ Sports Betting Handle since legal sports betting began in June 2018 has reached $2.32 BILLION! The YTD 2019 sports betting handle is now over $1 Billion and on pace surpass $4 Billion!
New Jersey saw a record sports betting handle for March 2019 with $372,451,342. This represented a +16.3% increase from February. $298,282,154 of the overall March betting handle came from online/mobile sports betting. This is the third straight month where the online sports betting handle represented at least 80% of the overall action in NJ.
31.7 million in sports betting revenue for March was the highest total since NJ regulated sports wagering began. The revenue from March 2019 was a large increase from the 12.7 seen in February.
February 2019 NJ Sports Betting Figures
The sports betting handle for February 2019 was $320,368,087 compared to $385M in January. The Online sports betting handle in NJ was $258M in February, down from $305M in January. Online sports betting and mobile apps comprised 80.6% of all betting volume during the month of February.
Overall sports wagering revenue decreased to $12.7M in February compared to $18.78M in January.
January 2019 NJ Sports Betting Figures
Despite the limited number of NFL games in January, the state of New Jersey continued to see growth within their new legal sports betting industry. In January, the state took in more than $385 million in wagers. The largest in the history of the state. That total includes brick-and-mortar and mobile betting apps, with mobile accounting for nearly 80 percent. The overall sports betting handle since June 2018 is $1.63 BILLION!
With the addition of BetAmerica Sportsbook and expanded sports betting agreements between DraftKings and Ceasars, the future growth looks very bright.
NJ Sports Betting Leaders By Market Share
Sports betting insiders said DraftKings and FanDuel Sportsbook will never be able to compete with “true” betting brands. So far those “insiders” have been dead wrong!
Granted, it’s one state and the legal sports betting market has a long way to go, but DraftKings and FanDuel Sportsbook could not have asked for a better start.
…..but they said DraftKings and FanDuel will never be able to compete with “true” betting brands…..
It’s 1 state and the market has a long way to go, but DK and FD could not have asked for a better start. https://t.co/oZq5kK6NHT
— Bet New Jersey (@BetNewJersey) March 4, 2019
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