ATLANTIC CITY, N.J., Feb. 13, 2019 /PRNewswire/ — New Jersey sportsbooks raked in almost $400 million in stakes in January as the nation’s bettors took good advantage of their first opportunity to wager legally about the NFL Playoffs. January’s album $385.3 million handle, which totaled $18.8 million in revenue, was up from the $319.2 million New Jersey’s online and retail sportsbooks collected 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 generating a new revenue stream for your country, sports betting is helping transform Atlantic City to a yearlong destination”
New Jersey’s online sportsbooks accounted for $304.97 million, or 79 percent, of total bets in January. The remaining 21 percent was made up by retail sportsbooks. That compares to 76 percent of total bets flowing through sportsbooks in 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, which ended with a $4.5 million reduction for New Jersey’s sportsbooks on a deal only short of $35 million.
“Super Bowl gambling didn’t really achieve expectations, but there were some advantages,” said Dustin Gouker, lead sports betting analyst for PlayNJ.com. “The NFL Playoffs generated significant activity in January, and anecdotal evidence indicates 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 — which works under the Resorts license — fueled Resorts’ $6.9 million in January online gross earnings, up from $6.7 million in December. Resorts accounted for 48% of the online win of the state . FanDuel Sportsbook/Pointsbet was just behind with $5.9 million.
FanDuel Sportsbook in The Meadowlands stays the dominant retail sportsbook, getting $1.2 million in January gross revenue, down from $3.6 million in December. FanDuel — that represents 36 percent of New Jersey’s retail triumph in January — has been followed in earnings by Monmouth Park’s $830,792.
“The struggle for market share, especially in the internet market, will be fascinating as the year plays out,” Gouker said. “FanDuel has obtained on DraftKings in the online sector. But through the total NFL season, the bigger online brands have to earn a significant challenge to both dominant forces in the marketplace.”
LEGAL ONLINE CASINOS
Legal online casinos generated 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 industry can generate $400 million in earnings in 2019, based on PlayNJ.com.
“New Jersey’s internet gambling industry grew almost 22% in 2018 and has increased 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 gaming, Atlantic City’s revitalization efforts continue to pay off, 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, see PlayNJ.com/news.
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