ATLANTIC CITY, N.J., Feb. 13, 2019 /PRNewswire/ — New Jersey sportsbooks raked in nearly $400 million in stakes in January as the nation’s bettors took good advantage of the first opportunity to bet legally about the NFL Playoffs. January’s album $385.3 million manage, which totaled $18.8 million in revenue, was up from the $319.2 million New Jersey’s retail and online sportsbooks collected in December.
“January has historically been regarded as a part of the offseason at Atlantic City, but the crowds in the city’s sportsbooks on NFL Sundays suggest differently,” explained Steve Ruddock, analyst for PlayNJ.com. “In addition to generating jobs and a new revenue stream for the country, sports gambling is helping transform Atlantic City to a year-round 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 bets flowing through online sportsbooks at December.
New Jersey sports gambling 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 handle just short of $35 million.
“Super Bowl betting didn’t quite achieve expectations, but there were definitely some advantages,” said Dustin Gouker, lead sports betting analyst for PlayNJ.com. “The NFL Playoffs generated considerable action in January, and anecdotal evidence indicates visitation to Atlantic City for the weekend of the Super Bowl was far up. All in all, 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% of the state’s online win . FanDuel Sportsbook/Pointsbet was only behind with $5.9 million.
FanDuel Sportsbook in The Meadowlands remains the dominant retail sportsbook, getting $1.2 million in January gross earnings, down from $3.6 million in December. Monmouth Park’s $830,792 — followed in gross earnings fanDuel — which represents 36 percent of the retail triumph in January of New Jersey.
“The struggle for market share, especially in the internet marketplace, will be fascinating as the year plays out,” Gouker said. “FanDuel has obtained on DraftKings in the internet sector. But throughout the total NFL season, the smaller online brands have to earn a substantial challenge to the two 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 sector can generate $400 million in earnings in 2019, according to PlayNJ.com.
“New Jersey’s online gaming industry grew almost 22 percent in 2018 and has grown 50 percent since 2016, and that expansion will continue,” said Ruddock, direct online gaming analyst for PlayNJ.com. “There are a few concrete reasons why. Two new casinos opened in 2018 with online gambling, Atlantic City’s revitalization efforts continue to repay, the popularity of live dealer games that have added to an already strong portfolio of online casino games, and the legalization and launch of New Jersey sports gambling.”
For more, visit PlayNJ.com/news.
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