gloucestercitynews.net |March 13, 2019
Legal sports betting generates $320.4 million in February bets while online casinos continue hot streak, according to PlayNJ.com analysts
(ATLANTIC CITY, N.J.) — New Jersey’s sportsbooks took in more than $320 million in February bets, generating strong monthly revenue despite a short month and a predictable post-Super Bowl lull. In all, New Jersey’s online and retail sportsbooks netted $12.7 million in revenue on $320.4 million in sports bets, down 16.8 percent from a record $385.3 million wagered in January.
The February handle works out to $46 per adult resident of New Jersey, significantly larger than any other legal sports jurisdiction, other than Nevada.
“Because of the strength of New Jersey’s online product, in-play betting during the Super Bowl was significantly stronger in New Jersey than in other legal markets,” said Dustin Gouker, lead sports betting analyst for PlayNJ.com. “In addition, New Jersey’s sportsbooks saw significant action on other sports, particularly on college basketball and the NBA. It adds up to another very good month for New Jersey even after a somewhat disappointing Super Bowl handle.”
New Jersey's online sportsbook brands accounted for $258.9 million, or 80.8 percent, of total bets in January, according to official reporting released Wednesday. The state’s retail sportsbooks made up the remaining 20.2 percent. That compares to 79.2 percent of total bets flowing through online sportsbooks in January.
New Jersey sports betting did not reach expectations for the Super Bowl, collecting nearly $35 million in wagers for the Super Bowl while paying out more than $39 million. Nevada saw less interest in this year’s Super Bowl, too, with an 8 percent year-over-year decline in handle for the game, to $145 million.
Interestingly, the Super Bowl represented a much smaller share of New Jersey’s handle, just 10.9 percent, than in Nevada, where February is a historically slow month for legal sports betting. The Super Bowl typically represents nearly 40 percent of the Nevada’s February handle, including 36 percent of sports bets made in Nevada in February 2018.
“New Jersey’s sports betting market is less driven by major events than in Nevada, and February’s numbers bear that out,” Gouker said. “The market’s consistency will eventually help New Jersey overtake Nevada as the largest legal sports betting market in the U.S., which is now more a question of when rather than if.”
FanDuel Sportsbook/Pointsbet overtook DraftKings Sportsbook as the state’s dominant online sportsbook with $6.59 million in February gross revenue, up from $5.9 million in January. DraftKings Sportsbook — which represents more than 95 percent of Resorts’ online revenue — fueled Resorts’ $3.7 million in February online gross revenue, down 46 percent from $6.9 million in January. Resorts and DraftKings were followed by:
- Monmouth/William Hill/Sugarhouse ($1.3 million, up from $1.2 million)
- Ocean Resort/William Hill ($1.02 million, down from $1.3 million)
- Caesars Sportsbook/888sport ($223,339, down from $260,290)
- Golden Nugget/BetAmerica ($34,018)
- Hard Rock ($18,962, down from $25,235)
- Tropicana/William Hill ($10,477, up from $196)
- playMGM/Borgata (-$40,265, down from $41,897)
FanDuel Sportsbook at The Meadowlands continues to dominate the retail market. FanDuel posted $1.5 million in February gross revenue, up from $1.2 million in January. FanDuel was followed in gross revenue by:
- Resorts AC ($142,846, down from $242,636)
- Hard Rock AC ($103,614)
- Bally’s AC (-$40,848, down from $236,370)
- Tropicana Casino (-$69,030, down from $98,626)
- Harrah’s AC (-$95,617, down from $20,615)
- Golden Nugget (-$159,289, down from $27,287)
- Ocean Resort (-$280,656, down from -$14,287)
- Monmouth Park (-$501,173, down from $830,792 in January)
- Borgata (-$715,727, down from $635,564)
“With its digital gains, FanDuel has asserted itself as the sports betting market’s top force,” Gouker said. “But with football now over, it will be interesting to see if a change in focus to college basketball and Major League Baseball alters the dynamic in the coming months.”
LEGAL ONLINE CASINOS POST STRONG REVENUE IN SHORT MONTH
New Jersey’s online casino and poker industry smashed it’s one-month-old record. A month after crossing the $30 million threshold for monthly revenue for the first time, Legal online gambling generated $31.8 million in February, up 44.3 percent from $21.99 million in February 2018.
Though monthly revenue was down 5.5 percent from a record $33.6 million in January, the industry generated $1.1 million per day in the 28 days of February, even with the $1.1 million per day in the 31 days in January.
“New Jersey’s online casinos are among the biggest beneficiaries of legalized sports betting,” said Steve Ruddock, lead online gambling analyst for PlayNJ.com. “Online casino revenue has grown by at least 25 percent in seven of the eight months since online sportsbooks made their first appearance in the Garden State. It would not be surprising if the industry hits $40 million in monthly revenue at some point before 2019 has ended.”
Some important online casino and poker data from the February report:
- Online casinos generated $5.6 million in February tax revenue. Online casinos have now generated more than $190 million in total tax revenue for New Jersey since launch in November 2013.
- The Golden Nugget — home to the Golden Nugget, Betfair, and SugarHouse online casino brands, continues to dominate the online gambling market. It generated a record $10.7 million in February, down from $12.2 million in January.
- Online casino games generated $29.9 million in February, down from $31.7 million in January. Online poker hit $1.8 million in February, down from $1.9 million in January.
About the PlayUSA.com Network:
The PlayUSA.com Network is a leading source for news, analysis, and research related to the market for regulated online gaming in the United States. With a presence in over a dozen states, PlayUSA.com and its state-focused branches (including PlayNJ.com and PlayPennsylvania.com) produce daily original reporting, publish in-depth research, and offer player advocacy tools related to the advancement of safe, licensed, and legal online gaming options for consumers. Based in Las Vegas, the PlayUSA Network is independently owned and operated, with no affiliations to any casino — commercial, tribal, online, or otherwise.