New Jersey Sports Betting Reaches $500M

It’s as if nothing can stop New Jersey at this point – the east coast state’s affair with sports betting has been a story of massive success so far, even though the market for this type of gambling is not even six months old.

Ever since Meadowlands opened their sports betting operations in late June…

…floodgates have opened for all the leading operators to enter this state’s regulated market and offer their own sportsbooks in various venues and casinos.

A Bottomless Pocket?

One after the other, we saw the procession of such brands like 888, all selecting their respective partners in pursuit of success.

It did not take long until first positive results kicked in:

In September it was announced that the NJ is set for future success bigger than that of Nevada.

Revenue Drops as Bettors Get it Right

As these figures continued to soar in October, New Jersey’s handle rose 40% month-on-month to staggering $260 million. Since the very first legal bet took place, about $597 million has been wagered.

Online betting – which began in August with a $96 million in placed bets – grew by 67% and totaled $174.4 million in wagers placed…

…But even though the amount of money via bets placed skyrocketed, the betting revenue was cut more than half – operators earned $11.7 million in October, compared to $24 in September. The revenue was cut mostly due to punters getting their bets right in NFL, that is favorites winning their matches as predicted by bettors.

All-Round Good Month

in October, total gaming revenue was $239.1 million, which is a 16% increase year-on-year since 2017’s October with $206.4 million. As for the year-to-date, the total gaming revenue for the NJ industry was $2.4 billion in this year, compared to $2.2 billion last year.

Internet gaming win has increased 19% to $242.7 million year-on-year, whereas casino revenue in October was $200.6 million, which is the 8% year-on-year increase.

Out of $11.7 million of sports betting revenue, over $5 million is raked in by Resorts Casino where DraftKings and BetStars have their sportsbooks. $8.8 million out of $11.7 million was taken via online betting.

Source:

“NJ sports betting hits milestone $500m figure”, igamingbusiness.com, November 15, 2018.