Bets Pour Into New Jersey’s Sportsbooks
New Jersey accepted $260.7 million in wagers in the month of October, up 42 percent from the month of September. Much of the increase is due to the amount of major sports being played this time of year, as MLB held its postseason, the NBA and NHL started up, and college and pro football were in full-swing.
It will be interesting to see how much the handle jumps for the month of November. A conservative estimate is that it will jump by around 20 percent in November as things begin to plateau. There will soon be other options for sports bettors around the state of New Jersey as several outlets in Pennsylvania are set to start up in December.
New Jersey’s handle should surpass Nevada by 2019, and a key driver should be online sports betting,” Gouker said. “As New Jersey innovates its online sports betting products and more online sportsbooks prepare to enter the market, a significant preference for online betting has become evident.”
FanDuel Sportsbook remained the top retail sportsbook with $1.1 million in gross revenue. DraftKings Sportsbook powered Resorts to $5.1 million to lead online books.
“Brand recognition appears to be a crucial element fueling the ascendency of DraftKings and FanDuel,” Gouker said. “The market will continue to evolve. We expect more online sportsbooks to hit the market in the next two months, and that could eat into some of the dominant players’ marketshare.”
New Jersey’s online casino and poker industry moved closer to hitting $1 billion in lifetime gross revenue by generating a record $26.7 million in October. The industry has generated $965.3 million in lifetime revenue.
“After its slow start, few envisioned that the legal online gambling industry would reach $1 billion so quickly,” said Steve Ruddock, lead online gambling analyst for PlayNJ.com. “What’s more exciting is online gambling has yet to hit its ceiling. Online casino revenue continues to climb, and the addition of online sports gambling has only added to that growth.”