New Jersey Generates $3 Billion In Sports Betting

New Jersey Generates $3 Billion In Sports Betting

New Jersey’s retail and online sportsbooks have generated nearly $3 billion in bets and nearly $200 million in revenue in the 12 months since legal sports betting officially launched in June 2018. And by collecting $318.9 million in May bets, New Jersey appears poised to surpass Nevada in monthly handle for the first time, according to analysts for PlayNJ.com.

“We knew that sports betting in New Jersey would be successful, but it is fair to say that so far it has exceeded our expectations,” said Dustin Gouker, lead sports betting analyst for PlayNJ.com. “$3 billion in bets in 12 months is an impressive milestone by any measure, and in just a year, New Jersey is set up to become the nation’s largest legal sports betting market.”

New Jersey’s handle in May was up 1.7% from $313.7 million in April, according to official reporting released Wednesday. New Jersey’s online and retail sportsbooks have now accepted $2.9 billion in bets in the 12 months since launch.

New Jersey’s May could top Nevada’s, which will not release its May data until later this month. Nevada generated a $315.5 million handle in May 2018.

“If this is indeed the month that New Jersey overtakes Nevada for the first time, it will be a momentous occasion for the Garden State,” Gouker said. “New Jersey sports bettors appear to have a stronger preference for basketball and baseball than Nevada, so it makes sense that May would be a likely month for it to happen. But clearly the state is on its way to becoming the largest legal sports jurisdiction in the country.”

The May handle generated $15.5 million in revenue, down from $21.2 million in April. New Jersey sportsbooks have now generated a win of $94.1 million and $16.5 million in tax revenue for the state since launch. Online sports betting accounted for $263.6 million, or 82.6%, of May’s handle.

FanDuel Sportsbook/PointsBet generated $7.9 million in online gross revenue, down from $8.8 million in May, to lead the online market. FanDuel Sportsbook at The Meadowlands continues to lead the retail market, too, posting $796,469in May gross revenue, down from $3.3 million in April.

“The sportsbooks branded by the daily fantasy sports giants continue to dominate the sportsbooks tied to Atlantic City-based casinos,” Gouker said. “Part of that is the brand recognition of FanDuel and DraftKings. But the proximity of FanDuel Sportsbook to New York City is also a significant factor to its dominance, particularly on the retail side.”

Online Gambling

New Jersey’s online casino and poker industry generated $38.3 million in gross revenue, up 36.5% from $24.3 milliongained in May 2018. Revenue for the first five months of 2019 has grown 34.9%, to $179.4 million, compared with $116.9 million generated during the first five months of 2018.

New Jersey’s online gambling market was also among the beneficiaries of New Hampshire’s winning lawsuit this week.

“The federal ruling that the Wire Act does not apply to legal online gambling was a huge win for New Jersey,” said Steve Ruddock, lead online gambling analyst for PlayNJ.com. “The ruling ensures that strong growth should continue for the industry, which has already received a significant boost by the launch of legal online sports betting.”

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Ivy Heffernan

My name is Ivy Heffernan, and I am interested in a wide range of professions. Economics and politics at the age of 18 is easy when your father has a Ph.D in economics, i have been taught to put together technical analyst and stay up to date with the changing markets as well as what is happening in the political world.

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