February proved to be a great month for New Jersey sportsbooks. More than $320 million has been added to the gambling coffers. This included online and retail venues that in total netted a profit of $12.7 million – not chump change. It is not a record high however as the figure is down 16.8% from January’s whopping $385.3 in wagers.
This means an average betting amount of $46 per adult New Jersey resident. Don’t be surprised that it is way below the figure for Nevada. Nevertheless, it is a significant statistic and higher than most legal sports jurisdictions.
The reporting authority, PlayNJ.com, states,
“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,” Dustin Gouker, a lead analyst notes that “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 is a sportsbook success story indeed that will no doubt prompt other states to partake in newfound revenues. Clearly the industry is in full swing in the Garden State. It could overtake Nevada some day as one of the largest legal sports betting markets in the United States. Thanks to the dominance of FanDuel Sportsbook/Pointsbet and DraftKings, gross revenues are rising continually. While not every month is stellar, the aggregate is impressive.
According to Gouker, “DraftKings and FanDuel show few signs of relinquishing their top spots.” He states that it will be interesting to see if there is a change in focus to college basketball and major league baseball since football is now over. Legal gambling is generating massive gains, crossing the $30 million threshold in January of 2019. The February returns are up 44% from last year at the same time ($21.9 million). January is still the winning time period but February was no slouch with $1.1 million per day in revenues in only 28 days.
Lead online gambling analyst for PlayNJ.com, Steve Ruddock remarks that “New Jersey’s online casinos are among the biggest beneficiaries of legalized sports betting.” As evidence, these venues have grown by 25% over seven of the eight months since their inception. Gambling gurus predict $40 million within the year.
A version of this article first appeared at goldencasinonews.com