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New Jersey Operators Post Record-Breaking Figures for October

New Jersey sports betting operators have made a new record. The operators have posted huge revenue and wagering in the month of October and it is four-fold higher than October last year and almost $10m more than record-breaking revenue set in September this year. As per the New Jersey Division of Gaming Enforcement, the licensed operators of digital and land-based sportsbooks posted revenue of $46.4m. The revenue generated for September was $37.9m.

The betting handle for October was equally high. It hit the mark of around $42.5m. The share for online and mobile betting came around 85.4%, this is an all-time high for New Jersey. The gain in the betting handle is 9.5% from September. The year on year betting handle now is $3.46b.

The Online Poker and Casino revenue are around $44m for New Jersey in October. Interestingly, this is also an all-time high for the state. The betting revenue, however, includes the land-based wagering of Atlantic City Casinos as well as of the racetracks that are owned by the State.

Meadowlands racetrack along with FanDuel and Pointsbet, partners of the Meadowlands have set a new record as well. It has posted a revenue of $24.8m. If the state-wide total is considered then it has a 53.4% share in overall state revenue. This also indicates an $8m higher revenue as compared to September. The year on year increase is almost 6 times. The role of digital channel in Meadowlands can be understood very well now as $20.7m of October’s amount came from the digital channel. It stood the first in the list in terms of revenue.

The Resorts Digital Gaming was an exception in October than others as it failed to cross the business of September. It includes the business of DraftKings and the FoxBet of the Stars Group. The October revenue is $10.56m, a 107.4% year on year increase. However, it fell short to September’s revenue which stood at $10.7m. The Resorts Casino Hotel which is a land-based sportsbook contributed $265k additionally to the digital revenue. It finished the second in the list.

Monmouth Park is the third in the list but it’s quite far away from the second in the list. It generated $2.8m in October. The online business was excellent for it and it garnered around $1.66m alone from the online facilities.

Ocean Resort Casinos finished close fourth with $2.33. The Hard Rock Atlantic City is in the fifth position and generated around $1.96m. The sum is around five times more than the revenue of September. This may be the impact of Bet365 and Unibet. UK’s Bet365 and Kindred Group’s Unibet were recently added to the fold of Hard Rock Atlantic City.

The Borgata and BetMGM combinedly posted $1.84m revenue which is better than the revenue figure of September of $1.5m. The result of Roar Digital Online Joint Venture of GVC Holdings and MGM is poor and the performance is yet to make its mark in the market. Yahoo Sportsbook has been launched on Thursday now and it is a referral site to the BetMGM. It needs to be seen whether it could change the destiny of the company. The presence of an existing fantasy sports player database of Yahoo may work for BetMGM.

There has been no information on the impact of eSports Betting in New Jersey for the revenue of October. The eSports Betting has been approved temporarily.

Source: https://calvinayre.com/2019/11/15/business/new-jersey-sports-betting-revenue-tops-online-gambling/

About the author

Debopom Sanyal

Debopom Sanyal

Debopom is a web journalist and news enthusiast. He has been writing about world politics, science, health, finance, and technology. An avid sports enthusiast, Debopom has done his Masters in Finance and Bachelors in Engineering.

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