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Sports Betting Surpasses Online Gambling in New Jersey’s October Revenues

New Jersey

October looked pretty good for the New Jersey sports betting industry. Licensed digital and land-based operators reported new records for wagering revenues. In fact, according to the New Jersey Division of Gaming Enforcement, this sector showed a fourfold rise over the tenth month of 2018.

Revenues totaled $46.4m, widely beating the state’s previous monthly revenue high $37.9m in September.

Numerous numbers

Looking at the figures, we see that betting almost hit the half-billion mark with online and mobile’s participation coming in just under 85.4% of the new high. October marks a 9.5% gain over the previous month (at $42.5m) with a total of $3.46b to date.

Poker played its part at $1.2m higher than the profits from online casino/poker, a sector that set a new monthly record. It may be pertinent to note that the amount includes land-based wagering at Atlantic City casinos and state racetracks.

The Meadowlands racetrack and FanDuel/Pointsbet partners are important factors in the revenue mix. They surpassed old records with a 53.4% share of the state take (at $24.8m. As with other sectors, the profits beat September by far with nearly $20.7m of October’s tally coming from digital channels.

Resorts Digital Gaming — whose operations include DraftKings and The Stars Group’s FoxBet joint venture with FOX Sports – rose to second place in the state totals. They took in $10.56m (up 107.4% year-on-year). Meanwhile Resorts Casino Hotel’s land-based sportsbook entered the picture with $265k to the digital haul.

A state with many venues

There are other venues to consider in The Prairie State. The Monmouth Park racetrack produced revenues of $2.84m to rank a distant third. A good portion was from online sources. Then there is Ocean Resort Casino in fourth place, garnering $2.33m.

Don’t leave out Hard Rock Atlantic City that generated almost five times September’s number at $1.96m. It mattered that it recently acquired UK giant Bet365 and the Kindred Group’s Unibet.

And pay attention to The Borgata/BetMGM, a combo that reported revenue of $1.84m. Maybe it is a modest gain on September’s $1.5m, but it is still in the black.

When considering the place of New Jersey in the US industry, we see the importance of the Yahoo Sportsbook launch for the state. This referral service to the BetMGM site/app is useful in markets where betting is legal.

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

About the author

Carol Kay

Carol Kay

Carol Kay is an American editor and writer living in California with a background in business and finance, health and fitness and popular culture. She is the author of numerous books and articles on a variety of subjects. She is dedicated to disseminating information of public import on the internet.

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