- DGE announces strongest sports betting month in NJ
- State operators achieve over 50% growth
- Borgata and Caesars lose 40%-61% of revenue YOY
The State of New Jersey has posted its strongest month yet with sportsbooks generating $37.9 million in total revenue in September 2019.
New Jersey Posts Strong Revenue for Betting in September
New Jersey has smashed all sports betting records since the Garden State introduced sports betting in June 2018. According to official NJ Division of Gaming Enforcement (DGE) data, the state hit a record $37.9 million in total revenue in September 2019.
That constituted a whopping 142.2-per-cent increase year-over-year. The total handle reached $445.6 million, boosted by the National Football League (NFL) season kicking off on September 5.
An expected trend kept strong and New Jersey’s total digital wagers accounted for 84% of the total money played, or $374.2 million. Retail sportsbooks claimed $71.3 million on their own. So far in 2019, sports fans have already placed $2.97 billion with $2.44 billion being wagered via a digital channel.
Strong Results for NJ Sportsbooks and Operators
NJ’s sports betting agencies saw a strong September, indeed. FanDuel and PointsBet came on top of the action, boosting the overall profile of Meadowlands – the sportsbook that holds the digital licenses of both companies. The racetrack itself added $16.9 million to the total monthly handle, boosting growth by 134.2% YOY.
Fox Bet, the latest entrant in the sports betting game which just today signed a deal with Major League Baseball (MLB), and DraftKings were second in terms of total handle. Monthly revenue for DraftKings.
Both digital betting brands are teamed up with Resorts Digital, as any online sportsbook needs a physical license holder to be able to offer online wagers in the Garden State. Revenue climbed generously to $10.7 million.
More good results followed for Monmouth Park and its William Hill partner, which raked up 52.2% more revenue YOY. William Hill stood strong this month, as Ocean Resort, another of its physical partners, doubled its revenue, booking $3.1 million.
Revenue Declines for Caesars, Borgata, Golden Nugget
Not everyone was a winner in September, and some flagship brands registered solid decline in revenue. One such company was Caesars Entertainment’s Harrah, which lost 62.0% of its total revenue.
Borgata came in second close with a 41.2-per-cent decline, although the revenue in real numbers was far better than Harrah’s at $1.5 million. Interestingly, though, despite the losses of some of the largest brands in the state, the year-over-year results for the first nine months of the year are already an-over-57% increase.
However, New Jersey introduced sports betting activities in June, 2018, a month after it had spearheaded the move against the Professional and Amateur Sports Protection Act (PASPA) of 1992.
September also saw another important development in New Jersey sports betting with Roar Digital, the company jointly-owned by GVC and MGM, roll out the BetMGM mobile app, just on time for a season when mobile wagers will be leading source of revenue for companies.