The announcement last week of New Jersey’s online and retail sportsbooks nearing $500 million for the month of October was great news for sportsbooks, bettors and the state economy and put yet another scare into Sin City.
With the recent starts of the NBA, NHL and college basketball regular seasons, along with the playoff push for the NFL, it could be a record two months to end 2019 in what has been an extraordinary explosion of success since last June when sports betting debuted here in the Garden State.
Sportsbooks accepted a record $487.9 million in bets last month, an 87 percent surge from $260.7 million last October, according to official month-by-month reporting by the state’s Division of Gaming Enforcement. October’s bets yielded a record $46.4 million in revenue, up from $11.7 million in October 2018, while generating $5.7 million in taxes.
Sportsbooks have now generated a whopping $331.2 million in lifetime revenue in 17 months of operation and have showed an increase in numbers every single month of reporting results.
“If New Jersey is going to pass Nevada during the NFL season, it will be in large part due to the comparative popularity of basketball in the Northeast,” said Dustin Gouker, lead analyst at PlayNJ.com, a leading source for news, analysis, and research for regulated online gaming in the United States. “In Nevada, football betting is king, and it’s nearly as popular in New Jersey. But a key differentiator between the two markets is that New Jersey bettors’ have shown more interest in other major sports, especially basketball.”
A look deeper into October reveals that $417 million of all bets made last month were online or on mobile apps, accounting for 85 percent of New Jersey’s handle, a 1 percent increase from September.
The largest sportsbook in the country, FanDuel Sportsbook at The Meadowlands in East Rutherford, continues to be the leader in retail sportsbooks on the East Coast, posting $4.1 million in October gross revenue, up from $3.6 million in September.
FanDuel/PointsBet also continues to set the pace in the online market, gaining $20.7 million in gross revenue, up from $13.3 million in September. In comparison, Resorts Digital’s license, anchored by DraftKings and Fox Bet, lost ground by generating $10.6 million, slightly down from $10.7 million in September.
“The addition of Fox Bet under the Resorts Digital license has reset the race for the top spot in the online market,” Gouker said. “FanDuel is still the most popular single brand in the state, but it will be worth watching whether it can keep its lead with DraftKings and Fox Bet.”