September gives New Jersey huge sports betting profit boost

SPORTS betting continues to go from strength to strength in New Jersey, the state responsible for its resurgence and legalisation across the USA.

Data from the New Jersey Division of Gaming Enforcement show the state’s sports betting revenue almost doubled from $95.6 million in August to $183.9 million in September, thanks to the start of the 2018 NFL season and a stream of new internet wagers.

On-site sports betting at casinos and racetracks rose by $5.1 million to $79 million, which is a seven per cent increase.

Also, wagers placed over the internet increased from $21.7 million in August to $104.9 million in September.

New Jersey has become a case study for players in the casino industry, sports leagues, technology providers, and media companies who are keenly monitoring the prospects of the US sports betting industry and how much it could grow.

New Jersey became the first state to legalise and regulate gambling in the US after the Supreme Court overturned the 1992 prohibition against gambling activity.

The growth in sports wagering also contributed to the overall increase in New Jersey’s total gaming revenue by 19.5% to $281.7 million in September year-on-year.

Presently, the total gaming revenue stands at $2.15 billion, a 5.4 per cent increase.

Fantasy sports provider FanDuel Group, in a statement last Friday said, “Consumer response continued to exceed our expectations in September.”

According to the data, $328 million has been wagered on sports since sports betting went live in New Jersey on June 14. Out of that, racetracks and casinos gained $40.5 million of gross revenue.