In September New Jersey gambling operators took in a handle of $445 million, which was the biggest monthly figure since sports betting was legalized in the state in June 2018.
New Jersey posts record monthly sports betting handle
In September New Jersey sportsbooks took in a handle of $445 million, which is the biggest monthly figure since sports betting was legalized in the state in June 2018. There have now been in excess of $4 billion in bets taken in the Garden State, while the land-based casinos in Atlantic City have seen revenue increases for 16 straight months.
Steve Callender, President of the Casino Association of New Jersey, recently said, “September marks 16 straight months of increased gaming revenue for Atlantic City casinos. We continued to see gains in sports betting and tourism numbers this summer, with gaming revenue increasing over 16 percent compared to last summer. We believe this excitement will continue into the fall season as all major sports are in full swing.”
In September there was an increase of 142% in wagers made, which is up from September of last year, which had a figure of $183.9 million. The handle brought a record revenue for the month of $37.9 million, which is an increase of 59% from $23.9 million from the same month last year. It also broke the record of $31.7 million set in March 2019, which enjoyed a big boost from the ‘March Madness’ NCAA basketball tournament.
Dustin Gouker, who is a lead analyst at PlayNJ.com, said, “New Jersey more than doubled its handle from September 2018, which is staggering growth. After such an impressive debut, the question now becomes how much room is there to grow? The upward trajectory will continue, it is just a matter of how steep the growth.”
FanDuel/PointsBet had the top figure for September when it comes to online revenue at $13.3 million. In terms of land-based casinos, the FanDuel Sportsbook had a gross revenue of $3.6 million for the month, which was an increase of $2.6 million from August. Resorts Digital reported revenues of $10.7 million for September, while the land-based sportsbook located in the Resorts Casino Hotel in Atlantic City had a revenue of $340,000.
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After the launch of the highly anticipated Fox Bet, Resorts will have two of the more recognizable brands on the market. In early October the FanDuel Group entered into an agreement to purchase the parent of Fox Bet. Even though the two brands will probably not be lumped together the new merger will bring about a giant in the US online betting industry.
Gouker stated, “The launch of Fox Bet adds another instantly recognizable brand name to New Jersey, and it could eventually challenge the DraftKings and FanDuel brands. In the end, though, the merger puts the company that owns both FanDuel and Fox Bet in position to be the big winner.”
All in all, the figures for the nine land-based casinos in Atlantic City were a mixed bag since they had a collective increase in revenues of 4.1%, but six of the casinos had a decrease in their monthly revenue. The three casinos that had an increase for September were Ocean Casino resort ($24.2 million up 46.9%), Hard Rock Casino ($31.8 million up 20%), and Golden Nugget Casino ($32.3 million up 12.7%).
In September figures showed that online casino games and poker had a handle of $41.14 million, which is an increase of 59% from $25.8 million from the same month last year. On top of that it had a very slight increase over the August total of $41.1 million.
James Plousis, Chairman of the New Jersey Casino Control Commission, said, “While operators continue to face strong competition for gaming and leisure customers, the increase in total gaming revenue shows the industry has grown for the betterment of both Atlantic City and New Jersey as a whole.”
In the first nine months of New Jersey sports betting in 2019 have produce a revenue of $190.6 million at the state’s casinos and racetracks. This figure is a little over $40 million more than the first nine months of 2018. New Jersey has also generated $23 million in sports wagering taxes during the first three quarters of this year.
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