New Jersey‘s online and retail sportsbooks continued their run of record months and impressive year-on-year gains in October, almost achieving their first $500m month. And that growth, said analysts at PlayNJ.com, should continue with the tip-off of basketball season.
Sportsbooks in the Garden State accepted a record $487.9m in bets in October, an 87% jump from $260.7m in October 2018. October’s bets yielded a record $46.4m in revenue, ahead on $11.7m year-on-year, generating $5.7m in taxes. Sportsbooks have now generated $331.2 million in lifetime revenue.
New Jersey’s October handle will likely fall short of Nevada — which will announce October 2019 data later this month — for the second straight month. But that could change in coming months.
“New Jersey has a real shot at surpassing Nevada again, if not in October, some time before the end of the NFL season,” said Dustin Gouker, Lead Analyst at PlayNJ.com. “The state’s handle is growing at a pace near 100%, year-over-year. And the overlapping of football and basketball should propel New Jersey into new territory.”
He added: “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. 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.”
$417m of all October bets were made online, accounting for 85% of New Jersey’s handle. That is up from 84% in September.
FanDuel Sportsbook/PointsBet continued to pace the online market, gaining $20.7m in gross revenue, up from $13.3m in September. Resorts Digital‘s license, anchored by DraftKings and Fox Bet, lost ground by generating $10.6m, down from $10.7m in September.
FanDuel Sportsbook at The Meadowlands posted $4.1m in October gross revenue, up from $3.6m in September, to lead retail sportsbooks.
“The addition of Fox Bet under the Resorts Digital license has reset the race for the top spot in the online market,” Gouker advised. “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.”
New Jersey’s online casino and poker industry, meanwhile, continued its push toward $450m in annual revenue after a record October, as the Golden Nugget‘s online product generated more revenue than its land-based casino for the first time.
Online casino games and poker generated $45.2m in October, up 69% from $26.8m in October 2018. The Golden Nugget tallied $16.6m in October, up 71% from $9.7m in October 2018, to easily lead the online casino market and topped the $14.8m Golden Nugget Atlantic City generated for the first time.
“What the Golden Nugget continues to prove is that its online casino can generate millions in revenue and grow at an overwhelming pace without a negative impact on their own land-based operations,” said Eric Ramsey, Online Gambling Analyst for PlayNJ.com. “When the first online casinos launched in 2013, many thought such a dynamic would be impossible. But clearly that has been proven wrong.”