New Jersey Casinos Report A Record Month For Sport Betting
DraftKings and Fanduel continue to lead sports betting in New Jersey.
January brought New Jersey’s casinos over $385 million in sports wagers according to the latest revenue figures from the Division of Gaming Enforcement (DGE). Around 80 percent of all wagers were made online.
Legal sports betting added a total of $18.8 million to New Jersey’s casinos’ bottom line in January. That was actually less than in December when they picked up $21 million. We’re now just over 6 months into New Jersey legal sports betting and the numbers have been excellent.
The state can’t complain about its receipts either. The New Jersey treasury picked up $3.2 million in sports betting taxes, money it didn’t get before legalizing sports betting. The market is still growing, with no end yet in sight, so the state’s tax revenues will get even bigger.
From the operator’s perspective there’s still a lot of competition for market share. DraftKings and FanDuel are the clear market leaders. The various casino partnerships make it impossible to break out their exact revenue figures, but they are very high.
The fact that the two DFS brands have done so well in New Jersey suggests that the US market likes the brands it already knows. The European brands are not doing badly, but perhaps they have overestimated the value of their names in this market.
New Jersey Sports Betting Revenues by Operator
On a gross gaming revenue basis, the numbers for each casino are:
|Casino||Online ||Live||January Total GGR|
|Bally's Wild Wild West (Caesars, 888)||$260,290||$236,370||$496,660|
|Hard Rock (Digital and Retail)||NA||$25,235||$25,235|
|Meadowlands (FanDuel, PointsBet)||$5,850,117||$1,168,063||$7,018,180|
|Monmouth Park (William Hill, SugarHouse)||$1,171,980||$830,792||$2,002,772|
|Ocean Resort (William Hill)||$1,285,576||($14,287)||$1,271,289|
|Resorts (DraftKings, BetStars)||$6,893,983||$242,636||$7,136,619|
Casino revenues grew by a quarter
- Casino Win from the Industry was $177.3 million compared to $162.4 million in January 2018, reflecting a 9.2% increase.
- Internet Gaming Win was $33.6 million in January compared to $22.0 million in the prior period, reflecting an increase of 53.0%.
- The Industry’s Total Gaming Revenue for the month was $229.6 million compared to $184.3 million for January 2018, reflecting a 24.6% increase.
Only a year ago the rating agencies Moody's and Fitch were forecasting that several Atlantic City casinos would close. Since then two new casinos have opened, sports betting is making a major difference to casino finances, and the double digit growth looks set to continue.
New customers only. 21+ T&Cs and wagering requirements apply.Claim your Virgin Casino Bonus
No Deposit Required
21+ and physically present in NJ only. T&CS apply.Claim your Unibet Casino Bonus
No Deposit$10Deposit Bonus$300
New customers only. 21+ T&Cs and wagering requirements apply.Claim your Harrahs Casino Bonus
No Deposit$20Deposit Bonus$2,000
New customers only. 21+ T&Cs and wagering requirements apply.Claim your 888Casino bonus
Mother's Love ItWin your share of $5,000 free play in the betMGM Mother's Day Leaderboard 💐05 May 2020 Read more
$10 Live BonusUnibet NJ debuts Evolution Live Casino with $10 free bonus07 Feb 2020 Read more
Cash-elotExcalibur Las Vegas crowns $5.4 million jackpot winner 👑16 Jan 2020 Read more
Penny LuckNevada gambler starts New Year with $888k win on penny slot06 Jan 2020 Read more
Bonus EssentialsWant an NJ online casino promo code? Here are 5 essential things to look out for03 Jan 2020 Read more