New Jersey’s online casino and sports betting market powers ahead in June, with near-record $275 million handle, despite slow sports calendar.
The New Jersey online casino and sports betting market powered ahead again in June, with a near $275m handle, despite June being one of the slowest months in the sports betting calendar.
New Jersey Online Sports Betting
According to official figures, New Jersey’s sportsbooks accepted $273.2 million in bets in June, down 14% from $318.9 million in May, yielding $9.7 million in revenue, down 37% from $15.5 million in May.
Commenting on the figures, lead sports betting analyst for PlayNJ.com, Dustin Gouker, said:
“To approach $275 million during a month where the only major sports betting event is the NBA Finals says something about the trajectory of New Jersey’s market,
“Basketball clearly drives interest, but it also shows that interest in sports betting in general continues to expand.”
Year-on-year, June’s handle was up massively, from just $15.3 million in June 2018, with revenue almost tripling in the same period. Since launching, New Jersey’s sportsbooks have now generated a handle of $3.2 billion, and a win of $203.8 million – with its handle in the running to surpass Nevada’s for the second month in a row.
Gouker went on to explain:
“The rate of growth will eventually level out, but I do not believe that time is at hand,
“The fact that New Jersey is now on par with Nevada, a market that has matured over generations, is remarkable. Competition from the launch of Pennsylvania’s sports betting apps could slow momentum, though.”
Of June’s sports handle, online bets generated 83% ($226.7m), up slightly from May’s 82.6%. FanDuel Sportsbook/PointsBet generated $2.7m in online gross revenue, which equated to 28% of the state’s handle, just beating Resorts/DraftKings. Commenting on this Gouker said:
“FanDuel has refused to loosen its grip on the New Jersey market,
“Other operators such as Monmouth Park and its associated online brands have shown plenty of growth, but at this point, it’s becoming difficult to see when FanDuel and DraftKings will will be seriously challenged.”
New Jersey Online casinos
The state’s online casino and poker industry generated $38.1 million in revenue in June – up 68% from the $22.7 million of June 2018, and down slightly from the $38.3 million generated in May 2019.
Given the overall trajectory of New Jersey’s online casino market since launching, and when online sports betting is factored in, some analysts now believe Golden Nugget’s online casino brands (Golden Nugget, Betfair and SugarHouse) could well surpass Golden Nugget Atlantic City’s revenue before the end of this year.
Golden Nugget’s online brands generated $13.6m in June, while Golden Nugget Atlantic City generated $15.8m in the same month.
Commenting on this, lead online gambling analyst for PlayNJ.com, Steve Ruddock, said: