NJ Sports betting is off to an incredible start since June 2018. The total sports betting handle for retail and online sportsbooks is now over $2.3 BILLION in sports bets….yes, you read that correctly!
Residents from neighboring states like PA,DE and NY have been driving into NJ to bet since you must be physically in New Jersey if you want to play on NJ online sportsbooks.
With 7 PA Sportsbooks open and pending launch of online/mobile sports betting, NJ will lose some out of state action. NY Sports betting is the sleeping giant at this point. All factors do point to NY going live with sports betting sometime this year.
New Jersey Sports Betting Handle & Revenue 2019
March 2019 NJ Sports Betting Figures
The total NJ Sports Betting Handle since legal sports betting began in June 2018 has reached $2.32 BILLION! The YTD 2019 sports betting handle is now over $1 Billion and on pace surpass $4 Billion!
New Jersey saw a record sports betting handle for March 2019 with $372,451,342. This represented a +16.3% increase from February. $298,282,154 of the overall March betting handle came from online/mobile sports betting. This is the third straight month where the online sports betting handle represented at least 80% of the overall action in NJ.
31.7 million in sports betting revenue for March was the highest total since NJ regulated sports wagering began. The revenue from March 2019 was a large increase from the 12.7 seen in February.
|Month||NJ Online Sports Betting Handle||NJ Online Sports Betting Rev|
(Revenue metrics from NJDGE)
NJ Online Sports Betting Revenue
February 2019 NJ Sports Betting Figures
The sports betting handle for February 2019 was $320,368,087 compared to $385M in January. The Online sports betting handle in NJ was $258M in February, down from $305M in January. Online sports betting and mobile apps comprised 80.6% of all betting volume during the month of February.
Overall sports wagering revenue decreased to $12.7M in February compared to $18.78M in January.
January 2019 NJ Sports Betting Figures
Despite the limited number of NFL games in January, the state of New Jersey continued to see growth within their new legal sports betting industry. In January, the state took in more than $385 million in wagers. The largest in the history of the state. That total includes brick-and-mortar and mobile betting apps, with mobile accounting for nearly 80 percent. The overall sports betting handle since June 2018 is $1.63 BILLION!
NJ Sports Betting Leaders By Market Share
Sports betting insiders said DraftKings and FanDuel Sportsbook will never be able to compete with “true” betting brands. So far those “insiders” have been dead wrong!
Granted, it’s one state and the legal sports betting market has a long way to go, but DraftKings and FanDuel Sportsbook could not have asked for a better start.
…..but they said DraftKings and FanDuel will never be able to compete with "true" betting brands…..
It's 1 state and the market has a long way to go, but DK and FD could not have asked for a better start. https://t.co/oZq5kK6NHT
— Bet New Jersey (@BetNewJersey) March 4, 2019
Betting on the 2019 NBA Draft
The 2019 NBA Draft will take place Thursday June 20th at the Barclays Center in Brooklyn, NY. The suspense of the #1 pick has been gone for months as NJ online sportbooks odds on Zion Williamson to be the #1 pick have been overwhelming.
NFL Futures Odds
PointsBet was also the first NJ online sportsbook to offer NFL over-under wins for the 2019 NFL season.
NJ Sports Betting Regulations
To be an online sportsbook in New Jersey, you must be partnered with a brick-and-mortar facility. There are currently eight sportsbooks in the state, but there are plenty of NJ betting apps, which began in August 2018 just before the NFL betting season.
Immediately after the Supreme Court ruling in May 2018, New Jersey acted on temporary regulations to let sportsbooks get up and running with permanent regulations to be enacted after 270 days. These dictate the taxation rate and address online sportsbook regulations.
Physical casinos are allowed to have up to 3 partners for online sportsbooks/mobile apps. There is a sports wagering license fee of $100,000 and it’s the same for a renewal.
NJ Sports Betting Partnerships
FanDuel with Betfair
Not only do New Jersey locations have DraftKings, but they also have their main daily fantasy competitor in FanDuel, who recently completed a merger with Paddy Power Betfair. Gaming company IGT provides their platform for online sports betting. GAN is also involved with the infrastructure, too, helping with player account management among other things.
SugarHouse with Golden Nugget
Partnering together, SugarHouse and Golden Nugget are another online betting entity with Rush Street Interactive operating the sportsbook. SugarHouse offers a shared wallet for the online casino and is offered for Android and iPhone mobile betting apps.
With this, players can actually bet on individuals players performances as well as what the next play could be. They also offer a similar “Live Ticket” offering like DraftKings sportsbook. However, one thing SugarHouse has is a jackpot parlay option.
DraftKings with Resorts Casino
After the seal was broken and sports wagering was allowed, Resorts Casino and DraftKings partnered up, utilizing DraftKings’ 10 million player base to outbid other venues for the right to the first online sportsbook.
Utilizing DraftKings offers players plenty of things like interesting prop bets and a “Live Ticket” option where players can withdraw from a wager early. Resorts also have partnerships with BetStars and SBTech.
Borgata with MGM
Going live on August 22, roughly three weeks after DraftKings, Borgata and playMGM are another prominent partnership. Unfortunately, their app is only available for Android users, but have said they’re working on an iOS and web-based browser.
This operation will operate separately from their sister unit in Nevada. MGM has been making some noise in the scene, especially with a $200 million joint venture with GVC Holdings. MGM is also the official betting partner of the NBA and WNBA.
Future Online Sportsbooks
We can expect a continuous flow of new online sportsbooks and mobile betting apps in NJ. Monmouth Racetrack (partnered with William Hill US) has plans to launch an online presence and physical sportsbook. The central location of Freehold, NJ could attract massive crowds on NFL Sunday’s.
Parx Casino located outside of Philadelphia has recently mentioned that they have applied for an NJ betting license while preparing to launch their PA Sportsbook. This certainly opens the door for what looks to be an insane interstate battle for sports bettors. With NY ready to approve sports betting sometime in 2019, the real winners for the foreseeable future will be sports bettors. One can only assume very attractive incentives and new player bonus money will be utilized to attract sports betting fans.
NJ Sports Betting Financial Impact
As expected, sports betting will have a positive financial impact for the state of New Jersey. The first month of betting saw $16 million in wagers placed with $3.5 million of revenue.
Online betting will be steady cash flow, too, with a 13 percent tax for them. The state is anticipating $13 million in revenue their first year. This money will ultimately be re-routed into revitalizing Atlantic City. With Atlantic City getting a facelift, this could bring in more tourism, which in turn is more money for everyone.
Once all of these casinos and operations get off the ground, the state of New Jersey will enjoy the profits, which will hopefully be used to turn Atlantic City into an area to make people think twice about heading to Las Vegas.