NJ Sports Betting: Revenue, Sportsbooks & Mobile Apps

NJ Sports BettingNJ Sports betting is off to an incredible start since June 2018. The total sports betting handle for retail and online sportsbooks is now over $1.9 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


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!

With the addition of BetAmerica Sportsbook and expanded sports betting agreements between DraftKings and Ceasars, the future growth looks very bright.

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.

MonthTotal Sports Betting HandleRevenue
June$16,409,619$3,458,668
July$40,682,237$3,831,141
August$95,634,048$9,182,943
Sep$183,948,404$23,961,038
Oct$260,711,301$11,670,805
Nov$330,748,563$21,243,865
Dec$319,173,548$20,814,222
Jan$385,279,662$18,774,940
Feb$320,368,087$12,732,740
TOTAL:$1,952,955,469$125,670,362

(Revenue metrics from NJDGE)

MonthNJ Online Sports Betting HandleNJ Online Sports Betting Rev
August$21,714,157$3,123,281
Sep$104,885,673$12,567,785
October$174,369,684$8,839,162
Nov$238,615,611$14,446,570
Dec$241,043,289$14,650,636
Jan$304,973,986$15,504,039
Feb$258,871,597$10,262,588

(Revenue metrics from NJDGE)

NJ Online Sports Betting Revenue

 




NJ Sports Betting Leaders By Marketshare

Sports betting insiders said DraftKings and FanDuel 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.



Betting on the 2019 NFL Draft

The 2019 NFL Draft will take place April 25-27 in Nashville. The real news here may be that for the first time ever in NJ, we can legally bet on the NFL Draft.

NJ Sportsbooks like BetStars have begun to list betting odds on the 2019 NFL Draft. Which team will draft Ohio State QB Dwayne Haskins? Where will Kyler Murray be selected in the draft? Odds on which team will select Murray?





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.

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