NJ’s Sports Betting Volume Almost Doubled from August
The most recent numbers from New Jersey’s Division of Gaming Enforcement show that the volume of sports gambling in the state almost doubled in September compared to the numbers from August. The start of the college and professional football seasons has caused a huge increase in sports wagers placed, as bettors wagered $96 million in August and almost $184 million in September.
NJ Division of Gaming
In a panel of speakers this week, at Global Gaming Expo in Las Vegas, David Rebuck, the head of the NJ Division of Gaming Enforcement told expo attendees that they’d be “stunned” by the numbers in the September report. That report dropped today, and whether or not the numbers are “stunning” is up for debate.
Right now, sports betting is still too new to get a good read on what ongoing numbers will be like. What we can see, however, is that people in New Jersey like to bet on sports, and the market is only going to grow as more betting apps are launched and bettors in the state grow more educated on betting.
Sports Betting in NJ
Legal sports gambling became available in New Jersey in mid-June, just behind Delaware. Since that time, more than $336 million in bets have been placed. The casinos in NJ have been keeping an average of just under eight percent of that amount as earnings once winning bets are paid out to bettors. There are currently eight online sportsbooks and sports betting apps and eight physical sports bets in the state.
Casinos in Atlantic City
Atlantic City’s nine casinos brought in $272.2 million in revenue in September alone, up 15.5 percent from the same period last year. As for Internet/online gambling, which is a new venture in the state, it brought in $25.7 million, up 26.3 percent from September last year.
Online Sports Betting
The growth for online betting in September was huge, mostly because four new sites launched sportsbooks; there were only three in August. Total wagers placed over the Internet in August was $104.9 million compared to $21.7 million in August.
It’s obvious that mobile betting is not only going to be well-received; it’s going to be a giant part of the sports betting industry in the Garden State. In fact, the numbers we’re seeing indicates that online betting is going to take over: almost 60 percent of the sports gambling in New Jersey was placed via apps and online. Sportsbook operators say that a huge portion of betting is being done on their apps. Furthermore, there are still a lot of sportsbooks that pan to open online apps in the future.
By the Numbers
The top moneymaker was DraftKings Sportsbooks, under the license of Resorts AC, which generated the majority of the revenue at $8.5 million. Coming in second was FanDuel Sportsbook at The Meadowlands, with $7.2 million in revenue from both online and retail wagering operations. The Borgata and Monmouth Park also did quite well, with both bringing in over $2 million in handle for their brick-and-mortar sportsbooks. Their online revenue was quite a bit less.
Drawing a lot of Attention
Professional sports leagues, casinos, technology providers, and media companies are all watching the Garden State to see how big the sports betting industry of the United States could grow once more states jump onto the bandwagon with their own legislation and regulations.
In a statement to Reuters on Friday, a spokesperson for FanDuel Group commented on the current sports betting landscape:
“Consumer response continued to exceed our expectations in September.”
Compared to Nevada
With these numbers, New Jersey is quickly joining the same league as Nevada. Until May, Nevada was the only state in the U.S. where it was legal to place sports bets on individual games. For August, which is the most recent month for which Nevada’s stats are available, sportsbooks there took in $247 million in sports bets.
With the Supreme Court’s decision in May to overturn a federal ban on sports betting, sports gamblers now have a lot more options for legal betting. Before now, they would have to travel to Nevada, place offshore bets, or work with an illegal bookie.
Total Gaming Revenue
So far this year, total gaming revenue is $2.15 billion, an increase of 5.4 percent. With these numbers being so staggering, you can bet that other states will be pushing to get their sports betting frameworks up and running as quickly as possible. Additionally, this also means that the federal government will continue to explore how they can regulate the industry.
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