New Jersey’s online and retail sportsbooks have enjoyed a successful month in April, having taken $313.7m in wagers thanks to the first full month of professional baseball, and the beginning of the NBA and NHL playoffs – as reported by PlayNJ.com.
The total handle dropped by 16 per cent from $372.5 million since March Madness, however the market is continuing to grow with the state’s online and retail sportsbooks now having accepted $2.6 billion in bets since legalization in June 2018.
“Nearly a full year in, we are beginning to get a clearer picture of how New Jersey bettors react to certain products and sports,” said Dustin Gouker, lead sports betting analyst for PlayNJ.com.
“While there are a lot of similarities between Nevada and New Jersey, the bettors of the Northeast behave a bit differently than in the West. For instance, New Jersey’s overwhelming preference for online betting has been obvious, and the region’s enthusiasm for college basketball and pro baseball are showing in the state’s handle.”
Online sportsbooks continue to be the driving force behind activity in New Jersey, accounting for $253.97m (or 81 per cent) of the total $313.72m in handle across the month.
FanDuel Sportsbook/PointsBet and Resorts/DraftKings have dominated this market, combining for more than 55 per cent of the state’s online sports betting revenue in April.
FanDuel generated $8.8m in online revenues, which is a drop of 34 per cent from March. While DraftKings — which represents more than 90 per cent of Resorts’ online revenue — fueled Resorts’ $4.8m April, down 34.5 per cent from $7.3m in March.
“The New Jersey market has differentiated itself from Nevada in a number of ways, so it is not surprising that baseball drew strong interest relative to overall handle in the Garden State,” Gouker added.
“New Jersey’s proximity to New York and Philadelphia, each with some of the largest baseball fanbases in the country, certainly helps drive interest at sportsbooks.”
FanDuel’s Sportsbook at The Meadowlands continues to top the list of successes in the retail market – reporting $3.3m in revenues during the month. They were subsequently followed by Monmouth Park, Resorts AC and Tropicana Casino.