New Jersey’s retail and online sportsbooks generated nearly $3bn in bets and nearly $200m in revenue in the 12 months since legal sports betting officially launched in June 2018. And with $318.9m in May bets, the Garden State appears set fair to overhaul Nevada in monthly handle for the first time, according to analysts for PlayNJ.com.
“We knew that sports betting in New Jersey would be successful, but it is fair to say that so far it has exceeded our expectations,” said Dustin Gouker, lead sports betting analyst for PlayNJ.com. “$3bn in bets in 12 months is an impressive milestone by any measure, and in just a year, New Jersey is set up to become the nation’s largest legal sports betting market.”
The monthly handle has put Nevada in New Jersey’s sights as the country’s largest sports betting market, at least for May. The Silver State — which will not release its May data until later this month — generated a near-record $315.5m handle in May 2018.
“If this is indeed the month that New Jersey overtakes Nevada for the first time, it will be a momentous occasion for the Garden State,” Gouker said. “New Jersey sports bettors appear to have a stronger preference for basketball and baseball than Nevada, so it makes sense that May would be a likely month for it to happen. But clearly the state is on its way to becoming the largest legal sports jurisdiction in the country.”
The May handle generated $15.5m in revenue, down 26.8% from $21.2m in April. New Jersey sportsbooks have now generated a win of $194.1m since launch, generating $22.6m in tax revenue for the state.
New Jersey sports bettors continue to overwhelmingly prefer online sports betting, which accounted for $263.6m, or 82.6%, of May’s handle. The state’s retail sportsbooks made up the remainder.
FanDuel Sportsbook/PointsBet and Resorts/DraftKings represented 87% of the state’s online gross revenue in May. FanDuel generated $7.9m in online gross revenue, down from $8.8m in May. Rival DraftKings — which represents the vast majority of Resorts’ online revenue — fueled Resorts’ $4.1m May, down from $4.8m in April. FanDuel Sportsbook at The Meadowlands continues to lead the retail market. The firm posted $796,469 in May gross revenue, down from $3.3million in April.