New Jersey‘s online and retail sportsbooks have reported significant year-on-year gains during August trading, with the state’s total handle poised to surpass Nevada yet again. In all, New Jersey’s combined handle has more than tripled from August 2018, the month online sports betting launched, and has the Garden State establishing itself as the country’s largest legal sports betting jurisdiction, said PlayNJ.com analysts.
In August, New Jersey’s sportsbooks accepted $293.6m in bets, up 17% from $251.3m in July 2019. The handle, which was ahead by 207% from $95.6m in August 2018, is highly likely surpass Nevada.
August’s bets yielded $25.2m in revenue, up 174% from $9.2m in August 2018 and up 42% from $17.8m in July. By amassing nearly $250m in revenue since launching in June 2018, sports betting has generated $28.9m in state taxes.
“New Jersey has successfully managed to shrug off competition and continue to grow, and at a faster rate than initially expected,” said Dustin Gouker, lead sports betting analyst for PlayNJ.com. “With new operators launching in September and the NFL season in full swing, New Jersey’s upward trajectory should continue, even as neighboring Pennsylvania expands online sports betting.”
“By injecting $30m in tax revenue in just over a year, there can be little question that sports betting has been an unqualified success for New Jersey,” said Eric Ramsey, online gambling analyst for PlayNJ.com. “With a more mature industry ready as football gets into full swing, the next few months could show dramatic gains, too.”
Online sports betting attracted $249.2m in August bets, equal to 85% of the state’s total handle. FanDuel Sportsbook/PointsBet lead online books with $9.3m in gross revenue, up from $7.3m in July. Rival DraftKings fueled Resorts’ to a $6.7m month, up from $3.7m in July. FanDuel Sportsbook at The Meadowlands also remained the retail leader, posting $2.6m in August gross revenue, up from $1.8m in July.
“The addition of new online sportsbooks, including bet365 in late August and TheScore in September, is a good indication that the market still has room to grow,” Gouker noted. “That said, the beginning of the NFL season should benefit those operators who offer the most engaging and user-friendly products. It is feasible that FanDuel and DraftKings could increase market share in the coming months.”
