Take It To The Bank: NJ Sports Betting Handle Nears $100 Million For August

nj sports betting revenue

The numbers are in, and DraftKings Sportsbook officially crushed it in its first month of mobile sports betting in New Jersey.

And interestingly, figures from the online sportsbook’s August NJ sports betting revenue do not reflect the full-bore wagering of football.

The only mobile product to enjoy a near-full month of accepting wagers in the Garden State, DraftKings Sportsbook reported a whopping $2,970,331 in gross revenue in August, according to numbers released by the NJ Division of Gaming Enforcement on Wednesday.

Online sports betting has quickly expanded in New Jersey over the past few weeks, but already DraftKings Sportsbook sits pole position.

First online sportsbook revenue reported

The entire summer consisted of the DGE and sportsbook operators navigating uncharted waters. It began with reporting the first NJ sports betting revenue from the state’s first regulated retail books in June. Now, the first crop of online sportsbooks has launched.

And DraftKings Sportsbook is August’s king.

Just over a month after first going live in the state, DraftKings Sportsbook eclipsed 1,000,000 bets. That led to the platform posting jaw-dropping figures in the first month of mobile wagering.

For perspective, here are the other two online operators that rolled out in August:

While certainly some bettors wagered on NFL and college football futures and opening-week games, August’s revenue numbers do not reflect the bulk of football-related wagers. (College football kicked off Sept. 1, after all, while the NFL had its opening week this past Sunday.)

After several weeks of monopolization of the NJ sportsbook app market, DraftKings Sportsbook (as well as playMGM and SugarHouse) will have plenty more competition in September.

This month alone, another four mobile products have launched, including one from DraftKings’ chief daily fantasy sports competitor, FanDuel Sportsbook, bringing the online crowd to seven. (888 Sport is currently in its soft launch phase.)

Meadowlands cashes in a big month

On the retail side, Meadowlands Racetrack continued to dominate in terms of revenue.

After reporting a market-best $1,357,477 in July, the East Rutherford racetrack piled up an eye-opening $3,060,367 last month. Located near MetLife Stadium and a short drive from New York City, the FanDuel Sportsbook at Meadowlands once again stood as the revenue leader among brick-and-mortar operations in New Jersey.

No other sportsbook in the state topped $900,000 in August.

Like it did in July, Monmouth Park racetrack was left looking up at Meadowlands. The Oceanport facility burst onto the scene with $2,279,166 in June but has since not reported more than $900,000 in revenue. That said, Monmouth rebounded a bit in August. Its $898,017 in revenue represented a modest 4.9 percent increase from July.

What about Atlantic City sports betting?

Atlantic City casinos continue to chase its racetrack competitors. August revenue for those properties, including three (Harrah’s, Golden Nugget, Resorts) that opened last month:

  • Borgata: $805,526
  • Ocean Resort: $519,563
  • Harrah’s: $298,521
  • Bally’s: $267,796
  • Golden Nugget: $111,785
  • Resorts: $98,087

Because of strong numbers in its first two months of existence, Meadowlands’ sportsbook has racked up a staggering $4,432,583 in year-to-date revenue. Despite starting wagering operations a month behind Monmouth, Meadowlands has raked in nearly $400,000 more than its Oceanport counterpart.

Borgata stands at $2,355,187 over three months, and Ocean Resort Casino is the only other facility to exceed a million dollars in revenue, with $1,748,999 since opening at the end of June. All told, and including the mobile products, total August revenue for NJ sports betting fell just shy of $9.2 million.

Wake me up when September ends

As noted above, the kickoff of football season will prove vital for retail and mobile sportsbooks in New Jersey. That sets up September’s revenue numbers as potentially the truest gauge for the industry’s future in the state.

Still, August’s figures are promising. With the likes of NFL preseason and MLB heading toward the postseason stretch, total handle neared $96 million last month, representing 62.6 percent of year-to-date wagers made in New Jersey. Fun fact: Mobile sportsbooks in August accounted for more than $21 million in handle.

The NJ sports betting crowd still continues to expand and should do so again this month. For example, the likes of bet365 (Hard Rock Atlantic City) and BetStars (Resorts) both have deals in place to potentially operate mobile platforms.

NJ sports betting on the move

Additionally, two Atlantic City casinos are positioned to implement sports betting operations. A recent decision by the NFL Business Ventures Committee allows Hard Rock to continue its sponsorship of the Miami Dolphins stadium, a decision that also could set up the new AC casino to begin accepting wagers in the near future.

Meanwhile, Tropicana recently partnered with William Hill US, which also has deals with Monmouth and Ocean Resort, to offer regulated wagering. That partnership comes courtesy of Eldorado Resorts’ pending acquisition of Tropicana. Earlier this month, William Hill announced it had entered into a 25-year agreement with Eldorado as its “exclusive partner in the provision of digital and land-based sports betting services as well as online gaming.”

Though New Jersey has begun to settle into the new world of legalized sports betting, the field of operators continues to grow. And with the country’s most popular sport in full swing, these revenue numbers should only spike.

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Grant Lucas

About

Grant Lucas is a longtime sportswriter who has covered high school, collegiate, and professional levels. A graduate of Linfield College in McMinnville, Grant now focuses his attention on the growing NJ online gambling and sports betting scene.