Is NJ sports betting a success?
Based on the sports betting revenue numbers released by the New Jersey Division of Gaming Enforcement (DGE) on Monday, there are a billion reasons why the answer should be a resounding “yes.”
Since Monmouth Park and Borgata launched their respective retail sportsbooks in June 2018, the numbers have grown to the tune of more than $1.2 billion in total handle and $94 million in total NJ sports betting revenue.
While the December 2018 report is mostly positive, New Jersey casinos and racetracks did see a drop in month-to-month sports handle from November to December. But nevertheless, it was another successful month.
In terms of December totals released by the DGE, the NJ sports betting handle totaled $319,173,548. The difference between the final two months of 2018 was $11.6 million. Revenue for December also dipped to $20.8 million.
NJ sports betting apps leading the way
While many betters enjoy the ambiance of watching the action unfold from inside one of the retail sportsbooks, NJ sportsbook apps continue to be the bigger draw.
New Jersey had nine mobile sportsbooks as of December; combined, they accounted for $241,043,289 — an all-time high — of the overall sports handle. Percentage-wise, it comes out to 75.5 percent.
Regarding revenue, NJ online sportsbooks ended the month at $14,650,636. That number is the highest since the August launch of online sports betting.
Like previous months, DraftKings Sportsbook continues to be the leader of the pack, taking in the bulk of the $6,690,969 reported by land-based partner Resorts Atlantic City.
Jamie Shea, DraftKings’ senior director of digital sportsbook, weighed in on the results:
“DraftKings wrapped up 2018 as the clear leader in mobile sports betting. Always looking to deliver more for our customers, we also added casino-style games to our Sportsbook app and will continue to build out a true one-stop destination for sports fans in New Jersey and future states.”
Rival FanDuel Sportsbook, via its land-based partnership with the Meadowlands Racetrack, also enjoyed its best month to date with $5,532,837. It is now making a run for the No. 1 spot in the Garden State.
Revenue breakdown for NJ online sportsbooks
For December, it reported a best-to-date total of $1,044,026, good enough for second best in Atlantic City, but fourth overall in the Garden State. William Hill NJ, which also has a partnership with Monmouth Park, runs the retail and mobile sports betting operations at Ocean.
Here is a breakdown of NJ online sports betting revenue for December:
- Resorts (DraftKings Sportsbook, BetStars NJ): $6,690,969
- Meadowlands (FanDuel Sportsbook, PointsBet): $5,532,837
- Monmouth Park (William Hill, SugarHouse Sportsbook): $1,296,348
- Ocean Resort Casino (William Hill): $1,044,026
- Bally’s (888 Sport, Caesars Sportsbook NJ): $108,892
- Borgata (playMGM): -$22,426
NJ retail sportsbooks enjoy their third-best month
Retail books faired better than other months in terms of revenue. While the total December revenue number of $6,163,586 may not jump out as much as the online results, the total is strong enough for a spot in the top three since the June launch.
Regarding month-to-month revenue, the figure shows a loss of $600,000.
Meanwhile, New Jersey’s two racetracks separated themselves from the pack in terms of revenue.
Meadowlands Racetrack pulled away from the field with $3,577,177. December was its second-best month since opening on July 14.
Monmouth Park, which accepted the first legal sports bet in New Jersey history back on June 14, crossed the million-dollar mark for the third time in four months with $1,031,336.
Here is a breakdown of Atlantic City casinos sports betting revenue:
- Ocean Resort: $633,857
- Tropicana: $217,408
- Harrah’s: $215,971
- Resorts: $195,766
- Borgata: $189,677
- Golden Nugget: $82,532
- Bally’s: $19,862
No end in sight for NJ sports betting
Believe it or not, the NJ sports betting market has yet to reach full capacity. The numbers mentioned above don’t include Hard Rock Hotel & Casino Atlantic City. The property that opened its doors on June 27 is expected to launch its retail sportsbook in the first quarter of 2019, possibly just in time for Super Bowl betting.
The property also has partnerships in place with GiG, Unibet and bet365, setting the table three online skins.
Borgata, Tropicana, Bally’s and Harrah’s all plan on opening permanent retail sports betting facilities sometime this year. Caesars Atlantic City, on the other hand, has been quiet about opening a retail sportsbook at the center of the AC boardwalk (the property is connected to Bally’s).
Freehold Raceway also announced its intentions to move forward with sports betting this year. The specific timeline has yet to be announced.
Regarding NJ online sports betting, keep an eye on something new from both Resorts and the Golden Nugget, too. Yes, there could be even more beyond this short list. After all, it’s only Jan. 15.
Look for this billion-dollar NJ sports betting story to keep on growing.