In the month of September, New Jersey sportsbooks accepted just under $184 million in wagers. That figure is almost double the $95 million in handle that occurred in August.
DraftKings Sportsbook clearly prevailed for the month of September. The Resorts license reported revenues of $8.5 million, and while some of that figure belongs to BetStars, the vast majority goes to the daily fantasy sports titan.
Buoyed by a popular advertising campaign and notable celebrity endorsement, DraftKings smashed its perennial rival, FanDuel Sportsbook, by a 4:1 margin. Still, the two companies combined for most of the online revenue, collecting $11 million of the $12.5 million total.
This month was also the first that saw online wagering overtake retail. NJ online sportsbooks accounted for $104 million in total bets, compared to $79 million from land-based sportsbooks.
NJ sports betting perspective
Heading into the statement release, NJ Department of Gaming Enforcement director David Rebuck bragged about the outsized character of the numbers. During a panel discussion at the Global Gaming Expo in Las Vegas this week, Rebuck mentioned that people would be “stunned” when they saw the NJ sports betting numbers.
Clearly, $184 million in handle is a big step up. The first three months of sports betting in the Garden State generated $153 million in handle — combined. So, to exceed that amount in a single month is certainly impressive.
However, September always heralds the beginning of NFL football. The heaviest period of sports betting coincides with that period of time.
So, while the number is impressive, some observers were expecting even more from NJ sports betting. The combination of the oncoming football season and the expanded list of options for betting portended a bigger splash than what actually happened.
DraftKings rules the internet, but FanDuel rules the land
DraftKings’ domination of the NJ online sports betting market came as a bit of a surprise. The company did have the advantage of being first-to-market. However, its returns represented a monthly take in excess of expectations.
On the other hand, FanDuel Sportsbook still reigns on the land-based side of things.
The FanDuel Sportsbook at Meadowlands Racetrack increased its monthly revenue by more than $1 million in September 2018, reporting earnings just under $4.4 million for the month.
The Meadowlands betting facility benefits from one of the more fortuitous geographic advantages a sportsbook could have. Its physical location is a few hundred yards from the home of two NFL teams, the New York Jets and Giants.
Couple this location with its position in New Jersey, only six miles over the border from New York City, and it’s fairly obvious why the FanDuel retail location rules the land-based books.
The rest of the retail sportsbooks in New Jersey chimed in with the following revenue:
- Borgata: $2,394,106
- Monmouth: $2,138,097
- Ocean Resort: $999,858
- Golden Nugget: $499,414
- Bally’s: $394,046
- Harrah’s: $310,766
- Resorts: $279,492
Still, given the performance that DraftKings produced, the retail side of sports betting may not hold as much appeal as it once did.