New Jersey’s online and retail sportsbooks continued their string of record months and whopping year-over-year gains in October, nearly reaching its initial $500 million month. And that development ought to continue using the tip-off of basketball season, based on PlayNJ.com.
“New Jersey features a real shot at surpassing Nevada again, if not in October, some time prior to the finish from the NFL season,” stated Dustin Gouker, lead analyst at PlayNJ.com. “The state’s deal with is growing at a pace close to 100%, year-over-year. And the overlapping of football and basketball should propel New Jersey into new territory.”
New Jersey’s sportsbooks accepted a record $487.9 million in bets in October, an 87% jump from $260.7 million in October 2018, based on official reporting. October’s bets yielded a record $46.4 million in revenue, up from $11.7 million in October 2018, producing $5.7 million in taxes. Sportsbooks have now generated $331.two million in lifetime revenue.
New Jersey’s October handle will likely fall short of Nevada – that will announce October 2019 data later this month – for the second straight month. But that could alter in coming months.
“If New Jersey is going to pass Nevada during the NFL season, it will be in big component due to the comparative recognition of basketball in the Northeast,” Gouker said. “In Nevada, football betting is king, and it’s almost as well-liked in New Jersey. But a key differentiator in between the two markets is that New Jersey bettors’ have shown more interest in other significant sports, particularly basketball.”
$417 million of all October bets were made online, accounting for 85% of New Jersey’s handle. That’s up from 84% in September.
FanDuel Sportsbook/PointsBet continued to pace the on-line market, gaining $20.7 million in gross revenue, up from $13.3 million in September. Resorts Digital’s license, anchored by DraftKings and Fox Bet, lost ground by generating $10.six million, down from $10.7 million in September.
FanDuel Sportsbook in the Meadowlands posted $4.1 million in October gross income, up from $3.6 million in September, to lead retail sportsbooks.
“The addition of Fox Bet below the Resorts Digital license has reset the race for the leading spot within the online marketplace,” Gouker stated. “FanDuel is still probably the most popular single brand in the state, but it will be worth watching whether it can maintain its lead with DraftKings and Fox Bet.”