New Jersey’s sports betting industry bounced back with July revenue figures that look set to topple Nevada once more.
We won’t know what Nevada’s sportsbooks earned in July until later this month, but we do know this: The long-time sports betting hub of the US has never had a better July than New Jersey’s just had.
Its July’s sports betting financials were released by the New Jersey Division of Gaming Enforcement on Wednesday.
They showed that its high-flying, year-old sports betting industry’s revenue totaled $17.9m in July.
This was 84% up on its wagering revenue of $9.7m in June when Nevada reclaimed the betting crown it had lost in May. It was also 365% up from NJ’s $3.8 million in July 2018, its first month of legal sports betting.
Without NFL football and basketball, July has traditionally been one of the quietest months for US sports betting. It was no surprise then that NJ’s sports-betting total handle of $251.4 in July fell nearly $22m from June. Nevada can expect a similar drop.
Online wagers, made mostly by smart phones, accounted for $213m of NJ’s total July handle. That’s almost 85% of the $251.4 and is clear proof that punters far prefer the convenience of online betting to Casino wagering.
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New Jersey’s year-to-date betting handle totaled $2.23 billion
In terms of year-to-date sports betting handle in the Garden State, it is now up to $2.23 billion. Of that 81.3% has been taken online.
Of New Jersey’s 11 land-based licensed sports betting operators, star of the July show was once more the Meadowlands race track. Driven by its market leader partner, FanDuel and to a lesser extent by PointsBet, its sports revenue haul was $9.1m.
Of this $7.3m (81.4%) came from digital bets, a fair chunk via New York and Pennsylvania residents. The Wire Act prohibits betting across state borders. However, large numbers of residents of these two states regularly cross state lines to do it legally.
New York is unlikely to legalize online betting for some time soon, but Pennsylvania has now had it for a month. It will be interesting to see what it does for them – and if it affects New Jersey.
Resorts Casino whose own online sports-betting operation is partnered by DraftKings and BetStars continued to hold second spot in the market place.
However, this was by some distance. Compared to Meadowlands’ $9.1m they earned $3.72m, up from $2.7m in June.
Only one other sportsbook operator topped a million dollars in revenue. That was Monmouth Park race track which partners the William Hill and Play SugarHouse sportsbooks. Their total revenue haul was $1,97m.
Of the other NJ Casinos, Borgata earned $859k, Ocean Casino Resorts $587k, and Bally’s $492k. Then comes Golden Nugget ($224k), Hard Rock ($154k) Tropicana ($126k) and Harrah’s ($113k).
