According to the latest NJ sports betting October revenue report, released Thursday by the New Jersey Division of Gaming Enforcement (DGE), an estimated seventy-five percent of sports betting revenue stem from online.
Sports betting has been legal since the first bet was taken at the Monmouth Park racetrack back in June, and interest has grown rapidly.
Furthermore
In October the licensed operators took in a total of more than $260 million in bets. A forty percent higher figure than the September numbers.
Even though the total October sports betting handle soared, revenue to operators plummeted.
This is the nature of the sports betting beast. A run of results against the odds can create high levels of volatility for operator earnings.
However, in the long run, the higher the handle, the higher the profits. Let’s look at those profits before getting to the third: important number.
Sports Betting Revenue by Property
| Property (Online) | Digital | Retail | October Total | September Total |
| Bally’s Wild Wild West (Caesars, 888) | $108,359 | $303,240 | $411,599 | $500,509 |
| Borgata (playMGM) | $66,924 | $120,288 | $187,212 | $2,515,044 |
| Golden Nugget (SugarHouse) | $151,446 | $46,109 | $46,109 | $1,118,444 |
| Harrah’s | N/A | $104,448 | $104,448 | $310,766 |
| Meadowlands (FanDuel) | $2,427,928 | $1,114,712 | $3,542,640 | $7,230,022 |
| Monmouth Park (William Hill) | $608,611 | $606,981 | $1,215,592 | $2,208,882 |
| Ocean Resort (William Hill) | $385,641 | $438,552 | $824,193 | $1,291,939 |
| Resorts (DraftKings,BetStars) | $5,090,253 | $97,313 | $5,187,566 | $8,785,432 |
| Tropicana | N/A | $15,314 | $15,314 | N/A |
| Totals: | $8,839,162 | $2,846,957 | $11,686,119 | $23,961,038 |
Conclusion
All in all, online casino revenues of $25.1 million are up thirty-five percent on last October’s $18.6 million.
Aloof from the good news that the industry is booming, it is notable that it is growing even though New Jersey players now have access to online sports betting.
In other words, the availability of online sports betting has not led to a reduction in sales volume for online casinos. Instead, sports betting revenues appear to be incremental not merely a shift in spending.
The really good news is that this will be in no small measure due to sports bettors leaving the black market.
One of the primary consumer protection aims of legalized state-regulated sports betting is to attract players away from unsafe offshore sites. The strategy appears to be working.