The graph of New Jersey’s sportsbook handle dropped from May’s mark of $283.9m to $275m in June. However, you won’t find too many of the State’s sports wagering operators complaining, be they online or retail sportsbooks.
After sports betting’s prohibition ended in May 2018, only a few of NJ’s 14 Sportsbooks were operating in June last year. No realistic year-on-year comparison in sports handle is therefore available.
It is an accepted principle of US sports betting, however, that the summer months are the quietest in the business. This much we’ve learnt from Nevada, where sportsbetting has never been illegal.
It was no surprise then when Dustin Gouker, lead sports betting analyst for PlayNJ.com, praised the latest betting figures.
He said: “To approach $275 million during a month when the only major sports betting event is the NBA Finals says something.”
“Basketball clearly drives interest, but it also shows that interest in sports betting, in general, continues to expand.”
New Jersey’s $273.2m in bets was down 14% on May’s figure and the $9.7m yield in revenue, down 37%.
NJ sportsbooks have generated $3, 2 billion since June 2018
In the year since its launch, New Jersey sportsbooks have generated betting handle of $3.2 billion and revenue of $203.8m. Last month, its $283.9m enabled it to surpass Nevada’s handle. It would not be a surprise to see this repeated in June.
“The rate of growth will eventually level out, but I don’t believe that time is at hand,” Gouker said. “The fact that New Jersey is now on par with Nevada, a market that has matured over generations, is remarkable.
“Competition from the launch of Pennsylvania’s new online sports betting apps could slow momentum, though.”
Gouker didn’t say so, but if neighboring New York eventual gets online sports betting, this too will slow things down for Nevada. Thousands of New Yorkers constantly make the short journey across the Hudson River to bet with their smart phones.
Meantime, New Jersey’s online sports betting edge up on the previous month. It generated 83% ($226.7m) of June’s handle, up from 82.6% in May.
FanDuel and to a lesser extent PointsBet located at Meadowlands Race Course again led the NJ betting charge. Between them, they generated $2.7m in online gross revenue. That was was $1m more than the DraftKings and Resorts sportsbooks at Resorts Casino in Atlanta City.
“FanDuel and to a lesser extent, DraftKings, have refused to loosen their grips on the New Jersey market,” Gouker said. “Other operators such as Monmouth Park and its associated online brands have shown plenty of growth, but at this point, it’s becoming difficult to see when FanDuel and DraftKings will be seriously challenged.”
