New Jersey's Sports Betting Revenue Revealed

New Jersey, the state that is, by quite some margin, leading the new wave of iGaming in the US, is destined for glory, it seems…

…Recently, there’s been a lot of talk – and none of it unfounded – about how NJ will overtake Nevada by 2021 as USA’s top sports betting market. The state known for the splendor and excitement of Atlantic City who has its shine of old back has been one of the first in line to regulate sports betting industry.

Expectations Exceeded

One more in a batch of good news for NJ couldn’t hurt and it came this week when first official sports betting numbers were expected to pour in.

DraftKings, one of the companies and betting operators who have their sportsbook in New Jersey, has posted the results of its first month of online betting and they’re exemplary…

It made almost $3 million in revenue in Resorts Casino Hotel, with numbers in general beyond what was expected. DraftKings was the first operator to take legal sports bets in the US, outside of Nevada who already had that regulated.

Jamie Shea, the company’s digital sportsbook chief, commented: “We are pleased with the excitement shown by New Jersey sports fans during DraftKings Sportsbook’s first month in the state. Our goal was not only to be first, but to also offer the most innovative and entertaining experience for consumers. Our August performance exceeded expectations and we are excited by the momentum the industry is seeing right now.”

Flourishing August

A particularly juicy nugget of info is that the NJ gambling regulator revealed that the wagering sum in August was twice the size of that in July – a total of $95.6 million in bets placed…

…$74 million of that amount was wagered in land-based venues while $21.6 million was online or via apps.

SugarHouse and playMGM raked in $103,000 and $49,600 respectively, but it is important to bear in mind that they have launched their sportsbook in final week of the month. DraftKings, on the other hand, launched its services on August 1st.

The total gaming revenue in New Jersey in August was $303.9 million, which is a year-on-year increase of 24%.

New Jersey Division of Gaming Enforcement director, David Rebuck, comments: “With the new casinos that opened in June and the addition of sports wagering options, including online alternatives, the gaming industry has experienced growth rates in July and August that have not been achieved in years. It is an exciting time for Atlantic City and we look forward to continued revenue growth going forward.”

Source:

“NJ’s first-ever online sports betting figures revealed”, igamingbusiness.com, September 12, 2018.