Nevada’s Sports Betting Falling Short of New Jersey Again

New Jersey sportsbooks seem to be continuing a growth trend, as they are on the brink of suring its Nevada counterparts once again. This is mainly due to the constant rise of online hubs in the region. With total gaming revenue across the state up 10.7 percent to $334.3m (2018: $302m), the land-based sector contributed $277.1m, nudged 1.8 percent from $272.3m.

The analysts claim that the NJ’s position is well-established in the area. The only possible threat may come upon Pennsylvania’s launch of web-based sports wagering as well as with football season kick-off in August.

Golden Nugget Leads the Way

The one to dominate the iGaming arena in this region is…

…Golden Nugget online and its group of operators, with its $14.8m (2018: $9.3m). The huge lead extends into another month as total web-based gaming win came in at $39.3m, a 51.8 percent increase from $25.8m.

The second position is held by Resorts Digital, which houses the likes of DraftKings, Resorts Casino and BetStars, soon to become FoxBet. They recorded $6.24m in revenue, ahead of Borgata’s online portal, which came through its best month to date to post $5.92m. The Borgata, being the third in line, contributed with $80.7m in revenue, representing a 13.6 percent growth from $71.1m.

Hard Rock and Ocean Resort also recorded increases of 19.5 percent and 21.4 percent to $38.7m (2018: $32.3m) and $19.2m (2018: $15.8m) respectively.

Comparing NJ and Nevada

New Jersey’s sportsbooks generated a $251.3m handle in July…

…which represents down eight percent from $273.2m in June 2019. This represents a figure that is greater than in any July in Nevada’s history.

In NJ, sports betting yielded $17.8m in revenue, up 365 percent from $3.8m in July 2018 and up 84 percent from $9.7m in June.

Pennsylvania’s Influence?

According to Dustin Gouker, lead sports betting analyst for PlayNJ.com…

…online sports betting is the driving force in NJ’s sports wagering market, and more so than what has historically been the case in Nevada. As far as he claims, the online product in the state is the key difference that has the state competing with Nevada as the country’s most lucrative legal sports betting jurisdiction.

Believing that the position of NJ is relatively safe, Gouker added as follows:

“If there is any trouble on the horizon for New Jersey, it’s the launch and expansion of online sportsbooks in Pennsylvania. So far, New Jersey has proven resilient in the face of competition from its neighboring state. But with football season kicking off in August, Pennsylvania’s effect on New Jersey will be interesting.”

Source:

“New Jersey sports wagering to sur Nevada again”, casinobeats.com, August 15, 2019.