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New Jersey’s online and retail sportsbooks posted dramatic year-over-year gains in August and the state’s total handle is once again poised to surpass Nevada. In all, New Jersey’s combined handle has more than tripled from August 2018, the month online sports betting launched, a striking gain that has the Garden State establishing itself as the largest legal sports betting jurisdiction in the country, according to PlayNJ.com analysts.

“New Jersey has successfully managed to shrug off competition and continue to grow, and at a faster rate than initially expected,” said Dustin Gouker, lead sports betting analyst for PlayNJ.com. “With new operators launching in September and the NFL season in full swing, New Jersey’s upward trajectory should continue, even as neighboring Pennsylvania expands online sports betting.”

With the kickoff of the college football season in August and NFL futures betting heating up, New Jersey’s sportsbooks accepted $293.6 million in bets for the month, according to official reporting released Thursday. That is up 17% from $251.3 million in July 2019.

August’s combined online and retail handle will likely surpass Nevada, which will posted $247.6 million in August 2018. And in a testament to the industry’s growth, New Jersey’s handle was up 207% from $95.6 million in August 2018. August’s bets yielded $25.2 million in revenue, up 174% from $9.2 million in August 2018 and up 42% from $17.8 million in July.

The success of sports betting continues to be a boon for the state. By amassing $3.8 billion in bets and nearly $250 million in revenue since launching in June 2018, online and retail sports betting has generated $28.9 million in tax revenue for the state.

“By injecting $30 million in tax revenue in just over a year, there can be little question that sports betting has been an unqualified success for New Jersey,” said Eric Ramsey, online gambling analyst for PlayNJ.com. “With a more mature industry ready as football gets into full swing, the next few months could show dramatic gains, too.”

Online sports betting continues to be the driving force, tallying $249.2 million in August bets. Online betting represented 85% of the state’s total handle, the same percentage as July.

FanDuel Sportsbook/PointsBet continues to capture the largest share of the online market, gaining $9.3 million in gross revenue, up from $7.3 million in July. Rival DraftKings — which represents the vast majority of Resorts’ online revenue — fueled Resorts to a $6.7 million month, up from $3.7 million in July. The online market leaders were followed by:

• Monmouth/William Hill/Sugarhouse ($1.4 million, up from $1.7 million in July)
• Ocean Resort/William Hill ($915,129, up from $645,956)
• Caesars Sportsbook/888sport ($340,832, up from $236,254)
• playMGM/Borgata ($261,312, up from $163,086)
• Golden Nugget/BetAmerica ($181,427, up from $127,349)
• Hard Rock ($106,487, up from $24,669)
• Tropicana/William Hill ($39,638, up from $14,968)

FanDuel Sportsbook at The Meadowlands also remained the retail leader, posting $2.6 million in August gross revenue, up from $1.8 million in July. FanDuel was followed in gross revenue by:

• Monmouth Park ($697,075, up from $321,694 in July)
• Borgata ($669,669, down from $696,392)
• Resorts AC ($527,158, down from $544,990)
• Ocean Resort ($353,832, up from -$59,040)
• Tropicana Casino ($284,335, up from $111,281)
• Bally’s AC ($278,169, up from $256,137)
• Golden Nugget ($263,030, up from $96,373)
• Hard Rock AC ($182,995, up from $129,322)
• Harrah’s AC ($155,715, up from $113,530)

“The addition of new online sportsbooks, including bet365 in late August and TheScore in September, is a good indication that the market still has room to grow,” Gouker said. “That said, the beginning of the NFL season should benefit those operators who offer the most engaging and user-friendly products. It is feasible that FanDuel and DraftKings could increase market share in the coming months.”

Online casinos set new revenue record

New Jersey’s online casino and poker industry hit yet another monthly revenue record in August, and in doing so is neared the total revenue generated in all of 2018. In all, online casino games and poker generated $41.1 million in August, topping the record of $39.3 million set in July.

August’s total — which was up 66% from $24.8 million in August 2018 — gives the industry $297.9 million in revenue for the year. In just eight months, the industry has nearly eclipsed the $298.7 million the industry generated in 2018.

“Bettors’ thirst for online casino games in New Jersey seems to be unquenchable, and could feasibly generate nearly $500 million this year,” Ramsey said. “It’s conceivable the launch of online gambling in Pennsylvania could slow the momentum in New Jersey, but right now we’re seeing no signs of the growth letting up.”

Some other important online casino and poker data from the August report:

• Online casinos generated $6.2 million in tax revenue and has now injected $230 million into government coffers since launch in November 2013.
• The Golden Nugget continues to dominate the market, generating $15 million in August, up from $14.9 million in July. Resorts Digital remained second with $7.5 million, up from $6.9 million in July.
• The industry generated $1.3 million per day during the 31 days of August, up from $800,147 per day in August 2018.
• Online casino games generated $39.4 million in August, up from $36.3 million in July. Online poker hit $1.7 million, down from $1.9 million in July.

For more information and analysis on regulated sports betting and online gaming in New Jersey, visit PlayNJ.com.

About the PlayUSA.com Network:
The PlayUSA.com Network is a leading source for news, analysis, and research related to the market for regulated online gaming in the United States. With a presence in over a dozen states, PlayUSA.com and its state-focused branches (including PlayNJ.com and PlayPennsylvania.com) produce daily original reporting, publish in-depth research, and offer player advocacy tools related to the advancement of safe, licensed, and legal online gaming options for consumers. Based in Las Vegas, the PlayUSA Network is independently owned and operated, with no affiliations to any casino — commercial, tribal, online, or otherwise.

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This is a Syndicated News piece. Photo credits or photo sources can be found on the source article: New Jersey bettors flock to sportsbooks, online casinos in August