As the nice weather gets underway for most of the country, sports betting isn’t necessarily an activity that springs to the top of the mind for most folks. There are certainly big events that capture the attention here and there but for the most part, the summer months are relatively quiet at sportsbooks.
While that statement has traditionally been true, it’s also a new ball game here in the United States. Sports betting is no longer just the realm of Las Vegas. Last year’s Supreme Court ruling changed the landscape, and the state of New Jersey was among the first in line to get its piece of the pie.
One year later, we now have plenty of different revenue figures to analyze and examine. Are the same peaks and valleys readily apparent when it comes to sports betting revenue? NJ numbers for June have recently been released, so let’s take a look.
NJ Revenue Stays Strong for June
For the month, $273 million in wagers were placed for total revenue of $9.7 million in NJ. Total revenue is down slightly from May, which was the first month in which the state was able to eclipse Nevada on total numbers.
Online sportsbooks once again accounted for the bulk of the money, as 83 percent of all wagers were placed online. FanDuel and DraftKings were once again at the top of the charts. Between its physical sportsbook at the Meadowlands and online wagers, FanDuel posted nearly $4.4 million in revenue.
DraftKings checked in at about $2.7 million, with just $35,000 of the revenue coming from its retail location at Resorts Casino in Atlantic City. Only one other operator in the state reached the magical $1 million revenue total for June. William Hill sportsbook at Monmouth Park racetrack is number three for the month, likely bolstered by the busy horse racing season being underway.
Numbers in the State Are Staying Consistent
Sports betting was given the green light in NJ last June, but only a few operators were up and running last summer. By October, there were a number of sportsbooks in operation, so that makes for a fair spot to begin looking for consistent and sustained growth.
Since that point, total sports betting handle has consistently stayed above $200 million per month. The biggest spikes were seen in January and March. Naturally, that just so happens to coincide with the timing of some of the biggest events on the sporting calendar: the NFL Playoffs and March Madness.
All told, revenue has been staying strong since sports betting was introduced in the Garden State last year. There are plenty of places to play – both online and in-person – and interest doesn’t seem to be waning.
Naturally, there have been some ebbs and flows based on the sporting calendar, but it would be real tough to look at the legalization of sports betting in NJ as anything less than a rousing success. As such, it’s fair to say that the Garden State can serve as both a case study and a model to follow as additional states get on board with sports betting.
Still Waiting for a Clear Number Three in NJ
DraftKings.com was first to market in NJ on the online side, followed by FanDuel.com. SugarHouse was the third operator to go live online in the state, and whole slew of other operators have followed. The first two to launch remain at the head of the pack in terms of revenue, but the race for number three remains wide open.
Both William Hill and SugarHouse have gained traction on the online side. William Hill can also be found in several brick-and-mortar locations across the state, namely at Monmouth Park, Ocean Resort Casino, and Tropicana Casino.
On the retail side, the sportsbooks at Meadowlands and Monmouth Park have been outpacing the competition in Atlantic City. The Meadowlands had over $1.6 million in revenue for June, while Monmouth Park was in excess of $500k.
Only two of the casinos surpassed $100k in revenue for the month: Ocean Resort and Golden Nugget. There are now eight sportsbooks to be found in Atlantic City, so it will be interesting to see which emerge as the preferred choices on a long-term basis.
The same can be said for the online space. Choices abound for sports bettors, but FanDuel and DraftKings still hold a commanding lead. Will that continue for the second full year of legalized sports betting in the state or will the conversation be vastly different 12 months from now? Stay tuned.
The Bottom Line on NJ Sports Betting After One Year
Since sports betting was launched in NJ last June, over $3.2 billion in wagers have been placed in the state. That has resulted in over $203 million in revenue for the various sportsbook operators, as well as more than $23.7 million in taxes paid to the state.
Those interested in betting on sports in NJ don’t have to look too far for options. There are now 10 retail sportsbooks to be found and over a dozen mobile betting apps to choose from.
The growth has been nothing short of fascinating to watch. That doesn’t even take into account the jobs that have been created in the state as a direct result of the explosive growth of the industry.
For lawmakers unsure on whether or not they should legalize mobile betting in addition to retail sportsbooks, one look at the NJ model should make the decision a simple one. Mobile betting spurs growth and revenue at a rate completely unmatched by retail sportsbooks alone.