The blueprint of legalized sports betting in the entire US can only be exemplified by New Jersey at this point. The recent acceleration of revenue growth through sports wagering in New Jersey since inception on June 14, illustrates $40.4 million generated for its gaming companies.
New Jersey’s latest and highly-anticipated gaming revenues figures for September came out on October 12.
As the first full month records generally for online sportsbooks in the market, September’s figures are highlighted with significance. In general, legalized sports betting earned New Jersey $24 million overall in revenue after accepting $184 million in wagers.
Draftkings Sportsbook NJ Gets Major First Mover’s Advantage
DraftKings has maintained its stature being the first and dominating online sportsbook in New Jersey, since leading the market from its onset continuing beyond its initial three-week mainstay.
Meanwhile, the internet sports betting numbers for the Resorts Casino have both been reported for DraftKings Sportsbook, and BetStars NJ after launching halfway through the month on September 13. Supposedly, DraftKings should claim the $8.5 million in September revenues.
An amazing growth run, highlighted by DraftKings’ $2.97 million August revenue tally, indicating a month-on-month increase of $186 percent. Generally, sports betting collected $24 million for New Jersey which earned DraftKings a third of the market.
The DraftKings’ online competitors September figures were:
- FanDuel Sportsbook NJ — $2,852,548, the remarkable performance for its first month of operation
- PlaySugarHouse— $619,030
- William Hill— $292,081, plus another $70,785 from its operations in partnership with Monmouth Park
- playMGM— $120,938
- Caesars Casino and 888sport — $106,463
Live Sports Betting Honors Goes To The Racetracks
Leading ahead in the live sports betting arena against their casino competitors are Monmouth Park and The Meadowlands Racetrack.
As Meadowlands holds the edge on revenue, the Monmouth Racetrack placed its first New Jersey bets under the new laws.
In live sports betting, Meadowlands recording $4.38 million in revenue whereas a decent $2.14 million was accumulated by Monmouth Park. Both Meadowlands and Monmouth Park sportsbooks are administered by FanDuel Sportsbook and William Hill respectively.
Impressive for a casino still in its infancy being less than a year old, although launching on June 28, Ocean Resort claimed second spot reporting $999,858 in sports betting revenues.
Online Poker Takes A Backseat, While Growth’s Imminent From Every Angle
Finding its way to an increase in revenue by 30.6 percent were NJ online casino games peaking with an amount of $24.1 million. Unable to match, even on an annualized basis down by 15.4 percent, was the online poker turf collecting $1.6 million in September revenues.
DGE monthly revenue numbers are always up to take us by surprise, perceiving this month $50 million magic number spectacle.
Apart from the live casino revenues, New Jersey online gaming and sports betting are now billing with extra revenues for the state’s gaming industry acquiring almost $50 million a month. The September month’s revenue totalled $49.7 million, but who’s counting?
Additionally, solely for September, there’s $26.9 million in gaming tax revenues and further tax equivalents accessible for state’s usage, concerning the state treasury.
Internet gambling and sports betting are delivering relentlessly for New Jersey’s state finances, despite their appalling situation.