Sports Gambling Revenue Nj

How would the start of the 2020 NFL season, minus the fans, impact September’s NJ sports betting handle?

  1. Sports Gambling Revenue By State
  2. Sports Gambling Revenue Pennsylvania
  3. Nj Sports Gambling Revenue
  4. Sports Gambling Revenue Nj Reg
  5. Nj Sports Gambling Tax Revenue
  6. Sports Gambling Revenue United States

New Jersey sports betting handle sees monthly growth of 91% in July Sports betting revenue was $29.6 million in July, an increase of 65.2% year-over-year. Online gaming revenue was $87.5 million, representing a 122.5% increase over the same period last year.

Well, looking at the $748.5 million handlereported earlier today by the New Jersey Division of Gaming Enforcement, the word HUGE comes to mind. Not surprisingly, 90.6% came via mobile apps.

  • New Jersey has an 8.5% tax for sports bets made in person and a 13% tax for online and mobile sports bets. Nevada has a much lower tax rate of 6.75% for all types of sports bets.
  • NJ's 2019 Sports Betting Revenue At the end of 2019, New Jersey could boast of a huge revenue of almost $300 million. That's the money in, and the other good news is that folks are eager to play: sportsbooks saw $4.58 billion handled in 2019! And the state of New Jersey certainly isn't complaining either. $36 million is going into New Jersey.

And it’s $80.6 million more than August’s $667.9 million. This makes it back-to-back months in which the Garden State has hit all-time highs for handle.

We’re talking any legal US sports betting jurisdiction, even Nevada.

Sports Gambling Revenue By State

NJ sports betting revenue came in at $45 million, good enough for a 19% year-over-year increase.

Here’s a closer look at three factors that can be attributed to September’s results.

Broken record: FanDuel is still killing it

No matter what month we’re talking about, Meadowlands Racetrack, the land-based partner of FanDuel Sportsbook, is dominating the field.

September was no exception, with $28.1 million in revenue. PointsBet NJ also operates under the license, but NJ Gambling Sites understands that FanDuel accounts for the bulk of it.

For the month, the Meadowlands/FanDuel claimed a 62.3% market share.

Resorts Digital, which consists of DraftKings Sportsbook,Fox Bet and the self-branded app, finished an extremely distant second with $4.7 million.

Borgata (BetMGM and Borgata Sports) was the only other license holder to crack $4 million in revenue; $4.06 million, to be exact.

September sports calendar was stacked

Sports bettors have never seen a September like the one that just passed.

Sure, NFL betting and the tail end of the Major League Baseball season are the norms.

However, the 2020 version also included the NBA and NHL playoffs along with PGA Tour’s US Open. So besides the buzz generated by the NFL’s opening weekend, the menu of additional options resembled a gourmet restaurant for sports bettors.

When the COVID-19 pandemic shut down the pro sports world back in March, eventually there was going to be a month where every major pro sport would be playing meaningful games.

September was it.

Will it happen again? Montbleu casino poker room facebook. It’s hard to predict anything these days.

Sports Gambling Revenue Pennsylvania

Sports gambling revenue nj reg

Cross-selling with online casino

In case you haven’t noticed, the NJ online casino market is enjoying quite a run of its own.

September’s $87.6 million may not be an all-time high, but it’s pretty close to being one. The $87.7 million from August still tops the charts. For those keeping track, this would be five straight months of online casino revenue exceeding $80 million.

Sports gambling revenue nj reg

Nj Sports Gambling Revenue

Some of it can be attributed to Atlantic City casinos operating at 25% capacity.

At the same time, the bulk of the NJ sportsbook apps out there have sports and casino offerings integrated in the same platform. Access to a shared wallet combined with cross-selling promotions makes it a win-win for operators and players.

The proof comes in the latest numbers.

How big will NJ sports betting handle get?

At the moment, there are no signs of the NJ sports betting market slowing down.

Sure, the NBA and NHL recently crowned their respective champions, but NFL and college football are the bigger draws. And those seasons still have a long way to go.

Sports Gambling Revenue Nj Reg

And with baseball, there is the excitement of the Tampa Bay Rays, not New York Yankees, shocking the baseball world as the American’s League top team. They are one win away from making it to only the second World Series in franchise history (although interest in the Yankees would have probably helped boost handle a bit).

The other came in 2008, when the Philadelphia Phillies won it all.

Nj Sports Gambling Tax Revenue

Could the current scenario result in the first $800 million month in NJ sports betting history?

Sports Gambling Revenue United States

AP Photo/Brett Duke