New Jersey Sportsbooks Rake in $562 Million in Bets As Online Casinos Flourish at 6, According to PlayNJ.com

ATLANTIC CITY, N.J., Dec. 12, 2019 /PRNewswire/ -- New Jersey's online and retail sportsbooks collected a staggering $562 million in bets in November, and the industry has now taken in more than $5 billion in bets since the first was legally accepted in the state in June 2018. And at the current pace, it won't be long before the state reaches $6 billion, according to analysts from PlayNJ.com.

"New Jersey sportsbooks will remain the chief beneficiary as long as neighboring New York refuses to legalize sports betting," said Dustin Gouker, lead analyst for PlayNJ.com. "New York City's 8 million residents continue to be a key ingredient that has propelled New Jersey into Nevada's chief rival as the country's largest legal sports betting market."

New Jersey's sportsbooks collected $562.2 million in bets in November, crushing the record $487.9 million handle in October, according to official reporting released Thursday. November's handle represented a 70% increase from $330.7 million in October 2018.

New Jersey's year-over-year growth has pushed its lifetime sports wagers to $5.3 billion, clearing yet another significant milestone in the state's impressive first 18 months as a legal sports betting jurisdiction.

November revenue hit $32.9 million, up 110.9% from the $15.6 million won in November 2018. The state's online and retail sportsbooks have now combined to generate $364.1 million in revenue since launch, yielding $47 million in state taxes.

"More than $5 billion in 18 months is an extraordinary total, showing that New Jersey's sports betting market reached maturity far more quickly than most expected," said Eric Ramsey, analyst for PlayNJ.com. "No other state that has legalized sports betting has experienced quite as quick a ramp-up as New Jersey, a testament to the strong infrastructure that was put into place in the state."

Online betting generated 86.5% of the state's handle, up from 85% in October. FanDuel Sportsbook/PointsBet led the online market with $12.2 million in gross revenue, down from $20.7 million in October. Anchored by DraftKings and Fox Bet, Resorts Digital generated $9.1 million.

FanDuel Sportsbook at The Meadowlands posted $2.7 million in November gross revenue to lead all retail sportsbooks.

"The proximity of The Meadowlands to the New York City market continues to be a boon for both FanDuel's retail and online sportsbooks," Gouker said. "So long as it's the easiest vehicle for New Yorkers to make a legal sports bet, FanDuel will in all likelihood continue to dominate the New Jersey market."

ONLINE CASINOS

New Jersey's online casino and poker industry celebrated its sixth birthday by generating a record $49.1 million in November, up 82.5% from $26.9 million in November 2018. November's revenue generated $7.4 million in tax revenue.

The growth has been nonstop since the industry launched in November 2013. Online casinos and poker have now generated $1.5 billion in lifetime revenue, injecting $253.6 million into state coffers. The industry has now generated $433.4 million this year, up 60.7% from $269.7 million generated in the first 11 months of 2018.

"Six years in, and it's clear that online casinos have been a win across the board in New Jersey," Ramsey said. "Not only do online casinos continue to increase revenue at a breathtaking pace, they have built a symbiotic relationship with online sports betting. Online sportsbooks and casinos are helping to fuel each other's growth."

For more, visit PlayNJ.com/news.

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SOURCE PlayNJ.com