New Jersey sees sports betting revenue almost double in November

New Jersey sees sports betting revenue almost double in November

Thursday, December 13, 2018 Posted by News Team
New Jersey
Internet gaming also performs strongly, with revenue up 30.7%

New Jersey’s sports betting market continues to grow rapidly, with total revenue for the vertical almost doubling to $21.2m in November. 

Total revenue climbed 81% month-on-month following a 27% increase in amounts wagered to $330.7m. This was largely driven by betting online and via mobile devices, which accounted for $238.6m, or 72% of the total. 

A total of $1.9m was paid in online wagering taxes, with the land-based channel generating an additional $577,805 for the month.

For the year to date the vertical has generated revenue of $73.2m, with total amounts wagered on sports growing to $928.1m. 

Resorts Digital is the largest single source of sports betting revenue, accounting for $7.2m of the monthly total, followed by Meadowlands Racetrack which contributed $7.0m. 

Internet gaming, meanwhile, saw revenue increase 30.7% year-on-year to $26.9m in November, with revenue for the year to November 30 increasing to $269.7m. This was driven almost entirely by casino games, which accounted for $25.4m of total revenue in the month, offsetting a 13.7% decline from peer-to-peer games (poker) to $1.6m. 

Golden Nugget generated $9.2m of internet gaming revenue, with the Borgata Hotel Casino and Spa coming in a distant second with a $4.8m contribution. 

The market as a whole, including online and land-based betting and gaming, saw total revenue grow 24.7% year-on-year to $257.4m in November, aided by contributions from the newly-opened Hard Rock Atlantic City and Ocean Resorts venues. All other casinos, aside from Resorts, saw land-based revenue decline for the month.

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