New Jersey sports betting revenue soars in September

New Jersey sports betting revenue soars in September

Monday, October 15, 2018 Posted by News Team
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New Jersey’s Division of Gaming Enforcement (DGE) has reported a 19.5% year-on-year increase in total gaming revenue for September, with the start of the NFL season leading to “explosive” growth in sports betting, according to director David Rebuck.

Sports betting revenue grew to $24.0m, with amounts wagered leaping to $184.0m for the month. This was driven by online play, which accounted for $104.9m of total stakes, compared to $76.1m for land-based betting. 

Resorts Digital, DraftKings’ licensing partner in New Jersey, is pulling ahead of its competitors as the state’s market leading sports betting operator. It accounted for $8.5m of revenue, followed by Meadowlands Racetrack, which has partnered DraftKings’ fantasy sports rival FanDuel, with $7.2m. 

Total revenue for September grew 7.7% to $281.7m, with $232.0m coming from Atlantic City’s land-based casinos. 

Slot machines accounted for the majority of bricks-and-mortar gaming revenue, or $166.8m, with table games making up the remaining $65.2m.

Internet gaming, meanwhile, saw total revenue grow 26.5% to $25.6m for the month. This came almost entirely from online casino games, which were responsible for $24.1m of the total.

Peer-to-peer gaming, or poker, posted a 15.4% decline in revenue for September, and contributed just $1.6m to the monthly total. 

Golden Nugget further established itself as the iGaming market leader, with revenue up 62.6% year-on-year to $9.3m. The Borgata was an increasingly distant second with revenue of $4.6m, followed closely by Caesars Interactive, which generated $4.2m in September. 

Hard Rock Atlantic City, which opened its doors on June 27th and launched iGaming a day later, generated revenue of $648,801. Atlantic City’s other new venue, Ocean Resort, reported revenue of $323,906, having launched its online offering on July 10th. 

Total tax paid on operations across all verticals came in at $23.0m, with $16.6m coming from bricks-and-mortar venues, and a further $969,748 coming from land-based sports betting. Internet gaming contributed a further $3.9m, alongside a further $1.6m from online sports betting. 

“Driven by the explosive growth in sports wagering and continuing improvements in Internet gaming and brick-and-mortar casino win results, the gaming industry produced another month of superb revenue increases,” DGE director Rebuck said of the results. “The revenue results point to a strong finish for New Jersey’s gaming industry in 2018.”

For the year to date, total gaming revenue stands at $2.1bn, up 5.4% year-on-year. This includes $1.9bn from the state’s land-based activities, and $216.0m from internet gaming. Sports betting revenue since the market’s opening in June is $40.4m.

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