SBC News Voice of the Sports Betting Industry
Online sports betting sites licensed through Resorts and the Meadowlands combined for more than $24 million of the $29.4 million in revenues made in New Jersey (NJ) last month, as the state smashed its previous record for total wagers.
The state fell just short of $375 million for online sports betting handle in September, beating the previous best of $298.3 million from March.
Adding in the $71.3 million from retail sports betting gave a total for gambling wagers in excess of $445 million – by some way the largest monthly total in NJ since legal sports betting began in June 2018. The share coming in through online/mobile stands at 84%.
The $374.2 million total for online handle – up more than 50% from the previous month – was, inevitably, boosted by the return of NFL and college football, which always generate such heavy betting action.
At this time last year, sports betting in New Jersey could take place on eight mobile apps – a number that now sits at 17. Yet despite this proliferation on the online side, the ‘skins’ associated with Resorts (Resorts, DraftKings and Fox Bet) and the Meadowlands (FanDuel and PointsBet) are way out in front.
Having accounted for more than 80% (81.6) of the online sports betting revenues in September, the two powerhouses have combined to generate 82.4% of the year to date (YTD) revenues – $125.6 million ($75 million for Meadowlands and $50.6 million for Resorts).
The Meadowlands has, therefore, solidified an edge it has held for most of the year. YTD revenues for the racetrack operator across online and retail amount to $95.7 million against $52.7 million through Resorts.
