New Jersey’s sports betting revenue set another record in October. Each month has reached a new high since sports betting became legal in the state in June.
According to the New Jersey Division of Gaming Enforcement (DGE) figures, sports betting revenue in October showed a 41% increase over September.
October revenue reached more than $260m (£202.5), which is the new monthly record. The operating revenue, which includes wagers that have yet to be claimed and those that are pending, was $11.7m (£9.1m), down from $24m (£18.7m) in September.
The trend for online sports betting revenue to be greater than from offline methods continued. The online intake hit $174m (£135.5m) for the month, compared to $86m (£67m) from offline venues. Online revenues rose by 66% over September, while retail went up by only 9.2%.
Performance of specific operators
The production of Atlantic City casinos was dominated by Resorts Digital, the online department of the Resorts Casino Hotel, which is in partnership with Draft Kings and BetStars. October revenue for Resorts Digital was over $5m (£3.9m), which is more than three-quarters of the total intake for sports betting in Atlantic City.
Next on the list was Ocean Resort Casino, with $824,000 (£642,000) in sports betting revenue, and the Borgata casino was third, with $411,000 (£320,000).
Two racetracks in the state offer sports betting. Meadowlands took in $3.5m (£2.7m) and Monmouth Park took in $1.2m (£935,000). Since sports betting was legalized in New Jersey, bets totaling almost $600m (£467m) have been placed.
Sports betting in Delaware
Delaware was one of the first states to legalize sports betting after the federal ban on sports betting ban was lifted.
The state has three casinos operating sportsbooks. They handled almost $15m (£11.7m) in sports wagers during October, a decline from nearly $17m (£13.2m) in September. The state’s three racinos, Harrington Raceway, Dover Downs, and Delaware Park, have taken in $54.5m (£42.5m) since legalization in June.
Catching up to Las Vegas?
Las Vegas has long been the leader in sports betting because it was the only state fully exempt from the federal ban on sports betting. Since the ban ended, several states are offering their own sportsbooks, but the only one that can possibly compete with Las Vegas is New Jersey.
The director of the New Jersey Division of Gaming Enforcement, David Rebuck, is confident that the state’s sports betting revenue will continually increase as the year goes on. He said: “The numbers are going to continue to grow and we’re going to continue to build momentum as the football season continues.”
The revenue from sports betting in Nevada during 2017 was $249m (£194m). Analysts at Eilers & Krejcik Gaming predict that, by 2021, New Jersey will eclipse Nevada’s revenues. They are estimating revenues of $442m (£344m) in New Jersey versus $410m (£319m) in Nevada.
One of the main reasons for the success of New Jersey sports betting is its location. New Jersey is close to populous states like New York and Pennsylvania that are yet to legalize sports betting. Therefore, many people living in those states cross the borders to place their sports bets. This is one of the reasons for the massive success of mobile sports betting in the state.
Eight New Jersey operators offer mobile sports betting. People from New York and Pennsylvania will regularly cross the border to place their bets through these mobile apps.
Nevada, of course, is well-known for its gambling and it draws massive amounts of visitors each year. However, the main focus for most of these visitors is on casinos and more standard forms of gambling such as table games and slots.
New Jersey is going after the sports betting market in a major way, and it will not be a surprise to see it bypass Nevada in the near future. They are well on track and if their monthly figures continue to grow, who knows what they might achieve.