A September to Remember for New Jersey Sports Betting

New Jersey sports betting companies recorded what can best be described as a ‘Stunning’ September in 2018. Revenues generated through NJ sports betting amounted to $184 million for the month. Driving this phenomenal growth is online sports betting and mobile sports betting activity. It is estimated that these markets brought in $104 million for the Garden State, and there is plenty more where that came from.

Football Betting Powers the Sports Betting Surge

Sports betting activity was powered by the start of the professional football season and the college football season. This propelled high betting volumes across the board. According to the NJ DGE (Division of Gaming Enforcement), the revenue generated by New Jersey in September 2018 was up $88 million from $96 million during the month of August. The state of New Jersey received the green light for sports betting by Governor Phil D. Murphy after the US Supreme Court overturned a decision banning sports betting for states.

Since June 2018, New Jersey has seen a whirlwind of activity in sports betting, with $336 million wagered in-state. After winnings have been paid out, an estimated 8% of what remains is profit. Casinos across Atlantic City have been boosted by increased revenue streams from sports betting, to the tune of $272.2 million, up 15.5% year-on-year. This phenomenal increase provides a much-needed boost for the Atlantic City casino industry. In August 2018, the Silver State, Nevada recorded sports betting receipts of $247 million, with no update for September yet.

Sports Betting Reels in the Dollars For New Jersey Operators

Football remains the biggest contributor to sports betting figures in NJ. Some $94 million worth of football bets have been placed on football, and baseball has brought in an estimated $119 million. A total of $36 million worth of parlay bets have been received. Of the $336 million in sports bets placed in New Jersey, a majority $210 million were placed online on PC, Mac, Android or iOS devices. The leading sports betting providers in New Jersey include DraftKings Sportsbook with $8.5 million of revenue through its Resorts AC license, followed closely in tow by Meadowlands and FanDeal sportsbook with $7.2 million, and Borgata and Monmouth Park with $2 million.