Now that the 2019 NCAA Tournament has come to a close, it’s time to look at the bigger NJ sports betting picture.
New Jersey got its first taste of the excitement that comes with March Madness betting last month. And based on the numbers released today by the New Jersey Division of Gaming Enforcement (DGE), it will go down as a month to remember.
March revenue results are in, and it shows an overall handle of $372,451,342.
The monthly take includes March Madness wagers. Keep in mind these numbers do not include the Final Four or National Championship games.
It marks a significant increase from February which had a handle of $320,368,087. That month included Super Bowl betting and Oscars betting, also firsts for NJ sportsbooks.
But the other big number included in the report is the $31.7 million in combined revenue from the 10 retail sportsbooks and 13 online sports betting platforms in NJ. That equals an 8.5% hold for the books.
The impact of March Madness betting drew standing-room-only crowds to retail sportsbooks around the Garden State.
But mobile sports betting enjoyed another strong month, accounting for $298,282,154 of the overall handle. Call it a win-win.
But it was FanDuel Sportsbook and The Meadowlands that came out on top, posting more than $17 million in total revenue in March.
NJ sports betting revenue breakdown
Here is a revenue breakdown of the 10 retail sportsbooks and their online partners:
|Property (Online)||Online Revenue||Retail Revenue||March Total|
|Bally's (Caesars, 888)||$336,866||$233,991||$570,857|
|Golden Nugget (BetAmerica, GN Online)||$98,120||$93,755||$191,875|
|Hard Rock (Hard Rock online)||$16,954||$65,300||$82,254|
|Meadowlands (FanDuel, PointsBet)||$13,322,133||$4,271,840||$17,593,973|
|Monmouth (William Hill, now Caesars, SugarHouse)||$1,669,750||$986,251||$2,656,001|
|Ocean Resort (William Hill)||$1,416,004||$541,776||$1,957,780|
|Resorts (DraftKings, BetStars, Resorts Online)||$7,278,126||$85,105||$7,363,321|
|Tropicana (William Hill)||$21,310||$251,169||$272,479|
FanDuel dominates again
Eight of the 10 NJ retail sportsbooks call Atlantic City home, but the one located just outside of New York City is making all the headlines.
FanDuel NJ reported retail revenue of $4,271,840, putting them well ahead of the pack.
By comparison, the William Hill (Caesars NJ)-branded sportsbook at Monmouth Park was a distant second with $986,251.
Not having legal sports betting in the Big Apple makes the Garden State a huge draw.
FanDuel also played a big hand in the Meadowlands claiming the top mobile sports betting spot. The North Jersey-based racetrack earned $13,322,133 in online revenue, which includes PointsBet NJ.
The combination puts the grand total at $17,593,973.
Put it all together and FanDuel just reported its best month to date. The company shared a statement:
“The FanDuel Sportsbook continues to be the top operator in the New Jersey market both in mobile and retail.
“There was incredible excitement for March Madness, noted by record-breaking revenue numbers for the FanDuel Sportsbook, which had the biggest revenue month for any operator since the launch of legalized sports betting in New Jersey last June.”
DraftKings + Resorts Digital
While Villanova and Duke seemed to be a couple of the more popular picks, the retail revenue only came in at just $85,105.
But NJ online sports betting continues to be the story here.
Resorts Digital — the online arm of New Jersey’s oldest casino — reported monthly revenue of $7,278,126. This number includes DraftKings, likely making up the majority of it, BetStars NJ and the Resorts sportsbook apps.
And Resorts Digital has plenty to smile about this month.
Resorts reported $8,472,091 just from internet casino winnings. This includes the DraftKings Casino platform which is integrated with the first-to-market sportsbook app.
The company’s combined NJ online gambling and sports betting revenue came in at $15,750,217. This is a mind-blowing 271.1 percent improvement over the same period last year.
OK, this is pretty crazy: NJ combined for about $70 million in revenue from sports betting and online casino in March. Online casino used to be just over $20 million a month early in 2018. Now just shy of $40 million.
— Dustin Gouker (@DustinGouker) April 12, 2019
William Hill grows by one
Before March Madness betting in NJ got underway, Tropicana AC opened its permanent 5,000-square-foot sportsbook.
The William Hill-branded space is the second in AC and third in NJ for the well-known sportsbook operator. The others are at Ocean Casino and Monmouth Park.
The three retail sportsbooks combined for more than $1.7 million in revenue. Online revenue, however, was double the retail for William Hill at just over $3 million.
Hard Rock rolls out phase two
But the Trop was not the only new sports betting game in town.
The official grand-opening announcement came April 1. But it did not include a ceremonial first bet.
After all, the betting windows have been open since late January.
But in terms of overall NJ sports betting revenue, the property finished last across the board.
Retail sports betting (minus the seats) came in at $65,300. The property generated just $16,954 from mobile online wagers.
And New Jersey’s online sports betting picture is expected to continue growing.
Unlike the NBA playoffs, NJ sports betting is not about to take a time out.