And once again, the state’s online sportsbooks continued to carry the sports betting load in May.
According to financials released by the NJ Division of Gaming Enforcement on Wednesday, retail and online operators in New Jersey accepted $318,940,677 in wagers last month, translating to $15,536,384 in revenue.
To put it another way, the May handle in NJ was bigger than Nevada’s May 2018 handle.
And of that handle, more than $263.5 million came via online sportsbooks.
Accounting for 82.6% of the industry’s overall handle, and 88% of overall revenue, online wagering inched closer to total control of the NJ sports betting industry.
Online sports betting taking over in NJ
In a month featuring chalky NBA playoffs and NHL postseason games, overall sports betting revenue took a hit in New Jersey.
Last month’s $15.5 million in revenue reflects a nearly $6 million drop-off from April. Of course, compared to online casinos, sports betting is a much more volatile industry. Month-to-month comparisons are not as effective at telling a story.
The wagers, however, continue to come pouring in. Particularly via online sportsbooks.
For the fourth-straight month, online operators accounted for more than 80% of the overall handle in New Jersey. At 82.6% of the total handle, May featured the highest percentage of bets made with NJ online sportsbooks.
To boot, the $263.5 million in mobile wagers stands as the third-most made since online betting began in August 2018.
If this trend stays on track, it would not be surprising to see online sports betting in New Jersey account for more than 85% of the monthly handle by football season.
But what about retail revenue?
Brick-and-mortar sportsbooks have struggled to keep pace with their online counterparts.
May proved no different.
At $1,816,825, last month’s retail revenue sits as the second-lowest total since NJ sports betting launched in June 2018.
Even handle has taken a dive at retail sportsbooks. The $55,388,358 in bets made at land-based properties is the state’s lowest since July 2018.
Meadowlands Racetrack, which had never before reported less than $1 million in monthly revenue, totaled $796,469 in May. Monmouth Park had the second-highest total: $537,593.
But it should be noted that retail sports betting revenue is not the same as online.
Simply having on-site sportsbooks allows for casinos and racetracks to attract more guests, who then spend more money on other games and on food and beverage.
FanDuel continues to crush
In 2018, DraftKings reigned over the online industry, helping license holder Resorts Atlantic City total $30.4 million in revenue. Launched a month later, FanDuel’s partner Meadowlands ended the year with $15.2 million.
This calendar year, however, the tables have turned.
Over the first five months of 2019, Meadowlands (FanDuel) has accumulated $42,399,938 in revenue, nearly $16 million more than its chief online competitor.
However, the online revenue for Resorts includes DraftKings, Resorts Sportsbook, and BetStars. Meadowlands’ online revenue includes FanDuel and PointsBet. It is generally believed that DraftKings and FanDuel make up the lion’s share of their partner’s revenues.
In a statement, FanDuel did note that its retail revenue was down:
“The FanDuel Sportsbook remains the clear market leader. Our numbers at retail are down a tick, due to many retail customers winning big this month. We encourage fans to come to our fantastic venue at the bew Meadowlands to see the champions crowned in the NBA, NHL and Women’s World Cup in June.”
DraftKings led the online industry in revenue for the first five months of its existence; FanDuel has taken over, doing the same in each of the past four months.
Interestingly, in terms of lifetime revenue, the race is tight:
- Meadowlands (FanDuel, PointsBet): $57,651,167
- Resorts (DraftKings, BetStars, Resorts Sports): $57,188,476
NJ sports betting revenue breakdown
Here’s a closer look at the New Jersey sports betting revenue numbers by retail operators and their online partners:
|Property (Online)||Online Revenue||Retail Revenue||May Total|
|Bally's (Caesars, 888)||$235,674||$119,583||$355,257|
|Borgata (playMGM, Borgata Sports)||$119,054||$50,768||$169,822|
|Golden Nugget (BetAmerica, GN Online)||-$16,957||$46,688||$29,731|
|Hard Rock (Hard Rock online)||-$39,064||$135,167||$96,103|
|Meadowlands (FanDuel, PointsBet)||$7,865,591||$796,469||$8,662,060|
|Monmouth (William Hill, now Caesars, SugarHouse)||$817,499||$537,593||$1,355,092|
|Caesars (Ocean Resort)||$625,785||-$21,891||$603,894|
|Resorts (DraftKings, BetStars, Resorts Online)||$4,103,394||-$12,138||$4,091,256|
|Tropicana (William Hill, now Caesars)||$8,583||$97,471||$106,054|
Online dominates, and still more to come
As the story has gone since September 2018, online sports betting in New Jersey has carried the load for the state’s industry. In 2019 alone, mobile products have accounted for nearly 80% of all wagers made in the Garden State.
The state offers a wide array of online sportsbooks, as 14 platforms exist in New Jersey.
Yet that group will expand soon.
“We hope to see Unibet here pretty soon,” Lupo said. “I will just say, in the next 30 days. And we hope to see Bet365 before football season.
Unibet has already opened up shop in New Jersey, launching its online casino earlier this month to become the 21st online casino in New Jersey.
Add in TheScore, which continues to note a pending launch for its sportsbook, and the online sports betting scene in the state should include three new skins before football season.
Clearly, there is no restraint on NJ sports betting.