Press Releases
PlayNJ.com: Sports betting slows in April, but New Jersey hits major milestones nonetheless
New Jersey sports betting volume expectedly slowed to less than $750 million in April, the first month of a typical seasonal dip that should last into August. But the popularity of the NBA helped buffer New Jersey sportsbooks more than in most other legal states, spurring enough action to push the nation’s largest sports betting market past $15 billion in lifetime handle, $1 billion in revenue, and $150 million in tax revenue, according to PlayNJ, which tracks the state’s regulated online gaming and sports betting market.
“Considering the challenges, particularly in 2020, $15 billion in wagering and $1 billion in revenue are incredible yard sticks that really drive home just how successful the New Jersey market has been,” said Eric Ramsey, analyst for PlayNJ.com. “At least until New York launches its sports betting industry, New Jersey seems untouchable as the nation’s largest market.”
New Jersey’s sportsbooks accepted $748 million in wagers in April, according to official data released Friday. That is down 13% from $859.6 million in March, but up 1,270.1% over the $54.6 million in bets taken in April 2020, the first full month sportsbooks were affected by pandemic-related shutdowns.
Operator revenue dropped 9.9% to $54.8 million in April from $60.8 million in March. Compared with April 2020, which resulted in just $2.6 million, revenue was up 1,981.9% year over year. April’s action yielded $8.1 million in state taxes.
From 2018 through April 2020, New Jersey sportsbooks have generated:
$15.2 billion in handle.
$1.04 billion in sport betting revenue.
$151.4 million in state taxes.
April’s results are microcosm of the consistency that has helped make New Jersey the nation’s top sports betting market. While New Jersey’s volume declined from March, the month-over-month drop in wagering was less pronounced than other U.S. betting markets, including Colorado (-18%), Indiana (-25.4%), Iowa (-26.7%), and Michigan (-30.5%).
The popularity of the NBA and baseball in New Jersey was a key reason, as area bettors were particularly motivated by the success of the Brooklyn Nets, Philadelphia 76ers, and New York Knicks. In all, basketball betting produced $176.2 million in bets, which was down from the $441.7 million tallied during March Madness. Baseball’s first month was the second-most popular bet in April, generating $159.3 million.
“New Jersey is unique in that it has never been quite as reliant on football as other legal jurisdictions,” said Dustin Gouker, analyst for PlayNJ.com. “NBA has always been particularly popular. Add that the region’s three most popular teams are all enjoying relatively strong seasons, and New Jersey sportsbooks have so far been able to smooth the natural seasonal decline that begins in April.”
Even with retail restrictions loosening in Atlantic City, online betting accounted for 91.1%, or $681.2 million, of the state’s total handle in April. FanDuel Sportsbook/PointsBet topped the online market with $25.5 million in gross revenue, down from $28.5 million in March.
FanDuel was followed in revenue by:
Resorts Digital/DraftKings/Fox Bet ($12 million, down from $14.1 million in March)
BetMGM/Borgata ($5.2 million, down from $6.5 million)
Ocean Casino/William Hill ($1.8 million, down from $2.8 million)
Monmouth/William Hill/SugarHouse/TheScore ($1.8 million, down from $2.2 million)
Hard Rock/Bet365/Unibet ($1.3 million, down from $1.4 million)
Golden Nugget/BetAmerica ($202,545, up from $111,453)
Tropicana/William Hill ($52,922, down from $142,633)
Caesars Sportsbook/888sport (-$183,283, down from $721,776)
Meanwhile retail sportsbooks generated $66.8 million in wagering, down from $79.5 million in March and a stark difference from the complete shutdown of retail betting in 2020. Meadowlands/FanDuel led all retail books with $3.6 million in revenue in April.
“Retail betting is slowly returning to normal, and that could become even more pronounced when all capacity restrictions are lifted next week,” Gouker said. “That won’t make a major difference for online sportsbooks, which are overwhelmingly preferred by bettors. But it could have an impact on online casino revenue, which made a massive and sustained jump since pandemic-related restrictions began last year.”
Online casinos and poker
Online casinos and poker rooms enjoyed another month of whopping revenue with $107.7 million in April, which was up 34.8% from $80 million in April 2020, though off from the record $113.7 million generated in March. April marked the third time in four months that New Jersey’s online casinos and poker rooms have produced more than $100 million in revenue, the only three months any state has crossed the threshold.
For the second consecutive month, Borgata, which includes the BetMGM brand, wrestled the market lead away from years-long market leader Golden Nugget. But only slightly. Borgata won $32.8 million in revenue on online casino games and poker in April, a dramatic increase from $15.9 million in revenue in April 2020 even if revenue was down from $36.2 million in March. Golden Nugget was second with $32.4 million in revenue, up from $26.7 million in April 2020 and up from $31.8 million in March. Resorts Digital, which includes the FoxBet and DraftKings brands, was third with $19.6 million in April, up from $16.1 million in April 2020 but down from $21.4 million in March.
“The battle for market supremacy was something that would have been hard to predict before the pandemic, but 2020 has really shaken up the way people interact with casino games, perhaps forever,” Ramsey said. “With restrictions in Atlantic City going away, though, this could mark the ceiling of the online market. But a more reasonable expectation is a moderation of the exponential growth that began in spring 2020, rather than an end to it.”
Other highlights from April report:
Online casinos and poker generated $3.6 million per day in the 30 days of April, down from the record $3.7 million per day in March and up from $2.7 million in April 2020.
Online casinos and poker rooms generated $18.9 million in state and local taxes.
Online casinos accounted for $105.3 million of April’s revenue, up 40.8% from $74.8 million in April 2020.
Online poker generated $2.4 million, down 53.3% from $5.1 million in April 2020.
For more information and analysis on regulated sports betting and online gaming in New Jersey, visit PlayNJ.com/news.
About the PlayUSA.com Network:
The PlayUSA.com Network is a leading source for news, analysis, and research related to the market for regulated online gaming in the United States. With a presence in over a dozen states, PlayUSA.com and its state-focused branches produce original daily reporting, publish in-depth research, and offer player advocacy tools related to the advancement of safe, licensed, and legal online gaming options for consumers. Based in Las Vegas, the PlayUSA Network is independently owned and operated, with no affiliations to any casino — commercial, tribal, online, or otherwise.
eSports
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Press Releases
Genome and Chilli Partners join forces to revolutionize iGaming affiliate payouts
Leading the charge in the convergence of financial technology and iGaming, Genome, a cutting-edge electronic money institution, is thrilled to announce its strategic partnership with Chilli Partners, a prominent iGaming affiliate program specializing in casino games.
The collaboration marks a pivotal moment in the iGaming industry, bringing together Genome’s expertise in online financial services and Chilli Partners’ prowess in affiliate marketing. The partnership is set to redefine the landscape of affiliate payouts, offering an array of benefits to both affiliates and the iGaming community at large.
“We are excited to embark on this journey with Chilli Partners. By combining our financial expertise with their influential position in the iGaming affiliate space, we aim to set new standards for efficiency and innovation in affiliate payouts,” – noted Genome’s CEO Daumantas Barauskas.
For one, the partnership offers efficient payouts. Affiliates can now enjoy expedited and secure payouts through Genome’s state-of-the-art financial infrastructure, enhancing their overall experience and satisfaction.
It also provides global reach for Chilli Partners, as it can extend its reach to affiliates worldwide with Genome’s international payment capabilities. This allows Chilli Partners to foster a more diverse and expansive network.
The partnership streamlines financial workflows, ensuring seamless transactions and reducing administrative overhead for Chilli Partners, allowing them to focus on delivering top-notch affiliate services.
Genome is all about innovation in payments and online financial services. This approach brings new possibilities for payment options, providing flexibility and convenience for affiliates participating in the Chilli Partners program.
Lastly, the collaboration prioritizes compliance and risk management, assuring affiliates of secure and compliant transactions in accordance with industry regulations.
“This partnership aligns perfectly with our commitment to providing the best possible experience for our affiliates. Genome’s advanced financial services will play a crucial role in elevating our affiliate program to new heights”, – added Clayton Zammit Cesare, Head of Affiliates at Chilli Partners.
As the iGaming industry continues to evolve, Genome and Chilli Partners stand united in their dedication to driving positive change, innovation, and reliability. The partnership is poised to create a ripple effect, positively impacting the entire iGaming ecosystem.
About Genome
Genome is a leading EMI that provides innovative financial services, including batch payouts, SWIFT, and SEPA transfers. With a focus on efficiency and compliance, Genome empowers businesses across various industries, including iGaming, to streamline financial operations and enhance user experiences.
For more information, please visit https://genome.eu/
About Chilli Partners
Chilli Partners is a prominent iGaming affiliate program specializing in casino games. With a commitment to excellence, Chilli Partners connects affiliates with top-tier iGaming brands, offering a lucrative partnership that includes competitive commission structures and tailored support.
For more information, please visit https://chillipartners.com/
Latest News
Rivalry Announces 2023 Annual Letter to Shareholders and Filing of 2023 Annual Financial Statements
Rivalry Corp. (the “Company” or “Rivalry”) (TSXV: RVLY) (OTCQX: RVLCF) (FSE: 9VK), the leading sportsbook and iGaming operator for Gen Z, is pleased to announce its 2023 annual letter to shareholders and the filing of its financial results for the three (3) and 12-month period ended December 31, 2023. All dollar figures are quoted in Canadian dollars.
2023 Annual Letter to Shareholders
To our Shareholders,
This time last year I spoke about Rivalry’s evolution from a market leader in esports to a diversified Company setting the standard for Gen Z betting entertainment broadly.
Today, we have a business with revenue distribution across casino, sports, and esports betting, growing market share in new geographies, with increased velocity in core regions, and the strongest customer KPIs in Rivalry’s history.
In 2023, Rivalry recorded $423.2 million in betting handle1, up 82% from the previous year. Similarly, gross gaming revenue2Â and net revenue both saw 34% and 66% respective increases, while the introduction of higher margin products released in H2 such as Same Game Combos and Quick Combos are continuing to improve overall sportsbook hold and guide Rivalry closer to profitability.
Our deepened product suite now includes fantasy, additional sports coverage, and new proprietary casino games. All of which are uniquely driving growth among a targeted customer segment and widening our opportunity set in 2024 and beyond – from a 60% increase in traditional sports betting to a burgeoning B2B game vertical. The potential for how far our brand can go is just beginning to unfold.
The year ahead is rife with new, innovative product releases arriving in Q2 and continuing throughout 2024. We are doubling down on core growth opportunities in sports that resonate with our audience, such as basketball and soccer. Further, we are building on a successful casino segment which already represents 50% of our business, enhancing variety, depth, and accessibility, as well as developing new original games which blur the lines between betting and entertainment. We are in the process of additional geographic expansion, and pursuing new licenses to broaden our total addressable market, positioning Rivalry to own the Gen Z gambling opportunity globally.
While Rivalry’s operations have expanded into new high-growth verticals, our north star has remained the same: to define the future of online gambling for a generation born on the internet.
Online gambling in 2024 is radically different than it was just six years ago when Rivalry launched. In that time we’ve seen gaming and internet culture reshape how consumers engage with technology. That shift is broadening the definition of gambling, where product design is influenced by video games, or it exists fully embedded within social apps like Telegram, where content creators are the new affiliates, and much more.
Over the same period, the rise of cryptocurrency and blockchain technology has introduced a new level of speed, access, and security to web-based consumer experiences. Industry estimates now put crypto wagers at up to one quarter of global betting handle3, with 30% year-over-year growth in 20244, and showing no signs of slowing down.
The development of this ecosystem has commercially unlocked online gambling unlike anything since its first transition from land to online many years ago. It has brought in a new global audience, and enriched the customer experience from end-to-end.
Alongside the growth of this technology has emerged new methods of gambling, taking wallet share from more traditional forms at an accelerated rate. The shift in consumer behavior and the signal from our users is clear – interactive, volatile, and crypto-infused product experiences will set the precedent for how the next generation gambles online.
Rivalry, with a brand steeped in internet culture and living at the intersection of this digital economic renaissance, is well-positioned to access this growth opportunity. There is high overlap between Gen Z, gamers, gamblers, and a fast-growing audience of over 420 million crypto users worldwide5Â organically aligned with our audience and brand. And we believe that more than half of this audience globally is already wagering with crypto.
It will be Rivalry’s ability to understand, implement, and adapt to this shift more rapidly than our peers that we expect to create first-mover advantages for us. It is for that reason that our vision is now bolder than ever for what’s possible in the online gambling category.
Soon, we will reveal plans for a crypto-enabled product set to enhance alignment between Rivalry and its users, increase network effects, and generally deliver a consumer experience that lives on the internet of 2024.
To that effect, the success of our first-party games and their ability to acquire and engage a captive audience of Gen Z bettors online has validated our original game development strategy amongst industry peers. This has unlocked a new commercial opportunity for Rivalry to license its IP, opening up another line of revenue for the business that has great potential for global scale.
The year ahead is poised to be one of our most ground-breaking, with a myriad of innovative product releases across all of Rivalry’s verticals, adding more dimension to our business, operations, and addressable audience, and building on our competitive moat as the market leader in Gen Z betting entertainment.
We look forward to sharing more details about these upcoming initiatives, the opportunities they will unlock for our Company, and delivering on our promise to create long-term shareholder value and reach profitability. Thank you all for your continued support.
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