New Jersey Sportsbooks Gain $313.7 Million in April

New Jersey’s online and retail sportsbooks have accepted $313.7 million in bets and generated $21.2 million revenue in April. New Jersey’s online sportsbook brands continue to drive the most action, accounting for $253.97 million, or 81%, of total bets in April. Basketball and baseball drew the most April bets.

“Nearly a full year in, we are beginning to get a clearer picture of how New Jersey bettors react to certain products and sports. While there are a lot of similarities between Nevada and New Jersey, the bettors of the Northeast behave a bit differently than in the West. For instance, New Jersey’s overwhelming preference for online betting has been obvious, and the region’s enthusiasm for college basketball and pro baseball are showing in the state’s handle,” Dustin Gouker, lead sports betting analyst for PlayNJ.com said.

“The New Jersey market has differentiated itself from Nevada in a number of ways, so it is not surprising that baseball drew more interest relative to overall handle in the Garden State. New Jersey’s proximity to New York and Philadelphia, each with some of the largest baseball fanbases in the country, certainly helps drive interest at sportsbooks,” Gouker added.

FanDuel Sportsbook at The Meadowlands remains tops in the retail market. FanDuel Sportsbook/PointsBet and Resorts/DraftKings continue to dominate the online market.

“Brand recognition has proven to be critically important in the infancy of the sports betting market, and Fox Sports is certainly a household name. This is really the first attempt for a media company to get directly involved in the U.S. sports betting game. If Fox has success, we could see more media companies in the future,” Gouker said.

“Before online sports betting was legalized, it was thought that the growth of online casinos would begin to tail off. The effect of online sports betting has been profound. It infused new energy in gamblers and new investment into online casinos. Because of that growth has actually accelerated significantly,” Steve Ruddock, lead online gambling analyst for PlayNJ.com said.