New Jersey Sportsbooks Generate Nearly $3 Billion in Bets

The New Jersey sportsbooks have generated nearly $3 billion in bets and nearly $200 million in revenue for the last 12 months. Sports betting in New Jersey became legal in June 2018. By collecting $318.9 million in May bets, New Jersey overtakes Nevada for the first time.

New Jersey’s handle in May was up 1.7% from $313.7 million in April. New Jersey’s online and retail sportsbooks have now accepted $2.9 billion in bets in the 12 months since launch.

“We knew that sports betting in New Jersey would be successful, but it is fair to say that so far it has exceeded our expectations. $3 billion in bets in 12 months is an impressive milestone by any measure, and in just a year, New Jersey is set up to become the nation’s largest legal sports betting market,” Dustin Gouker, lead sports betting analyst for PlayNJ.com said.

“If this is indeed the month that New Jersey overtakes Nevada for the first time, it will be a momentous occasion for the Garden State. New Jersey sports bettors appear to have a stronger preference for basketball and baseball than Nevada, so it makes sense that May would be a likely month for it to happen. But clearly the state is on its way to becoming the largest legal sports jurisdiction in the country,” Gouker added.

FanDuel Sportsbook/PointsBet generated $7.9 million in online gross revenue and lead in the online market. FanDuel Sportsbook at The Meadowlands continues to lead the retail market.

“The sportsbooks branded by the daily fantasy sports giants continue to dominate the sportsbooks tied to Atlantic City-based casinos. Part of that is the brand recognition of FanDuel and DraftKings. But the proximity of FanDuel Sportsbook to New York City is also a significant factor to its dominance, particularly on the retail side,” Gouker said.