New Jersey Sportsbooks to Surpass Nevada Again
Online sports betting in New Jersey has continued to dominate the state’s landscape in July. This appears like New Jersey’s sportsbooks are ready to surpass Nevada again. Online sportsbooks in NJ have accepted $2.6 billion in wagers in 12 months (75% of the state’s handle).
“Online sports betting is clearly the driving force in New Jersey’s sports betting market, and definitely more so than what has historically been the case in Nevada. In fact, the online product in New Jersey is the key difference that has the state competing with Nevada as the country’s most lucrative legal sports betting jurisdiction,” Dustin Gouker, lead sports betting analyst for PlayNJ.com said.
In July, New Jersey’s sportsbooks generated $251.3 million handle, down 8% from $273.2 million in June 2019. The handle is greater than in any July in Nevada’s history. In New Jersey, it yielded $17.8 million in revenue, up 365% from $3.8 million in July 2018 and up 84% from $9.7 million in June.
“If there is any trouble on the horizon for New Jersey, it’s the launch and expansion of online sportsbooks in Pennsylvania. So far, New Jersey has proven resilient in the face of competition from its neighboring state. But with football season kicking off in August, Pennsylvania’s effect on New Jersey will be interesting,” Gouker added.
FanDuel Sportsbook/PointsBet continues to lead the online market, generating $7.3 million in gross revenue in July, up from $2.7 million in June.
“FanDuel’s ascension to the market lead in both the online and retail market shows the power of the online marketplace and name recognition. This has been the primary advantage for both FanDuel and DraftKings,” Gouker said.
Online casinos and poker industry generated a record $39.3 million in July gross revenue, 52% up from $25.9 million in July 2018.
“Online casino games have received a boost from the proliferation of online sports betting in New Jersey. Together they have helped accelerate the development of both industries, even while the retail market has made gains,” Eric Ramsey, online gambling analyst for PlayNJ.com said.