Press Releases
New Jersey Sportsbooks Bring Good News With $165 Million in June Bets
Futures betting and nontraditional sports helped New Jersey’s sportsbooks avoid an early summer lull in June, while online casinos and poker continued to lead the state’s gaming industry. June’s $165 million handle was good news, even if it still meant sportsbooks took in $300 million less in bets than an ordinary June, according to PlayNJ estimates. And with baseball and the NBA season set to open in late July, retail casinos reopening, and significant investments in online casinos and poker, better days are nearing for the Garden State’s gaming industry.
“June is typically slow for sports betting so any growth is a surprise, and it appears July will return the gaming industry to something more resembling normal,” said Dustin Gouker, lead analyst for PlayNJ.com. “New Jersey will still have longer-term issues. It will take time to recover, and the gaming industry will likely be affected for as long as the world is suffering from this health crisis. But for now, optimism in the industry is growing.”
New Jersey’s handle rose 40.1% to $165 million — all from online betting — from $117.8 million in May, according to official reporting released Tuesday. June 2020 was down 39.6% from $273.2 million in June 2019.
Gross revenue in June rose to $12.6 million from May’s $9.9 million and was actually more than the $9.7 million in revenue generated in June 2019. June’s revenue yielded $1.7 million in state taxes.
Sports categorized by New Jersey as “other” than football, basketball, and baseball generated a shocking $125.8 million in bets in June, up from $95.4 million in May. And bets on the three major U.S. sports ticked up, mainly on the power of futures betting on baseball and the NBA ahead of an expected July return of both.
“The robust betting on nontraditional sports since the sports world has shuttered has been a surprise, but it will never completely make up for the loss of major sports,” said Eric Ramsey, an analyst for PlayNJ.com. “Futures will continue to gain steam, fueled by pent-up demand, as the opening of baseball, basketball, and hockey nears. If plans continue to move forward, July and August should produce a significant leap.”
With Atlantic City casinos closed in June, online sportsbooks were again the only revenue generator for the state. FanDuel Sportsbook/PointsBet led the market with $6.2 million in gross revenue, up from $4.3 million in May. FanDuel was followed in revenue by:
- Resorts Digital/DraftKings/Fox Bet ($3.9 million, up from $3.8 million in May)
- BetMGM/Borgata ($881,435, up from $701,283)
- Ocean Casino/William Hill ($691,135, up from $439,967)
- Monmouth/William Hill/Sugarhouse/TheScore ($593,548, up from $466,142)
- Hard Rock/Bet365/Unibet ($450,589, up from $230,004)
- Caesars Sportsbook/888sport ($43,561, down from $107,171)
- Tropicana/William Hill ($5,245, down from $23,476)
- Golden Nugget/BetAmerica ($66,533, up from $54,433)
“As strong as online sports betting continues to be, the reopening of Atlantic City is crucial to healing the industry, even with restrictions,” Gouker said. “It will help generate new revenue, of course. And in doing so, operators are hopeful that it will help the industry steady itself.”
Online casinos and poker level off
The rapid growth of online casinos and poker cooled in June, combining to generate $84.9 million in revenue, down 1.2% from the record $85.9 million in May but up 123.1% from $38.1 million in May 2019. Together, online casinos and poker generated $2.8 million a day in the 30 days of June — on par with May — and yielded $12.8 million in state taxes.
Online casino games alone have grown revenue from $50.2 million in February to $81.4 million in June. Online poker has jumped from $1.8 million in February to $3.5 million in June.
Even with retail casinos reopening, many remain bullish on the future of online gambling. Golden Nugget Online Gaming, which dominated the market again in June with $29.15 million in revenue, announced plans to go public. And last week, MGM Resorts/GVC Holdings released its plan to invest $250 million more in its online platform.
“The Golden Nugget Online Gaming going public, in addition to the recent success of DraftKings stock, shows just how much interest investors have in the future of online gambling,” Gouker said. “Online gambling has proven its importance to the industry through this crisis. Even if the growth slows with the return of retail casinos, it will continue to be an enormously important vertical for the industry.”
Latest News
THE UNIT TO STEP UP EXPANSION PLANS WITH OPENING OF NEW YORK CITY OFFICE
The Unit aims to grow its presence in the Americas with move to new Manhattan location in January 2025 at Bank of Ireland’s NYC Hub
The Unit, a leader in product design and development for sports betting and iGaming, will proudly open its new office in New York City, as part of its long-term global expansion objectives, in January 2025.
The Americas division was established in 2023 with the launch of The Unit’s partnership with online operator PlayStar Casino. The New York City office, located in the heart of Manhattan, will now be the hub for The Unit’s activity in the Americas.
This new base will be located at Bank of Ireland’s NYC Hub, which was launched to help Irish business owners expand their North American operations. The offices at 2 Grand Central Tower are a great asset to Irish companies aiming to expand their operations in the United States and beyond. This is an ideal location for The Unit to grow its footprint in the region.
The project will be put into practice by The Unit’s Head of Business Development & Account Management Mark O’Hare, who has relocated to New York and will be responsible for The Unit’s commercial growth in the region.
With product and development teams in Ireland and Moldova, the addition of an American hub is further proof The Unit holds an unwavering commitment to becoming the partner of choice, on a global scale, throughout the industry.
Paddy Casey, Co-founder at The Unit, said: “These are exciting times for The Unit, and with plans in place to exponentially grow our presence in the Americas across the next few years, the start of 2025 will be the perfect time for us to move into one of the most vibrant cities in the world.
“This will be the ideal addition to our existing bases in Ireland and Moldova. The flexible workspace the hub can provide will be integral to our plans and will give us the opportunity to grow the team.
“This is an excellent opportunity for us to touch base with clients in the Americas and strategise further launches. We’re looking forward to mapping out our future in the region with our team on the ground there.
“I would like to thank Mark O’Hare for making the move to New York, and I’m sure both he and his team will have the skills and experience to execute our vision for the Americas division across the long-term.”
Tania Sheikh, Manager of NYC Hub for Bank of Ireland, said: “We are very pleased to welcome The Unit to the NYC Hub. The facilities we can provide have helped businesses scale up and connect with their partners, and we are proud to offer that opportunity to The Unit.
“We look forward to hosting The Unit and wish them well in their endeavors to grow their business here.”
The Unit has solidified its strong track record of building world-class, scalable and efficient products for the sports betting and iGaming sector in recent years.
As The Unit embarks on this exciting period of growth, the company remains committed to delivering exceptional products and services to its clients. With its experienced team, best-in-class product development capabilities, and focus on innovation, The Unit is poised to shape the future of the sports betting and iGaming industries.
Latest News
Golden Matrix Group to Participate in the 2025 ICR Conference
Golden Matrix Group Inc., a developer and licensor of online gaming platforms, systems, and gaming content, today announced that management will participate in the 2025 ICR Conference on January 13-15, 2025 at the Grande Lakes Resort in Orlando, FL.
Zoran Milosevic, Chief Executive Officer of Meridianbet, will participate in a fireside chat with an equity research analyst on Monday, January 13, 2025, at 2:30 PM ET and will also be available for meetings during the conference.
Canada
Be #GiftSmart: Scratch the Idea of Gifting Scratch & Win Tickets to Kids
BCLC reminds adults to gift responsibly this holiday season
With the holiday season in full swing, BCLC is reminding British Columbians to gift responsibly and scratch lottery products from their shopping lists for kids.
“Scratch & Win tickets can make great stocking stuffers for the adults in your life, but they’re not for kids,” said Ryan McCarthy, BCLC’s Director of Player Health. “The research shows that children who have early encounters with gambling are four times more likely to develop riskier gambling behaviour as they grow up. While people are out shopping for those last-minute gifts, BCLC wants adults to be aware of the potential risks associated with gifting lottery products to children and to consider safer alternatives.”
While Scratch & Win tickets are among the most common ways kids can be introduced to gambling, children are increasingly exposed to various online forms, such as gambling streams.
“With the convergence of gaming and gambling, youth are becoming more exposed to gambling content in online spaces like streaming sites, where creators are able to live-stream their own gambling, usually while playing online slots and instant games,” said Dr. Luke Clark, Director for Gambling Research at UBC. “Our research at the UBC Centre for Gambling shows that a higher frequency of watching online gambling streams is associated with a more positive attitude towards gambling and a high intention to gamble in the future.”
In B.C., it is illegal to sell lottery products to anyone under the age of 19 and BCLC encourages adults to have conversations with the kids in their lives about the risks associated with gambling.
“Open and honest conversations are crucial when it comes to navigating childhood exposure to gambling,” said McCarthy, who shared the following tips to adults:
- Monitor for gambling-related lifestyle changes. For example, developing a positive attitude towards gambling or a preoccupation with video games or streaming sites.
- Be a positive role model. Exhibit safer gambling behaviour and talk about the risks.
- Limit exposure. Monitor kids’ online activities and discourage engagement with gambling content. Explain how gambling is based on chance.
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