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New Jersey’s regulated sports betting market has seen revenue leap to $17.9m in July. It’s more than four times the sum they generated in the same month last year and a significant improvement over the $9.7m that licensees earned in the previous month.
However, New Jersey’s 11 licensed betting operators reported a total betting handle of $251.4m in July, nearly $22m less than they reported the previous month and the lowest total to date this year. Still, it’s representing a figure that is greater than in any July in Nevada’s history.
$213.0m was generated online, compared to $38.3m wagered through the state’s land-based sportsbooks.
As usual, the Meadowlands racetrack’s Fanduel-powered betting business ranked first on the revenue chart with nearly $9.1m, more than twice June’s result and up from just $1.4m in July 2018. Digital wagers claimed over $7.3m (81.4 per cent) of July 2019’s revenue.
“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,” said Dustin Gouker, lead sports betting analyst for PlayNJ.com.
“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 neighbouring state. But with football season kicking off in August, Pennsylvania’s effect on New Jersey will be interesting,” added Gouker.
Total gaming revenue across the state was up 10.7 per cent to $334.3m (2018: $302m), with the the land-based sector contributing $277.1m.
