New Jersey Sportsbooks Nearly Hit $100 Million in August Wagers
The first full set of monthly revenue figures from New Jersey’s newly legalized sports betting industry have been made public, and in July, Garden State sportsbooks accepted more than $95 million in wagers.
The New Jersey Division of Gaming Enforcement (NJDGE) released its monthly revenue report for August last week, marking the third time the agency has published sports betting data. An initial revenue report covered only 17 days during June – after New Jersey’s legal sportsbooks launched on the 14th of the month – while the July numbers showed $3,831,141 in revenue on a total handle of $40,682,237.
That performance was driven by five licensed sportsbooks, both brick and mortar and online, but the market has since nearly doubled in terms of operators.
New Jersey Sportsbooks by the Numbers
Three new sportsbooks went live over the last month with Resorts Casino Hotel, the Golden Nugget Atlantic City, and Harrah’s Atlantic City all opening permanent facilities midway through August.
These operators joined Bally’s, the Borgata, and Ocean Resort among casinos on the Boardwalk accepting wagers, along with the Meadowlands and Monmouth Park racetracks.
Combined over the eight operators’ land-based and online operations, New Jersey sportsbooks accepted $95,634,048 in total wagers. Of that amount, $6,059,662 was held as operator win, with the remainder paid back to players in possession of winning tickets.
The table below breaks down monthly win totals for the eight operators:
New Jersey Sportsbook Revenue (August, July, and Year to Date)
Predictably, the three new entrants lagged behind, with Harrah’s leading the trio at just under $300,000 in revenue, followed by the Golden Nugget at a tick over $111,000, and Resorts AC at slightly less than $100,000.
The market’s undisputed leader thus far is the Meadowlands Racetrack, which partnered with daily fantasy sports (DFS) site FanDuel to provide branding and backend services. The FanDuel fronted bet shop at the Meadowlands took in more than $1 million in wagers over its opening weekend alone, and the venue hasn’t let up since, hauling in more than $3 million in August revenue alone.
That win total is more than its seven competitors combined, making the Meadowlands the early front runner by an overwhelming margin.
But despite the success experienced by FanDuel during its transition to sports betting, there have been a few hiccups along the way. The operator experienced early issues with windows closing before the last late games of the night went final, causing some bettors to miss out on cashing tickets until the following morning.
And last week, a computer glitch caused erroneous live betting odds to be posted during the final minutes of an NFL football game, allowing one lucky bettor to turn $110 into over $82,000. Those odds should’ve been 1 to 6, but they were posted at 750 to 1 for a few seconds, leading to a dispute between the big winner and the book. FanDuel initially reduced the player’s winnings based on correct odds, but public backlash forced them to reverse course and pay out the five-figure sum earlier this week.
Online and Mobile Betting Finds its Footing
Three operators launched online and mobile sportsbooks during August – Resorts AC via DraftKings, Borgata via PlayMGM, and Golden Nugget via PlaySugarHouse.com.
These three apps combined for $21,714,157 in handle and $3,123,281 in revenue over August.
The DraftKings betting app, which launched on August 1 and enjoyed a full month’s worth of wagering, led the pack at $2,970,331. The PlaySugarHouse site went live on August 22 and accounted for $103,324 in revenue, while the PlayMGM app launched one day later and produced a $49,626 win.