New Jersey Online Gambling Reaches Record High of $27M in NovemberDecember 14, 2018 10:40 am
New Jersey’s online gambling market generated $26.94 million in November, marking a 30.7% improvement versus the same month in 2017. Furthermore, the tally represents a new high point for the state, beating the previous record high set in October 2018 of $26.75 million.
Online Casino 94% Market Share
The Garden State’s online casino market has returned constant year-on-year growth since its launch at the end of 2013. Continuing its incredible run, online casinos subsequently saw their revenue skyrocket by 35% year-over-year to $25.4 million last month, and by 4.5% versus October’s tally.
For the first 11 months of this year, online casino revenue is now higher by 23.5% at $250 million compared to the same period in 2017. As a result, the vertical now accounts for around 94% of New Jersey’s overall online gambling market.
Shrinking Online Poker Vertical
Meanwhile, poker set an unenviable record of its own after contracting by 13.7% year-on-year to just $1.56 million, reaching a new all time low for the segment. It was also down by 2.4% on the previous month. When New Jersey first launched legal online gambling, poker commanded a roughly 30% share of overall revenues, but now that figure has shrunk to a paltry 6%.
NJ’s Online Gambling Leaders
Leading the market in terms of revenue in November was the Golden Nugget (Betfair, Golden Nugget, SugarHouse) with a massive $9,208,190 in revenue from its online casino only operation, up by 48.7% year-over-year. A long way back in second place was Borgata (Borgata, MGM, Pala, partypoker) with $4,795,354 (+12.36%), followed by Caesars (888, Caesars, Harrah’s, WSOP NJ) on $3,926,834 (+16.97%), Resorts AC (Mohegan Sun, PokerStars NJ, Resorts) on $3,573,027 (+1.28%), and Tropicana (Tropicana, Virgin) on $3,394,184 (+4%). Meanwhile, bringing up the rear was the state’ two newest operations, namely the Hard Rock casino on $1,314,597, and Ocean Resort on $731,887.
NJ Sports Betting Hits $21.24 Million
In November, New Jersey’s nascent sports betting market handled $330.74 million in wagers, marking a huge 26.9% increase from the previous record set in October of $260.71 million. The state then collected $21.24 million in revenue, almost double the $11.68 million generated during the previous month.
From that amount, 72.1% of bets were placed from either a computer or mobile device, with the online sportsbooks’s share of the market as follows; DraftKings Sportsbook and BetStars NJ/Resorts Digital ($7,172,171), FanDuel Sportsbook ( $4,437,916), William Hill and Play SugarHouse/Monmouth Park ($1,521,295), William Hill/Ocean ($915,930), Caesars Sports/888Sport NJ ($205,046), and playMGM ($194,212).
Since it launch in mid-June, the state’s sports betting market has received a massive $928 million in wagers, $539 million of which has been placed online, and $388 million at the state’s casinos and racetracks. Football has commanded the biggest share of all sports bets at $328 million, with New Jersey’s sports books then holding on to roughly 6% of all those bets. As a statement from Fanduel explains:
“November was a history making month for the FanDuel Sportsbook. We doubled revenue versus October and we were the first legal sports betting operator in the United States to pay out future wagers early on Alabama winning the college football national championship. With more innovative promotions and payouts than any other sportsbook, we’re thrilled to see more and more consumers choosing to place their wagers with the FanDuel Sportsbook.”
Land-Based Revenue Up 13%
Last month, New Jersey saw its land-based casino revenue grow by 13% to $209.2 million, with slots generating $148.4 million and table games $60.8 million. However, the figure increases by 25% year-on-year to $257.4 million once internet gaming is included in the numbers. Nevertheless, the addition of two new casinos is having a dramatic effect on the profitability of the state’s seven other operations.
In November, Resorts Casino Hotel was the only venue to note a revenue rise, with business higher by 10% at $16.4 million. All other Atlantic City casinos saw their year-on-year revenues slide last month. This includes Borgata on $55.8 million (-7.1%), Tropicana on $25.39 million (-3.9%), and Harrah’s on $25.35 million (-10.9%).