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NJ sports betting hits $500m handle figure

| By iGB Editorial Team
Sportsbooks see handle almost double in October, but revenue halves due to customers winning on NFL

Sports betting continued to soar in New Jersey in October with handle shooting up by more than 40% month-on-month to just over $260m.

More than half a billion dollars has now been wagered in the state since the first legal bets were taken in mid-June, with $597.4m placed in total. $184m was wagered in September and $96m in August, the first month of online betting.

Online betting grew by an incredible 67% in the month to $174.4m, with on-site betting at around $86m.

However, sports betting revenue was cut in half, with operators making just $11.7m compared to almost $24m in September.

Some $8.8m of that was taken via digital, with just over $5m of that at Resorts Casino, the home of DraftKings and BetStars. Resorts Casino made $8.5m in the previous month.

FanDuel, which saw revenue halve to $3.5m at Meadowlands racetrack, was pleased with handle growth, and suggested the revenue cut was mainly due to the success of favourites in the NFL.

In a statement released to iGamingBusiness.com, a FanDuel spokesperson said: “October was a great month. Demand for the FanDuel Sportsbook continues to outpace our expectations with online handle 2.5 times higher than September and continued double digit growth in retail handle.

“It was an exciting month for bettors who won at a high rate on football.”

Total gaming revenue for October was $239.1m compared to $206.4m in October 2017, reflecting a 16% increase. Casino win for October was $200.6m increasing 8% from the same month last year. Internet gaming win was $26.8m in October compared to $20.6m in the prior period, reflecting an increase of 30%.

For the year-to-date, the industry’s total gaming revenue was $2.4bn for 2018 compared to $2.2bn in 2017, reflecting an increase of 6%. Casino Win was $2.1bn reflecting a 2.5% increase over the prior period. Internet gaming win increased 19% to $242.7m for 2018. Sports wagering gross revenue was $52m since inception on June 14, 2018.

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