Financial

Sports betting handle in New Jersey exceeds $1bn in 2018

Jake Patel
Posted on January 15, 2019

Figures released by the New Jersey Division of Gaming Enforcement show that a total of $319m was bet on sporting events in December.

In terms of revenue, New Jersey sportsbooks held onto $20.8m out of the $319m wagered on sports.

In November, New Jersey sportsbooks generated $21.2m in revenue from $330m in sports betting handle. December’s drop in sports betting handle could be attributed to the reduced number of college football games as the season came to an end.

When looking at New Jersey’s year-to-date figures, December’s sports betting handle pushes the total sports betting handle in the state to $1.2bn. Out of this, sportsbooks have generated over $94m in revenue and the state has seen just over $10.4m in tax revenue.

Delving deeper into December’s figures, over $14.6m in revenue was generated from digital platforms, while land-based retail operations generated $6.1m in revenue.

Looking closer at the digital figures, DraftKings and FanDuel continue to lead the sports betting charge in New Jersey.

The DraftKings and BetStars platform at Resorts Atlantic City (Resorts Digital) generated $6.6m in revenue while the physical sportsbook at Resorts generated $195,766.

The FanDuel sportsbook at Meadowlands reported $9.1m in total revenue. Over $5.5m came from digital operations while the physical sportsbook generated $3.5 in revenue.

In terms of physical sportsbooks, FanDuel’s sportsbook at Meadowlands generated the most revenue followed by Monmouth Park with just over $1m in revenue.

Thanks to the physical sportsbook at Meadowlands, FanDuel was the market leader for December.

These figures drive home the fact that placing wagers online and on mobile is the most popular way to bet in New Jersey.