NJ Online Casinos Hit Record Numbers Thanks To Sports Betting

By Rich Migliorisi, December 28th, 2018 New Jersey Online Casinos
NJ Online Casinos Hit Record Numbers Thanks To Sports Betting

There’s been nothing but good news for NJ sports betting recently, and November brought even more.

Revenue numbers have nearly doubled in November in comparison to October. NJ sportsbooks brought in $21.2 million in overall revenue, after collecting an impressive $330 million in handle. That’s $70 million more than October’s handle and NJ sports betting operators weren’t the only ones to profit from it.

New Jersey took in $2.45 million in tax revenue last month, due to a 8.5% tax rate on all NJ sports betting operations. All in all, things are going very well for NJ online casinos.

DraftKings Sportsbook And FanDuel Sportsbook Lead In November Revenue

In a completely unsurprising manner, DraftKings Sportsbook and FanDuel Sportsbook continue dominating the NJ sports betting market. The two together made up for two-thirds of NJ sportsbook revenue last month. The numbers are as follows:

It’s evident that some NJ sportsbooks did spectacularly better than others, but the forecast for NJ sports betting overall is beyond promising.

NJ Online Sports Betting Key To Stellar Revenue Numbers

This is especially true for NJ online sports betting, which is responsible for over 72% of the numbers above. The DGE reports that roughly $238 million of the $330 million in handle came through NJ mobile apps and websites.

If we’re talking revenue, NJ mobile sports betting has completely taken over. $14,446,570 of the overall November revenue was due to online sports betting, with the remaining $6.7 million going to retail sportsbooks.

Although we’re still in the early stages of NJ sports betting, it’s reasonable to assume the trend will continue and players in New Jersey will keep choosing online over retail in the future. There is also the expectation that revenue numbers will keep growing. Just in the first six months of operations, NJ sports betting has generated $73.2 million in revenue.

Betting On The NFL Leads The Way For NJ Sports Betting

Everyone knew NJ sports betting was going to be a success the day the Meadowlands Racetrack started taking in sports wagers in June. The crowd that filled up the racetrack meant only one thing - New Jersey was ready for sports betting.

The market wouldn’t be where it is now if it wasn’t for football. Bets on collegiate and professional football account for the largest percentage of all sports bets. The $328 million bet on football this season has helped New Jersey close in on $1 billion in total bets - a number that’s only been reserved for Nevada, until now. The revenue numbers from football is near $18 million.

NJ Online Casinos Continue To Thrive

Not only is online sports betting reaching massive revenue numbers, NJ online casinos are crushing it as well.

NJ online casinos made $26.9 million in November compared to $20.6 million in October, which is an increase of 30.7%. For the year-to-date, the NJ online gaming has brought in $269,692,639 for 2018 compared to $224,848,337 in 2017, providing of $44,844,302 increase, which is 19.9%.

Golden Nugget Online Casino had a strong November for igaming, bringing in $9,208,190. Borgata Online Casino is still holding steady in second place, showing igaming revenues of $4,795,354. Caesars Online Casino is closed in on $4 million and Resorts Online Casino is over $3 million in igaming revenue for the month of November.

Overall, online gaming has brought in $269,692,639 for 2018, compared to $224,848,337 in 2017. And the Golden Nugget continues to dominate the online gambling market, making $94,612,026 in 2018. This is a 51.4% increase over 2017, which saw them bring in $62,481,964. Golden Nugget has accounted for a significant amount of that $44,844,302 million increase mentioned above.

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