Home General News New Jersey’s Sports Betting Industry Experiencing Major Success

New Jersey’s Sports Betting Industry Experiencing Major Success

New Jersey's Sports Betting Industry Experiencing Major Success
New Jersey sports betting market has been booming, producing some impressive figures

Both land-based and online sportsbooks active in the state of New Jersey enjoyed a massive increase of around 142% in combined gross gaming revenues from the beginning of 2019 until September. This is a massive success for this entire sector which hit around $445 million while the combines gross gaming revenues for the thirty days-period rose almost 60% to hit the $37 million mark.

The state of New Jersey was among the very first states to legalize sports betting activities within its borders back in June of 2018. This was possible after the US Supreme Court struck down the biggest obstacle to legalized sports betting back in May of 2018. The latest figures related to this sector within the state’s borders show that this eastern state has recorded a total handle of around $4.2 billion in addition to its historical gross revenues of $284 million and around $33 million in taxes.

The dominance of Online Sportsbooks

There are several different factors that helped these rising figures. According to several press releases related to this news, the increasing sports betting figures for the New Jersey gambling market in September were also helped by the start of the hundredth edition of the NFL. With the start of the National Football League, the industry’s monthly aggregated gross gaming revenues broke the previous record of around $31 million which was set in March this year.

Moreover, the beginning of the NFL season also injected around $4.5 million into the state’s budget. Taking into account all of the latest trends, more than 84% of all sports wagers placed in the New Jersey sports betting market were placed online which clearly shows a massive dominance of online sportsbooks over land-based sportsbooks. It should be noted that online sports betting activities within the state’s borders showed a decrease of 1% on a monthly basis.

The latest reports on the topic also reveal that the two locally-licensed and regulated sportsbooks, FanDuel.com, and PointsBet.com as the market leaders generated combined gross gaming revenue of an astonishing $13 million. These increasing figures were followed with aggregated revenues of around $10 million generated by the DraftKings.com platform alongside the FoxBet.com service. The WillimHill.com alongside the PlaySugarHouse.com services which are partnered with Monmouth Park Racetrack generated a combined figure of $2.4 million.

When it comes to the state’s land-based sports betting activities, the bookie located at Meadowlands Racetrack led the pile as its gross gaming revenue for September hit $3.6 million which is a massive 38% rise on a monthly basis. This bookie was closely followed by the Ocean Casino Resorts facility whose monthly takings reached $1.8 million. Moreover, the bookie at Monmouth Park Racetrack was also extremely successful previous month as it generated around $996K in gross gaming revenues in September.

Remaining Highly Optimistic

Considering the constant rise of the online sports betting and land-based sports betting industry in the state of New Jersey, both online and land-based operators that offer their services to US bettors are highly optimistic. It as reported that away from sports betting venues, the state’s online casino and poker sites also saw their gross gaming revenues for the previous month exceed $41 million which represents a great increase of 59%.

These figures significantly surpassed the figures for August which equal around $41 million. In other words, this sector has generated around $339 million since January. With only three months remaining until 2020, aggregated gross gaming revenues from casino and poker sites active in New Jersey are expected to significantly outpace the previous year’s total of $450 million and reach around $675 million which is highly possible considering the consistently rising figures.

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