Author: Joe Kizlauskas
Last Updated: 26th January 2021
Another record-breaking month of sports betting revenue has been captured by New Jersey’s sportsbooks, capitalising on an unprecedented confluence of major US sports to generate almost $750 m in September. Taking this sum into account, the year-to-date handling of the Garden State has surpassed the first nine months of 2019.
It was identified as a remarkable trajectory by Dustin Gouker, lead analyst at PlayNJ, given major sports have been shut down for months. He said:m“September was a once-in-a-lifetime moment on the sports calendar when all four major US sports were playing meaningful games all at once, which was obviously a boon for sportsbooks.
“The growth seen over the last two months will likely level off once the sports schedule returns to normal. But it’s clear New Jersey’s sports betting industry is setting a new floor.”
In September, wagers at online and retail sportsbooks in New Jersey rose to $748.6 m , up 68 percent from $445.6 m in September 2019 and easily exceeded the $668 m all-jurisdiction record set by New Jersey just last month. In the first nine months of 2020, they have already raised $3.3bn in bets, up from $2.96bn in the corresponding months of 2019.
September’s bets produced $45.1 m in gross operator sales , up 14.1 percent year-on-year from $37.9 m. Those receipts generated $5.6 m in state taxes. Football generated $159.5 million in bets, but “other” sports led with $208.3 million, a classification that includes hockey.
“Bringing all the major sports together at once enabled New Jersey to show off its unique ability to attract significant action on a wide variety of sports,” Gouker added. “New Jersey is less event-driven and football commands a smaller share of the overall handle than Nevada, which is an obvious benefit under the current circumstances.”
In September, online bets accounted for 90.7 percent, or $678.7 million, up from 90.1 percent in August. With $25.1 m in gross revenue, FanDuel Sportsbook / PointsBet topped the market, up from $17.6 m in August.
Struggling retail sportsbooks demonstrated modest improvement, generating bets of $69.8 m , up from $66 m in August. FanDuel Sportsbook once again led retail books with $3.1 m in sales at The Meadowlands.
Eric Ramsey, analyst for PlayNJ.com added: “September’s results hint at a $1bn month someday soon, which would’ve been impossible to fathom two years ago. As we can see with Unibet’s recent launch, online sportsbooks will continue to be where we see growth and where operators will continue to invest.”