Sports Betting In NJ More Than Tripled In 2019

New Jersey’s sports betting companies closed 2019 with a bang, more than tripling their previous year’s annual revenues.

Figures released Tuesday by Gaming Enforcement’s New Jersey Division show that the state’s licenced online and land-based sports betting operators reported combined revenue of $29.42 m in December, up 41.4 percent from last year’s same month but down $3.5 m from the November 2019 estimate.

The betting handle for December came in at $557.8m, slightly¬†below a record of¬†high $562.7m for November. But the share of December’s handle for digital wagering came in at $488.93m, an 87.6 percent share, up around one point from the November share and a new market-high.

The Meadowlands Racetrack / FanDuel duo again won top betting profit honours with $14.5m in December, down slightly from November but 59.3 percent higher than last year’s same month. Everything but $2.42m of that amount was received across digital channels.

Resorts Digital Gaming and its DraftKings/FoxBet partners ranked second with $9.33 m in December, while the land-based sportsbook of the associated Resorts Casino Hotel had a shockingly bad month, recording a net loss of more than $406k.

The Monmouth Park racetrack ($2.56m) narrowly edged out gaming operations at the Borgata casino ($2.27m), while Ocean Casino Resort was the only other player with $1.16m in seven-figure territory.

In December, none of the other operators (Bally’s, Golden Nugget, Tropicana) managed to net more than $200k while the Hard Rock Atlantic City (-$345k) and Harrah’s (-$107k) joined Resorts in the net loss community.

Betting handle totaled $4.58b for 2019 as a whole, an increase of 367 percent over the total sum wagered in 2018. Digital’s share of the betting handle for 2019 fell to 83.7 percent, a significant increase from the digital share of 62.5 percent in 2018. In 2019, betting sales hit $299.4 m, more than $94m a triple in 2018.

The Meadowlands / FanDuel reported just over half of the betting income in 2019 ($149.9m), while the runner-up Resorts Digital was well behind at $79.6m and Monmouth Park ranked third at $25.9m.