Online gambling in New Jersey reached new heights in October, as the market across all verticals and both mediums approaches $500 million in revenue.
Continued growth
According to official reports, sportsbooks in the state accepted $487.9 million in bets last month. This was not only a record-breaking figure, but also an 87% year-on-year increase. For comparison purposes, the October 2018 figure was $260.7 million.
With regards to revenue, the above bets brought in $46.4 million. This was up from $11.7 million in the same month last year. All-in-all, sports betting operators here have brought in $331.2m total lifetime revenue.
While these numbers might not beat Nevada yet, experts believe that could change soon. According to Dustin Gouker, Lead Analyst at PlayNJ.com:
“The state’s handle is growing at a pace of near 100% year-on-year. And the overlapping of football and basketball should propel New Jersey into new territory.
“If New Jersey is going to pass Nevada during the NFL season, it’ll be in large part due to the comparative popularity of basketball in the Northeast. In Nevada, football betting is king. In the Garden State, it’s nearly as popular. But a key differentiator between the two markets is that New Jersey bettors have shown more interest in other sports.”
In terms of leading online operators, FanDuel‘s sportsbook and PointsBet enjoyed success once more. The pair of them accumulated $20.7m in gross revenue, compared to $13.3m in September.
New developments
NJ sports betting revenue for November and beyond could be assisted by the new Yahoo Sportsbook, which has been launched in collaboration with BetMGM. The new website went live earlier this month, and will soon be rolled out to other regulated US markets.
Other verticals in the northeastern state also did well last month. Online casino and poker revenue went up by 69%, from $26.8m in October 2018 to $45.2m a year later. Golden Nugget’s online casino also brought in more than its Atlantic City outlet for the first time, with $16.6m compared to the land-based casino’s $14.8m.
