New Jersey’s regulated sports betting market has seen revenue leap to $17.9m in July, complementing slower growth from the state’s land-based and online casino verticals.
Following June’s decline, market revenue rebounded in July, rising 84.3% month-over-month. The total represented a significant improvement on the prior year’s $3.8m, when just five operators had gone live.
Total handle amounted to $251.4m, of which $213.0m was generated online, compared to $38.3m wagered through the state’s land-based sportsbooks.
Of the eleven operators now active in the market, Meadowlands Racetrack, with Flutter Entertainment’s FanDuel operating under its licence, has established itself far ahead of the competition, with revenue of $9.1m.
This saw it pull ahead of Resorts Digital and its partner DraftKings, previously its closest competitor, which generated revenue of $3.7m in July. Monmouth Park, allied with William Hill, followed in third with $2.0m.
The Borgata, which opened a new $12m sportsbook during the month, saw revenue grow strongly, rising from $64,249 in June to $859,478.
New Jersey’s sports betting market revenue for the year to date now stands at $127.5m, with amounts wagered reaching $2.2bn, of which $1.8m was staked online.
The state’s igaming market also posted month-on-month growth albeit at a slower rate than the sportsbook vertical. July revenue rose to $39.3m, up 51.8% year-on-year, and a 3.3% improvement on the prior month. Poker’s contribution was up marginally at $1.9m, with the bulk of revenue ($37.4m) coming from online casino games.
For the year to date, revenue is up 55.2% at $256.8m, suggesting igaming offerings have benefitted from cross-sell from sports betting.
Golden Nugget remains by far the leading licensee, with revenue of $14.9m, up 59.7% from July 2018. Resorts Digital, which is partnered with The Stars Group, has benefitted from a $74.3% year-on-year increase, though its monthly total of $6.9m lags far behind the market leader.
Close behind Resorts Digital is the Borgata, with revenue of $6.4m, followed by Caesars Interactive on $5.1m.
The state’s land-based casino revenue, meanwhile, hit $277.2m, a 1.8% increase on the prior year’s $272.3m. The Borgata rules the roost in the channel, accounting for $80.8m of the monthly total – a 13.6% year-on-year rise, followed by Hard Rock with $38.7m.
Across all verticals and channels, July revenue was up 10.7% year-on-year at $334.4m. For the year to 31 July, the total stands at $1.9bn, up 23.2% from 2018.