New Jersey’s online casinos and sportsbooks ended the summer hot with dramatic year-over-year gains in August.
The state’s combined handle has more than tripled from August 2018 — the month online sports betting launched in New Jersey — accepting $293.6 million in bets, according to an official report on Thursday. The handle, which was up 207% from $95.6 million in August 2018, is likely to surpass Nevada’s handle.
“New Jersey has successfully managed to shrug off competition and continue to grow, and at a faster rate than initially expected,” Dustin Gouker, lead sports betting analyst for PlayNJ.com, said. “With new operators launching in September and the NFL season in full swing, New Jersey’s upward trajectory should continue, even as neighboring Pennsylvania expands online sports betting.”
August’s bets took in $25.2 million in revenue, up 174% from $9.2 million in August 2018 and up 42% from $17.8 million in July. Sports betting, which has amassed nearly $250 million in revenue since launching in June 2018, generated $28.9 million in state taxes.
“By injecting $30 million in tax revenue in just over a year, there can be little question that sports betting has been an unqualified success for New Jersey,” Eric Ramsey, online gambling analyst for PlayNJ.com, said. “With a more mature industry ready as football gets into full swing, the next few months could show dramatic gains, too.”
Online sports bets attracted $249.2 million in bets in August or 85% of the states total handle.
“The addition of new online sportsbooks, including bet365 in late August and TheScore in September, is a good indication that the market still has room to grow,” Gouker said. “That said, the beginning of the NFL season should benefit those operators who offer the most engaging and user-friendly products. It is feasible that FanDuel and DraftKings could increase market share in the coming months.”
New Jersey’s online casinos also hit record revenues in August, generating more than $60 million and topping July’s record of $39.3 million, according to figures released Thursday by the New Jersey Division of Gaming Enforcement.
From July to August, there was a $1.78 million month-over-month increase in online casino revenue and a $5.29 million uptick in online sports wagering gross revenue.
After a slow July, figures show $19.2 million in gross online sports betting win due to the NFL preseason kicking off at the beginning of August and college football fast approaching.
“Football is back and soon the MLB postseason will be here. Therefore the industry is expecting an even bigger September and October.” Rich Migliorisi, managing editor at BonusSeeker.com, said.