BUSINESS

New Jersey sports betting revenue bounces back in July

TAGs: New Jersey, sports betting

new-jersey-sports-betting-july-revenueNew Jersey’s legal sports betting market roared back to life in July while digital wagering claimed a record-high share of betting handle.

The New Jersey Division of Gaming Enforcement says its state-licensed sports betting operators’ revenue came in just under $17.9m in the month of July, more than four times the sum they generated in the same month last year and a significant improvement over the $9.7m that licensees earned in June 2019.

While revenue was up, New Jersey’s 11 licensed betting operators reported total wagering handle of $251.4m in July, nearly $22m less than they reported the previous month and the lowest total to date this year. But digital wagering accounted for $213m of that total, just under 85% of the pie, up nearly two points from June’s digital share. For the year-to-date, overall wagering handle is over $2.23b, 81.3% of which was made with a digital device, while revenue stands at $127.5m.

As always, the Meadowlands racetrack’s Fanduel-powered betting business ranked first on the revenue chart with nearly $9.1m, more than twice June’s result and up from just $1.4m in July 2018. Digital wagers claimed over $7.3m (81.4%) of July 2019’s revenue.

Resorts Digital Gaming, whose operations include FanDuel’s arch-rival DraftKings as well as The Stars Group’s BetStars (soon to be FoxBet) brand, ranked a distant second on July’s revenue chart with $3.72m, up from $2.7m in June. Resorts Casino Hotel’s land-based sportsbook added a respectable $587k to Resorts’ overall haul.

The only other operator to top the million mark in July was the Monmouth Park racetrack, which came in at $1.97m, with less than $322k of that earned at the track’s physical sportsbook. The track’s online partners include William Hill and Rush Street Interactive’s PlaySugarHouse site.

As for the state’s other casino operators, the Borgata’s revenue topped $859k, a serious improvement over June’s $62k. The rest of the cellar dwellers was led by Ocean Casino Resort with $587k, followed by Bally’s ($492k), the Golden Nugget ($224k), Hard Rock Atlantic City ($154k), the Tropicana ($126k) and Harrah’s ($113k).

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