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NJ Sports Betting Fumbles in Its Second Full Month, Down 51%

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NJ Sports Betting Fumbles in Its Second Full Month, Down 51%
Photo Source: nbcsports.com
Reading Time: 4 minutes

 

New Jersey sports betting was looking red hot in September with the first month of NFL betting generating nearly $24 million but things took a quick turn in October where revenues dropped drastically to $11.68 million, a drop of 50.6% month over month. While it’s too early to throw in the red flag we should take notice of a few things. Firstly, not all NJ online casinos who are planning to offer sports betting have launched as of today. Golden Nugget online casino, Resorts Online Casino, Hard Rock online casino, and Bet365 are just a few that all plan to launch online sportsbooks within the next few months. So, the market is still very young and without a few of its heavy hitters.

Odds Underdogs Could Be Throwing Off NJ Sportsbook Revenues

Secondly, NJ sportsbooks can have bad months. At the current level of revenue, it is very easy for a few big wins to drastically sway the revenue total. Look at DraftKings Sportsbook. They went from $8.5M in September to just over $5M in October. While we don’t have visibility into turnover volume, we can say confidently that DraftKings probably took in some heavy action that didn’t go their way. Thirdly, home underdogs have been uncharacteristically good against the spread this year with a total record of 27-22-1 through November 20th.

NJ Sportsbooks Are Still Catching Their Footing

And lastly, the sportsbooks in market are still trying to catch their footing. It’s early days for NJ sports betting and most books are still tweaking their operations and gearing up their marketing. There is still much to learn in terms of liability and odds management and the books are getting better every day. Give them some time and not before long will we see more brand advertising and better service.

“We’ll be keeping a close on the market as we move out of the NFL regular season to see what impact that will also have on the market but it should be noted that there could be some lost revenue back to the black market while NJ still suffers from payment and registration pains,” said BonusSeeker.com NJ Marketing Editor, Anirudh Vashishth.

The regulated New Jersey online sports market generated $11.68 million gross revenue in October, down $11.98 million from the previous month.

October 2018 NJ Sports Betting Online Revenue (in millions)

SPORTSBOOK

Oct-18

Bally Casino AC

$                                           0.30

Bally Online

$                                           0.11

Borgata Casino AC

$                                           0.12

Borgata Online

$                                           0.07

Golden Nugget Casino AC

$                                           0.05

Golden Nugget Online

$                                           0.15

Harrahs Casino AC

$                                           0.10

Harrahs Online

$                                                 –

Ocean Resort Casino

$                                           0.44

Ocean Online

$                                           0.39

Resorts Casino AC

$                                           0.10

Resorts Online

$                                           5.09

Meadowlands Track

$                                           1.11

Meadowlands Online

$                                           2.43

Monmouth Park

$                                           0.61

Monmouth Online

$                                           0.61

Tropicana AC

$                                           0.02

Tropicana Online

$                                                 –

Total

$                                         11.69

Total Online

$                                           8.84

Total B&M

$                                           2.85

 

PA Sportsbooks Kick Off After New Jersey’s Wave

On Nov 15th, Hollywood Casino opened it’s PA Sports betting lounge, the first operator to take a legal sports bet in Pennsylvania. Online sports betting is also legal in PA, however no operators have launched this service as of now. PA Casinos are anticipated to open up online sports betting operations before the end of the ’18-’19 NFL season.

For more information, visit https://www.bonusseeker.com

 

About BonusSeeker:
BonusSeeker is a leading source for iGaming news, online games, and online-casino promotions in the U.S. regulated online gaming markets.

 

Source: BonusSeeker

George Miller started his career in content marketing and has started working as an Editor/Content Manager for our company in 2016. George has acquired many experiences when it comes to interviews and newsworthy content becoming Head of Content in 2017. He is responsible for the news being shared on multiple websites that are part of the European Gaming Media Network.

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