Proponents of sports betting always knew that there was great potential in the American market but no one dreamed that it would reach the heights that it has in such a short time. New Jersey, where sports betting has only been operating for half a year, is seeing hundreds of millions in revenues every month. Sports betting is now available in New Jersey in multiple online casinos, live casino, race track and other betting venues. Observers are astounded at the enthusiasm that the activity is generating.
In November, after a slight October slowdown, sports betting bounced back to a record $330 million handle in New Jersey. Operators in the Garden State generated $21.2 million in revenue – that represents the most money wagered in a single month to date in the new NJ sports betting market. New Jersey can look forward to $2.45 million in tax revenue from that income.
The New Jersey casinos that brought in the highest revenues were Bally’s Wild Wild West (888 and Caesars), Borgata (playMGM), Harrah’s and the Golden Nugget.
Meadowlands, which is partnering with the FanDuel Daily Fantasy Sports operator, made an impressive $4,438,000 showing. The newest partnership between Resorts Casino and BetStars and the DraftKings daily fantasy sports operator – FanDuel’s biggest competitor, came out at the top with $7,172,171 in November revenue. Monmouth Park which has a new partnership with William Hill and SugarHouse, made a respectable showing as they debuted their new platform with $1,521,295 in overall revenue.
FanDuel and DraftKings at the top of the revenues are to thank for the upturn in New Jersey sports betting. Both operators continued their strong run in New Jersey sports betting showing. Observers believe that their success is due to brand recognition but it’s clear that the daily fantasy sports giants are cementing their place as sports betting leaders.
FanDuel and DraftKings’ partnerships with existing casinos and betting venues accounted for roughly two-thirds of overall NJ sports betting revenue. DraftKings now accounts for over 95% of Resorts’ digital revenue.
Kevin Hennessy, FanDuel spokesman commented that “November was a history making month for the FanDuel Sportsbook. We doubled revenue versus October and we were the first legal sports betting operator in the United States to pay out future wagers early on Alabama winning the college football national championship.”
Jamie Shea of DraftKings also weighed in, saying “Since August, DraftKings has taken more than 8 million bets and paid out $250 million to sports fans. Our new retail sportsbook at Resorts had a strong first month, capped with an exciting consumer event this past weekend. No one understands the American sports fan like DraftKings.”
Industry insiders say that a big part of the upswing in sports betting is due to the NFL league entering its final month of play.
Right from the outset, New Jersey embraced online sports betting. That seems to have been a good decision since it only took a couple of months for online revenue to surpass retail revenue from New Jersey sports betting. In November the gap widened even more significantly as the close of the football season approached and the handle skyrocketed.
States that have not yet legislated online betting might want to take note – in November, more than 72 percent of money wagered on sports in New Jersey came via online and mobile platforms. $238 million of the $330 million in sports betting revenue came via online channels.
As soon as sports betting was made legal the daily fantasy sports sites jumped in. The DraftKings Sportsbook became the first legal online option for NJ bettors when it was created under a partnership with Kambi in August. The FanDuel Sportsbook became the state’s fourth online sportsbook when it launched in September after it was acquired by Paddy Power Betfair, the IGT game designer and a network of additional partnerships. FanDuel Group also operates The Meadowlands retail sportsbook via its online gaming permit.
The unanticipated success of the early months of sports betting is driving SBC Events, organizer of sportsbetting.com events, to hold its inaugural Betting on Sports America event next year. At the event attendees will be offered the chance to participate in 40+ conferences that focus on sponsorship, marketing, regulation and operation.
The London-firm released a press release that stated that Betting on Sports America will take place April 24th – 25th at Meadowlands Exposition Center in northern New Jersey. Hard Rock International and the Mississippi Gaming Commission have already committed to take part in the event.
At the event visitors will be treated to a wealth of networking opportunities and will be invited to participate in affiliate boot camps and eSports workshops.
The Betting on Sports America Conference is being sponsored by BetConstruct, a land-based and online gaming technologies firm, and by SG Digital which is a Scientific Games Corporation subsidy. In addition to the workshops and discussion panels, attendees will be invited to experience all Meadowlands Exposition Center activities.
In its first press release SBC detailed that the inaugural extravaganza will be supported by online gaming and sports betting solutions provider InBet Games. The firm will also close the event with a ‘spectacular closing party’.
SBC stated that they expect 1,500 delegates from around the world to attend. Participants will receive insights from top industry figures. Speakers include the Executive Director for the National Council on Problem Gaming, Keith Whyte, Ed Comins, Managing Director for the firm behind WatchAndWager.com, May Scheve, Missouri Lottery Executive and Manuel Stan who is the Central Brand Marketing Director for iGaming operator Kindred Group.
Conference participants will also have a chance to check out the latest innovations from some 60 exhibitors.
Comins said “I can’t wait to play a part in the inaugural Betting on Sports America. I’m particularly pleased about horseracing’s inclusion in the conference agenda. There is no doubting there are opportunities for the sport but it needs to be positioned in the right way to fit the new environment.”