New Jersey Posts $273 Million In Sports Bets In Do …

Summer is not the biggest time to bet on sports in the US, but the New Jersey sports betting industry is still posting big numbers.

The state generated $273 million in total wagers and $9.7 million in sports betting revenue in June. The total amount wagered is slightly down from the May numbers, which just outpaced Nevada for the first time in a single month.

Nevada's handle usually clocks in just under $300 million for June over the recent years.

More about the NJ sports betting numbers

Again, NJ online sports betting was the star, with the internet accounting for 83% of all wagers. The percentage of handle coming from retail sportsbooks looks like it will permanently reside at less than 20% in the state.

That should be informative for any state planning to legalize only physical sportsbooks.

Sportsbook operators are also hitting the dead part of the calendar. While the NBA playoffs and finals wrapped up in June, there is increasingly little for bettors to bet on, with much of the summer action coming in on baseball, golf and tennis.

Here's a look at the first year of sports betting in NJ in terms of handle and revenue:

NJ sports betting revenue - June 2019

A two-horse race for FanDuel, DraftKings

Nothing in the report is terribly surprising, including the operators occupying the top two spots.

FanDuel Sportsbook once again led the way, as it has done every month since February. It generated almost $4.4 million in revenue between its online platform and its retail location at Meadowlands. While its spot near New York City drives the most brick-and-mortar betting in the state, online/mobile betting still accounted for the large majority of its total take ($2.73 million).

DraftKings Sportsbook did close the gap last month, though. The retail book it operates at Resorts Atlantic City recorded less than $35,000 in revenue for June, but its digital product challenged for the top spot. Online betting resulted in a win of $2.69 million for DraftKings, just a few thousand shy of its rival.

The William Hill sportsbook at Monmouth Park was the only other NJ operation that reached $1 million in total revenue for June.

Pennsylvania online sports betting = competition?

The numbers in NJ come as PA online sports betting finally launched next door, with three sportsbook apps going live in May and June.

The rollout likely had some amount of negative impact around the border and in Philadelphia, as bettors may have moved some of their action to PA betting apps.

It's difficult to read too much into the impact; after all, we don't have a great comparison point for what “a typical June” looks like in NJ. Sports betting just went live a year ago, and there were no apps until later in the summer.

The balance of power in the region should begin to settle out now that both states have online betting available — at least until New York joins the party.

The post New Jersey Posts $273 Million In Sports Bets In Dog Days Of Summer appeared first on Legal Sports Report.

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