No Summer Swoon: Quarter-Billion In Handle Shows NJ Sports Betting Momentum

A slow month on the sports calendar did not slow the year-long surge of NJ sports betting.

The July revenue report released Wednesday by the New Jersey Division of Gaming Enforcement (DGE) shows $251.3 million in handle. While that pales compared to what is anticipated during the upcoming NFL season, that amount wagered breaks Nevada's single-month record for July.

The Silver State set that mark last July at $244.6 million, besting its previous high of $221.5 million set in July 2016. Nevada does not release its monthly financial information until the end of the month, so the comparison to July 2019 will wait.

New Jersey sportsbooks posted $17.9 million in revenue in July. That pencils out to a 7.1% hold for operators.

Online share grows again in NJ sports betting

The NJ sports betting marketplace continues to tilt heavily toward mobile and online wagering. The July revenue report shows bettors placed more than $213 million of wagers via NJ sports betting apps.

That equates to nearly 85 percent of all sports bets placed in New Jersey for the month. Throughout 2019, monthly reports indicated roughly 80 percent of wagers coming via app in New Jersey sports betting.

That online share dwarfs what other states report — either officially or anecdotally — as a revenue split. Last month began to show movement in that direction in PA sports betting, but its online options remain in the early stages of their life cycle.

FanDuel Sportsbook alone on the throne

DraftKings Sportsbook enjoyed a month-long head start on the NJ sports betting field in 2018. After that early edge faded, FanDuel Sportsbook surged ahead of its competitors and stayed there.

FanDuel Sportsbook posted the overwhelming majority of more than $9 million in sports betting revenue for July 2019 at Meadowlands Racetrack. That represents more than half the total revenue for sports betting in New Jersey.

DraftKings Sportsbook put up the bulk of $3.7 million in revenue via its partner Resorts AC. That falls behind FanDuel Sportsbook by quite a bit, but still puts DraftKings Sportsbook comfortably in second place in New Jersey.

Nearly $13 million of the state's roughly $18 million in July revenue came in via the two one-time daily fantasy sports giants.

The post No Summer Swoon: Quarter-Billion In Handle Shows NJ Sports Betting Momentum appeared first on Legal Sports Report.

Original source: https://www.legalsportsreport.com/35152/nj-sports-betting-revenue-july-2019/

Relevant news