This is the trend New Jersey wanted to see.
After reporting low revenue figures in October, including the lowest retail sportsbook total since the industry’s launch at the beginning of summer, NJ sports betting financials have returned to an upward trend.
According to numbers released by the NJ Division of Gaming Enforcement on Wednesday, overall sports betting handle came in at $330,748,563 in November while overall revenue came in at $21,243,865.
Such figures indicate that October, in a way, was more a bettor-friendly month. After all, overall revenue jumped nearly $10 million month to month as handle swelled once again to unprecedented heights.
DraftKings, FanDuel continue to lead
Online sportsbooks accounted for 72 percent of the handle last month and combined for $14,446,570 in revenue. That nearly doubled the October total of $8.84 million.
Leading the way, once again, is DraftKings Sportsbook, which, along with BetStars NJ under the Resorts Atlantic City license, reported $7,172,171 in November. That total reflects a more-than $2 million increase from October, though still shy of the $8.5 million reported in September.
In a statement from DraftKings Senior Director of Digital Sportsbook Operations Jamie Shea:
“DraftKings continues to set the pace in New Jersey sports betting. Since August, DraftKings has taken more than 8 million bets and paid out $250 million to sports fans. … No one understands the American sports fan like DraftKings.”
FanDuel Sportsbook, meanwhile, had its best month since launching in September. Like DraftKings, FanDuel upped its month-to-month revenue by a few million dollars, finishing with $4,437,916 in November.
From FanDuel:
“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. With more innovative promotions and payouts than any other sportsbook, we’re thrilled to see more and more consumers choosing to place their wagers with the FanDuel Sportsbook.”
All other mobile licenseholders enjoyed upticks in November. (William Hill NJ (Caesars Sportsbook NJ) splits its reported revenue between partners Ocean Resort Casino and Monmouth Park):
- William Hill (as reported by Monmouth)/SugarHouse Sportsbook: $1,521,295
- William Hill (as reported by Ocean Resort): $915,930
- 888 Sportsbook/Caesars Sportsbook: $205,046
- playMGM: $194,212
Of note, SugarHouse had its first full month under the Monmouth license after leaving Golden Nugget in October. Its presence certainly made an impact, as Monmouth’s online revenue climbed by $900,000.
In a statement from Richard Schwartz, president of Rush Street Interactive, which operates SugarHouse:
“November was the strongest month ever for PlaySugarHouse.com and the entire New Jersey online sports betting industry. We’re encouraged that month over month we continue to gain online & mobile sportsbook market share as word continues to spread about our innovative products and quality customer service. Players tell us they enjoy the ease of placing bets on mobile devices, our variety of live in-game bets, and our quick payouts.”
Retail bounces back, still work to do
November was also a pleasant month for brick-and-mortar sportsbooks. After totaling a mere $2.8 million in October, retail operators returned last month to report $6,797,295 in gross revenue.
That total could create some optimism, considering it stands as the second-best month since launching in June. Still, retail sportsbooks have not nearly kept pace with online sports betting.
Regardless, the majority of land-based sportsbooks made positive strides in November. Once again, Meadowlands Racetrack led retail facilities with $2,605,478 in revenue, reflecting a 133 percent increase from October.
The largest leap of the month went to Ocean Resort, however. After reporting $438,552 in October, the casino last month totaled $1.9 million, finishing ahead of Monmouth, which reported nearly $1.2 million.
The rest of the retail market looks like this:
- Borgata: $877,835
- Resorts: $158,332
- Golden Nugget: $130,874
- Tropicana: $108,751
- Bally’s: -$26,557
- Harrah’s: -$124,260
As shown, both Bally’s and Harrah’s finished in the red last month; Bally’s dropped from $303,240 in October, and Harrah’s from $104,448.
NJ sports betting takeaways
While the sports betting industry in New Jersey remains young, December is the six month of operations, a trend has already taken hold.
Of course, seeing both online and retail sports betting bounce back from a brutal October is a positive sign. But it has become clear that mobile has become king.
Since DraftKings became the first online operator in August, the mobile crowd in the Garden State has ballooned to nine operators, with several more on the way.
Retail handle has increased each month, but the mobile market has quickly taken over. In August, mobile books accounted for 22.7 percent of handle, compared with November’s 72 percent.
Since activation, online sports betting has reported $38,976,798. During that same time, retail sportsbooks have totaled $27,081,853.
All signs point to this trend continuing in New Jersey.