NJ nears milestone $1bn handle figure

12 December 2018

New Jersey is closing in on $1bn handle since the launch of sports betting after announcing its November figures.

After accepting $330.7m in customer wagers last month, the state has now seen $928.1m wagered since the first bets were placed on June 14. According to New Jersey Division of Gaming Enforcement (NJDGE) figures, handle was up 26.9% on the $260.7m wagered in October.

Sports wagering gross revenue was $21.2m for the month – almost double the $11.7m for the prior month thanks to more favourable results. The figure was still lower than the $23.9m in September, which was from handle of $183.9m.

Digital betting handle was at $238.6m, up 37% on October. It accounted for 72.1% of total bets placed, up on 66.9% last month.

DraftKings was again the stand-out performer in November with its partner Resorts declaring revenue of $7.2m – a third of the state’s total – up 41.2% on October. iGamingBusiness.com understands that around 95% of Resorts' handle came from DraftKings, with BetStars also ‘based’ at the Atlantic City venue.

FanDuel, based at Meadowlands, saw its win double to $7m from the $3.5 of October. Ocean Resort, which is partnered with William Hill, saw revenue of $2.8m – around treble the October figure.

DraftKings was delighted by its performance in November, telling iGamingBusiness.com it has now accepted more than eight million bets and paid out $250m to sports fans since launching its mobile wagering platform in early August.

The company is also positive about the impact of its new Retail space at Resorts Casino, which opened its doors on November 20.

“DraftKings continues to set the pace in New Jersey sports betting,” said Jamie Shea, DraftKings’ senior director of digital sportsbook.

“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.”

FanDuel described a "history-making month", focusing on its positive revenue figures and celebrating its decision to become the first legal sports betting operator in the US to pay out future wagers early on Alabama winning the college football national championship.

"We’re thrilled to see more and more consumers choosing to place their wagers with the FanDuel sportsbook," the company said in a statement released to iGamingBusiness.com.

While there is much focus on sports betting it's worth noting betting revenue still accounts for only a fraction of total state win.

Total gaming revenue in New Jersey for November was $257.4m compared to $206.4m in November 2017, reflecting a 24.7% increase. Internet gaming win was $26.9m in November, up 30.7% year-on-year.

For the year-to-date, the industry’s total gaming revenue was $2.64bn compared to $2.45bn in 2017, reflecting an increase of 7.9%.