New Jersey’s sports betting frenzy cools down in December

The New Jersey sports betting magic carpet fell to Earth in December, about a month or two earlier than expected.

The dollar in online sports betting has leveled off, state Game Enforcement figures released Monday showed, after monthly handling increased at a double-digit rate since legal gambling began in mid-June. , indicated that brick-and-mortar store revenues declined. sports gambling.

Of course, a sensible gambler will naturally rest in the last month of the year to set aside extra money for Christmas gifts and other holiday plans. Then there’s the vacation element. New Jersey bettors cannot bet while spending a few days in another state or country. Also, there were fewer college football games to bet on in December than in previous months.

However, a slowdown in growth seemed more likely than this flat line. Let’s take a look at the monthly handles for New Jersey.

  • June: 16 mm
  • July: 41 mm
  • August: 74 mm
  • September: 184 mm
  • October: 261 mm
  • November: $331mm
  • December: $319 mm

Of course, sports betting operators take a closer look at another figure, total earnings. And in November he was 21.2mm, and in the end he was 20.8mm. When I ask the operator what his “bad month” was for 2018, they tell me that in October he was a disappointing 11.7mm.

Online leads physical stores

September was the first month for online sports betting to capture 57% of revenues, outpacing early-starting casinos and racetracks. This figure he increased to 67% in October, 72% in November and 76% in December.

Brick-and-mortar numbers are tricky after three months of steady growth of 6-7mm monthly turned into a 14mm decline in December, with live betting totals returning to September levels .

FanDuel’s rivalry with DraftKings, which began in the realm of daily fantasy sports, continues in sports betting in New Jersey. DraftKings he was the clear leader online until November, but he’s getting close to it now. In December, FanDuel had $5.5mm of online wagering revenue (this figure includes the newly launched PointsBet USA with a small contribution by .

The main players in Garden State’s total revenues continue to be Meadowlands Racecourse ($9.1 million including its FanDuel money) and Monmouth Park ($2.3 million), home to resort William Hill US, largely thanks to DraftKings. ), and Ocean Resort ($1.7 million). Mighty Borgata ($190K) tumbled into the same shallow revenue pool as his casino rivals Harrah’s, Tropicana, Bally’s, and Golden Nugget in December.

Overall 2018

Over the years, casinos, racetracks and their partners received $94 million from just over six months of legal sports betting. Even if that figure doubles his, the operator still doesn’t reach the $299 mm he earned from his casino games online in 2018.

Altogether, the nine casinos in Atlantic City recorded gross gaming revenue of $2.5 billion, up just 4% over 2017. But with the addition of Hard Rock (formerly Trump Taj Mahal) and Ocean Resort (ex-level). ), and Tropicana (+0.8%) was the only holdover casino with an increase in annual revenue.

Then there are John Q and Jane Q taxpayers. What did they get out of the hype? $10.4 million in tax revenue from sports betting in 2018 (8.5% in-store, 13% online).

And where do sports betting operators find the biggest margins? Of course, on the intriguing multi-leg parley bet that had a margin of 11.1% despite the occasional hefty payouts. . Basketball’s approval rating recently rose to 5.4%, while soccer settled at 4.4%. Major League Baseball — a favorite of some high rollers, given the range of data available — earned him just 2.9 cents per dollar on the books.

what’s next?

The January figures still show more football betting, but fewer games are likely to result in less processing than more stakes on playoff games.

February’s release of numbers could reflect solid parlays and in-game betting at the Super Bowl.

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