Sports Gambling Revenue Nj
NJ Online Gambling: Up and Up!
- Las Vegas Gambling Revenue
- Nj Sports Gambling Revenue
- Sports Gambling Revenue United States
- Nj Sports Gambling Tax Revenue
So far, the pool of tax dollars has been small. New Jersey originally projected $25 million in tax revenue from sports betting in the current fiscal year — a sliver of the $38.6 billion state. April 2019 NJ Sports Betting Revenue. FanDuel Sportsbook continues to dominate the New Jersey online sports betting market according to April revenue numbers. In fact, they have begun to distance themselves from #2 DraftKings Sportsbook. The overall sports betting handle is down $372 million in March. New Jersey became the first US state to generate more than $900m in sports betting handle in a calendar month during November. Total sports wagering handle hit $931.6m during the period according to figures published by the New Jersey Division of Gaming Enforcement (NJDGE).
Online casinos and sportsbooks saw another record-breaking year in 2019. Combined, they saw $482.7 million in revenue in 2019!
New Jersey has an 8.5% tax for sports bets made in person and a 13% tax for online and mobile sports bets. Nevada has a much lower tax rate of 6.75% for all types of sports bets.
The fact is that the online casino industry has seen increases nearly every single month in New Jersey. February 2020 saw a small, expected dip from January. However February stillbeat January in terms of daily revenue.
NJ Online Betting Revenue in 2020
At the time of writing, New Jersey is pulling out of a rough couple of months. Revenue in May 2020 was $117,821,280, which is a 116% improvement over April’s measly $54,593. Still, May 2020'sincome is a far cry from May 2019's, which was $318,940,677.
Now (as of the time of writing) that Atlantic City is reopening and some sports are going, we can expect a jump in sports betting.
But don't think that gamblers were sitting twiddling their thumbs while sports were down. Online casino gambling saw a huge jump this May. Over $85 million came in through onlinecasino and poker sites, which is a huge jump from May 2019's $38,300,000.
Hard Rock
We can expect a substantial increase in income as physical casinos are opening back up. But when the industry will get back on track is the million-dollar question.
NJ's 2019 Sports Betting Revenue
At the end of 2019, New Jersey could boast of a huge revenue of almost $300 million. That's the money in, and the other good news is that folks are eager to play: sportsbookssaw $4.58 billion handled in 2019!
And the state of New Jersey certainly isn't complaining either. $36 million is going into New Jersey state tax coffers!
Which Online Sportsbook Made the Most Money in 2019?
The big winner for 2019 was FanDuel...without a doubt! FanDuel made over $149 million in 2019. That's over half of the combined revenue from all sportsbooks in New Jersey! Coming in adistant second is DraftKings, which raked in around $79 million.
A Glorious December 2019 for Online Casinos!
2019 ended with a nice couple of months for online casinos and poker sites in New Jersey. December was the big month, where the Garden State saw $49.3 million flow in from online gambling.December 2019 was the most lucrative month for New Jersey online casinos and poker sites so far.
As usual, the online casinos were leading the way here. They contributed $47.6m to that $49.3 million. Poker's being a bit of a slow poke, but we'll hoping it'll step up soon.
Sportsbetting's Big December 2019!
Online sportsbooks saw a huge $557.8 million in handled bets in December 2019. That means it nearly met November’s record-setting $562.7 million!
New Jersey Tax Revenue
The state of New Jersey has done very well under online gambling, and they made sure they would. While the state gets 8.5% of revenue from land-based casinos, you'll have to cough up 13%of your winnings on an online casino.
BetMGM
Unique Spin-and-Bet feature
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Conclusion: Online Betting in New Jersey
All in all, NJ online gambling sites are on the rise in terms of revenue. Like most of the businesses in the U.S., the casino industry in New Jersey took a tough hit from February on. Luckilythe online casino branch was able to make up for substantial losses in the physical casino and sports betting.
Restrictions on Atlantic City casinos are currently easing, which is good news for many. The sports betting industry is also trying to find ways to stay afloat amid the current situation.
We can look for New Jersey casinos taking a more international look toward sports. There is also the increasing likelihood that virtual sports betting will find wider audiences.
How would the start of the 2020 NFL season, minus the fans, impact September’s NJ sports betting handle?
Well, looking at the $748.5 million handlereported earlier today by the New Jersey Division of Gaming Enforcement, the word HUGE comes to mind. Not surprisingly, 90.6% came via mobile apps.
And it’s $80.6 million more than August’s $667.9 million. This makes it back-to-back months in which the Garden State has hit all-time highs for handle.
We’re talking any legal US sports betting jurisdiction, even Nevada.
NJ sports betting revenue came in at $45 million, good enough for a 19% year-over-year increase.
Here’s a closer look at three factors that can be attributed to September’s results.
Broken record: FanDuel is still killing it
No matter what month we’re talking about, Meadowlands Racetrack, the land-based partner of FanDuel Sportsbook, is dominating the field.
September was no exception, with $28.1 million in revenue. PointsBet NJ also operates under the license, but NJ Gambling Sites understands that FanDuel accounts for the bulk of it.
For the month, the Meadowlands/FanDuel claimed a 62.3% market share.
Resorts Digital, which consists of DraftKings Sportsbook,Fox Bet and the self-branded app, finished an extremely distant second with $4.7 million.
Borgata (BetMGM and Borgata Sports) was the only other license holder to crack $4 million in revenue; $4.06 million, to be exact.
September sports calendar was stacked
Sports bettors have never seen a September like the one that just passed.
Sure, NFL betting and the tail end of the Major League Baseball season are the norms.
However, the 2020 version also included the NBA and NHL playoffs along with PGA Tour’s US Open. So besides the buzz generated by the NFL’s opening weekend, the menu of additional options resembled a gourmet restaurant for sports bettors.
When the COVID-19 pandemic shut down the pro sports world back in March, eventually there was going to be a month where every major pro sport would be playing meaningful games.
September was it.
Las Vegas Gambling Revenue
Will it happen again? It’s hard to predict anything these days.
Cross-selling with online casino
In case you haven’t noticed, the NJ online casino market is enjoying quite a run of its own.
Nj Sports Gambling Revenue
September’s $87.6 million may not be an all-time high, but it’s pretty close to being one. The $87.7 million from August still tops the charts. For those keeping track, this would be five straight months of online casino revenue exceeding $80 million.
Some of it can be attributed to Atlantic City casinos operating at 25% capacity.
At the same time, the bulk of the NJ sportsbook apps out there have sports and casino offerings integrated in the same platform. Access to a shared wallet combined with cross-selling promotions makes it a win-win for operators and players.
The proof comes in the latest numbers.
How big will NJ sports betting handle get?
At the moment, there are no signs of the NJ sports betting market slowing down.
Sure, the NBA and NHL recently crowned their respective champions, but NFL and college football are the bigger draws. And those seasons still have a long way to go.
And with baseball, there is the excitement of the Tampa Bay Rays, not New York Yankees, shocking the baseball world as the American’s League top team. They are one win away from making it to only the second World Series in franchise history (although interest in the Yankees would have probably helped boost handle a bit).
Sports Gambling Revenue United States
The other came in 2008, when the Philadelphia Phillies won it all.
Could the current scenario result in the first $800 million month in NJ sports betting history?
Nj Sports Gambling Tax Revenue
AP Photo/Brett Duke