NJ Sports Betting Fumbles in Its Second Full Month, Down 51%
Wednesday 21 de November 2018 / 14:04
2 minutos de lectura
(Atlantic City).- New Jersey sports betting was looking red hot in September with the first month of NFL betting generating nearly $24 million but things took a quick turn in October where revenues dropped drastically to $11.68 million, a drop of 50.6% month over month. While it's too early to throw in the red flag we should take notice of a few things.
Firstly, not all NJ online casinos who are planning to offer sports betting have launched as of today. Golden Nugget online casino, Resorts Online Casino, Hard Rock online casino, and Bet365 are just a few that all plan to launch online sportsbooks within the next few months. So, the market is still very young and without a few of its heavy hitters.
Odds Underdogs Could Be Throwing Off NJ Sportsbook Revenues
Secondly, NJ sportsbooks can have bad months. At the current level of revenue, it is very easy for a few big wins to drastically sway the revenue total. Look at DraftKings Sportsbook. They went from $8.5M in September to just over $5M in October. While we don't have visibility into turnover volume, we can say confidently that DraftKings probably took in some heavy action that didn't go their way. Thirdly, home underdogs have been uncharacteristically good against the spread this year with a total record of 27-22-1 through November 20th.
NJ Sportsbooks Are Still Catching Their Footing
And lastly, the sportsbooks in market are still trying to catch their footing. It's early days for NJ sports betting and most books are still tweaking their operations and gearing up their marketing. There is still much to learn in terms of liability and odds management and the books are getting better every day. Give them some time and not before long will we see more brand advertising and better service.
"We'll be keeping a close on the market as we move out of the NFL regular season to see what impact that will also have on the market but it should be noted that there could be some lost revenue back to the black market while NJ still suffers from payment and registration pains," said BonusSeeker.com NJ Marketing Editor, Anirudh Vashishth.
The regulated New Jersey online sports market generated $11.68 million gross revenue in October, down $11.98 million from the previous month.
October 2018 NJ Sports Betting Online Revenue (in millions)
SPORTSBOOK | Oct-18 |
Bally Casino AC | $ 0.30 |
Bally Online | $ 0.11 |
Borgata Casino AC | $ 0.12 |
Borgata Online | $ 0.07 |
Golden Nugget Casino AC | $ 0.05 |
Golden Nugget Online | $ 0.15 |
Harrahs Casino AC | $ 0.10 |
Harrahs Online | $ - |
Ocean Resort Casino | $ 0.44 |
Ocean Online | $ 0.39 |
Resorts Casino AC | $ 0.10 |
Resorts Online | $ 5.09 |
Meadowlands Track | $ 1.11 |
Meadowlands Online | $ 2.43 |
Monmouth Park | $ 0.61 |
Monmouth Online | $ 0.61 |
Tropicana AC | $ 0.02 |
Tropicana Online | $ - |
Total | $ 11.69 |
Total Online | $ 8.84 |
Total B&M | $ 2.85 |
PA Sportsbooks Kick Off After New Jersey's Wave
On Nov 15th, Hollywood Casino opened it's PA Sports betting lounge, the first operator to take a legal sports bet in Pennsylvania. Online sports betting is also legal in PA, however no operators have launched this service as of now. PA Casinos are anticipated to open up online sports betting operations before the end of the '18-'19 NFL season.
Categoría:Sportsbook
Tags: Sports Betting, Sportsbook ,
País: United States
Event
SBC Summit Americas 2025
13 de May 2025
Uplatform Aims to Redefine iGaming Success with Networking, Localization, and Customer Journey Mapping
(Fort Lauderdale, SoloAzar Exclusive).- At SBC Summit Americas, Uplatform emphasized the power of strategic networking, data-driven localization and CJM to help operators thrive in the competitive iGaming market. María, Head of Marketing, shares how understanding regional nuances and focusing on overlooked player touchpoints can elevate brands from mere presence to lasting trust. Dive into her insights on industry trends, innovation, and why creativity is a rare gem in expos.
Monday 16 Jun 2025 / 12:00
ProntoPaga Drives the Fintech Revolution with SmartPIX and SmartRouting in LATAM
(Fort Lauderdale, SoloAzar Exclusive).- Evans Concha, CTO and Founder of Pronto Paga, shared the main innovations launched this year and how they impact the regional fintech industry. With a firm commitment to new technologies and cybersecurity, the company is positioning itself as a leader in the sector. Discover how it is redefining the future of digital payments in this article.
Friday 13 Jun 2025 / 12:00
Pay4Fun consolidates its position as a 100% Pix Payment Gateway and expands its reach in LatAm
(Fort Lauderdale, SoloAzar Exclusive).- Pay4Fun strengthens its position as a 100% Pix payment gateway with direct integration with the Central Bank, guaranteeing maximum security and efficiency in transactions. At SBC Summit Americas, Leonardo Baptista highlights the role of networking and innovation in an environment where technology and regulation are key. Discover how Pay4Fun is shaping the future of digital payments.
Thursday 12 Jun 2025 / 12:00
SUSCRIBIRSE
Para suscribirse a nuestro newsletter, complete sus datos
Reciba todo el contenido más reciente en su correo electrónico varias veces al mes.