Huge sports and casino fan
Huge sports and casino fan
The Garden State’s sports betting industry is bouncing back to life after a slow summer schedule, as shown by the latest revenue results released by the New Jersey Department of Gaming Enforcement (NJDGE).
According to the report published Thursday, NJ sportsbooks took in a combined $664.7 million in wagers in August, an increase of 14.9% from the $578.7 million handled in July. However, when compared to the $668 million reported in the same month last year, August’s betting handle was down 0.5% year-on-year.
The total value of wagers placed by NJ bettors last month pushed the state’s year-to-date (YTD) betting handle to $6.13 billion, which is $0.11 billion higher than the $6.02 billion handled in the 12 months of 2020.
When it comes to the profits, the revenue generated by the industry was $52.0 million, translating to a 7.8% hold. The total win reported in August showed an improvement of 31.7% year-on-year when compared to the $39.5 million reported in August 2020, but it was down 5.4% from the $55 million won in the previous month.
The state collected $6.7 million in taxes from the industry, with $406,926 coming from land-based wagering venues and 6.3 million coming from online operators. The tax rate for licensees in the Garden State is 8.5% for physical sportsbooks and 13% for mobile operators.
Just like in the previous months, the lion’s share of the Garden State’s August betting handle came in via online platforms and mobile apps. The total value of bets processed by the 20 online licensees in the state was $612.9 million, which represents 92.2% of the total betting handle.
The figure shows an impressive 15.8% increase month-on-month when compared to the $529.4 million handled by online operators in July, and it also 1.8% higher than the $601.9 million posted in August 2020.
The combined hold reported by online licensees was $48.2 million, accounting for 92.7% of the state’s total sports wagering revenue.
The report published by the DGE puts Meadowlands Racetrack ahead of other licensees in the New Jersey sports betting market.
The facility, which partners with Flutter Entertainment’s FanDuel for its retail and online operations, ranked first in the state’s regulated market in August after reporting a combined hold of $26.9 million. The FanDuel branded physical sportsbook at the racetrack generated $3.2 million of the licensee’s revenue, while internet wagering accounted for $23.6 million of the hold.
The internet wagering revenue posted by Meadowlands also includes figures reported by the establishment’s other online partners, PointsBet and SuperBook Sports NJ.
Resorts Casino Hotel had the second highest hold in the state, with $263,068 coming from its DraftKings-branded retail sportsbook and $13.0 million from mobile betting. The casino has three online sports betting license skins – DraftKings, Betstars, and Resortscasino.com.
The two platforms tied to Borgata Casino, BetMGM and Borgatasports.com, won $5.7 million of the bets placed by their online customers, placing the facility third in the state in terms of sports betting revenue.
Monmouth Park’s combined sports betting revenue for the month was $2.2 million. The William Hill sportsbook at the Oceanport-located racetrack accounted for $755,949 of the profits, while $1.5 million came from the establishment’s online partners. The racetrack’s online license partners are William Hill, RSI’s SugarHouse Sportsbook, and theScore Bet.