New Jersey witnesses boost to August revenues than to sports betting
The state of New Jersey has seen its sportsbook operations be augmented by online offerings recently and this has led to an unprecedented increase in the number of wagers and gross revenues made in the month of august for the entire industry. The most recent estimates claim that the state witnessed a huge increase of 135% last month with a 139% increase to gross revenues.
The wagers of sportsbooks in the state come in at almost $100 million for August. New Jersey witnessed $95.6 million in wagers and the sportsbooks generated a little above $9 million in gross revenues. Physical, land-based sportsbooks launched first but were followed closely by online offerings.
DraftKings Sportsbook was the first such online site to launch and it was available on August 6th. The site generated close to an impressive $3 million for the month. Other options – including playMGM and SugarHouse – launched later in the month and began offering their services on the 22nd.
There was a total $21.7 million handle for these online sportsbooks in August and land-based sportsbetting contributed $73.9 million to the total.
Dustin Gouker is the lead sports betting analyst at playNJ.com and he said that as the NFL and college football seasons continue there’s the potential for even more growth. In a statement elaborating on this he said that “we could see sports betting grow by more than 300 percent in September as NFL and college football ramp up and the number of options for online sports wagering in New Jersey continues to grow.”
September promises to bring even more competition to the space. 888 Holdings, for example, announced recently that it will launch mobile sports betting via the company’s sports betting brand 888 Sport. The launch of this mean that the provider will become the 7th mobile operator to begin offering services in New Jersey.