New Jersey’s Sportsbetting Industry Enjoys Successful September
The state of New Jersey has undergone some serious changes in 2019, embracing new companies and new technologies and witnessing some wide-sweeping changes taking place across the United States on the whole. September was set to be a very testing month for the state’s gambling industry, but it is one that that it passed with flying colours, witnessing a 142% increase year-on-year as it hit $445.6 million.
Sportsbetting has only been legal in New Jersey since the summer of 2018, but in that time it has generated over $4 billion in lifetime handle, with tens of millions being added to the government coffer’s in the form of taxes.
Help from the NFL
The National Football League was a big help to New Jersey’s sports betting industry this past month as it has just celebrated the launch of its 100th season. A huge sum of money has been gambled on this season, injecting millions into the public purse and giving advocates hope for the months ahead. After all, the football season has only just started and the real big events, including the Playoffs and the Super Bowl, have yet to take place.
As was to be expected, a huge percentage of all New Jersey bets were placed online. In fact, more than 8 out of every 10 bets were made online. PointsBet and FanDuel are the two market leaders when it comes to online sports betting in this state, and these are closely followed by DraftKings, FoxBet, WilliamHill and PlaySugarHouse.
Race betting has also experienced an uptick, with total revenue surpassing $3.6 million for September, a month-by-month rise of more than a third.
Moving away from sports betting, casino and poker gambling has experienced a surge in New Jersey. September recorded revenue in excess of $41 million for these two industries, an increase of 59% for the year and one that pushes the total annual revenue above $300 million. The September revenue beat a record that had been set in August, suggesting that this is an industry on a steady incline and that the best is yet to come.
There are just a few months left of 2019, but it’s fair to assume that aggregated revenues from online casino gambling and poker gambling will outpace all revenue from 2018. In fact, 2018’s earnings hit just $450 million, while 2019’s earnings could edge above $650 million.