In August, New Jersey’s combined sports betting handle more than tripled from the same month in 2018, putting it in place to pass Nevada once again.
“New Jersey has successfully managed to shrug off competition and continue to grow, and at a faster rate than initially expected,” according to PlayNJ.com. “With new operators launching in September and the NFL season in full swing, New Jersey’s upward trajectory should continue, even as neighboring Pennsylvania expands online sports betting.”
With football heating up, New Jersey sportsbooks accepted $293.6 million in bets for the month, according to official reporting. That’s up 17 percent from $251.3 million in July 2019.
August’s combined online and retail handle will likely surpass Nevada, which posted $247.6 million in August 2018. The bets yielded $25.2 million in revenue, up from $9.2 million in August 2018 and up from $17.8 million in July.
By amassing $3.8 billion in bets and nearly $250 million in revenue since launching in June 2018, online and retail sports betting in Jersey has generated $28.9 million in tax revenues for the state.
“By injecting $30 million in tax revenue in just over a year, there can be little question that sports betting has been an unqualified success for New Jersey,” said PlayNJ.com. “With a more mature industry ready as football gets into full swing, the next few months could show dramatic gains, too.”
Online sports betting continues to be the driving force, tallying $249.2 million in August bets. Online betting represented 85 percent of the state’s total handle, the same percentage as July.
New Jersey’s online casino and poker industry hit yet another monthly revenue record in August, and in doing so neared the total revenue generated in all of 2018. In all, online casino games and poker generated $41.1 million in August, topping the record of $39.3 million set in July.
August’s total—up 66 percent from $24.8 million in August 2018—gives the industry $297.9 million in revenue for the year. In just eight months, the industry has nearly eclipsed the $298.7 million the industry generated in 2018.
“Bettors’ thirst for online casino games in New Jersey seems to be unquenchable, and could feasibly generate nearly $500 million this year,” said PlayNJ analyst Eric Ramsey. “It’s conceivable the launch of online gambling in Pennsylvania could slow the momentum in New Jersey, but right now we’re seeing no signs of the growth letting up.”
The Golden Nugget in Atlantic City continues to dominate the market, generating $15 million in August, up from $14.9 million in July. Resorts Digital remained second with $7.5 million, up from $6.9 million in July.
