Nearly 1 Billion in Revenue for New Jersey

Nearly 1 Billion in Revenue for New Jersey

November figures are out in New Jersey and ever since sports betting was introduced…

the state’s handle has managed to reach almost $1 billion!

The first bets were placed in the middle of June. In November, the wagering got to $330.7 million and it now totals $928.1 million in this state. The New Jersey Division of Gaming Enforcement released official data and there was an obvious jump…

…of $26.9% considering the fact that $260.7 million was placed in October.

Thanks to the favorable results, a sports wagering gross revenue nearly doubled compared to the month before, going from $11.7 million in October to $21.2 million for the next 30 days.

It is important to notice that September was the best month with the gross revenue of $23.9 million coming from handle of $183.9 million.

Current Stance

When it comes to digital sports betting handle in November, the counter stopped at $238.6m and it accounts for 72.1% of all bets ($330.7m) in that month. In comparison with October, a 37% rise has been marked. Meanwhile, the digital bet percentage in October was 66.9 meaning that the increase in this field is 5.2%.

The Leaders

It comes to no surprise that in November, DraftKings, which is making its presence known around the US, was the top performer. With its partner Resorts…

…they declared revenue of $7.2 million, which is a third of the state’s total.

Approximately 95% of Resorts’ handle came from DraftKings despite the fact that BetStars is also located at this venue.

In the meantime, FanDuel that is positioned at Meadowlands managed to raise the handle from $3.5 million in October to $7m is November. Furthermore, thanks to William Hill, Ocean Resort earned $2.8 million, which is similar to October.

The Winners Express Gratitude

DraftKings couldn’t be happier with their performance in the previous month. According to one of their top dogs, they have accepted more than eight million bets!

Ever since sports wagering became available on mobile devices in August, DraftKings paid out $250 million to the sports betting fans. Moreover, they are thrilled about the impact a newly-opened Retail space has on Resorts Casino.

Jamie Shea, DraftKings’ Senior Director of Digital Sportsbook commented: “DraftKings continues to set the pace in New Jersey sports betting. Our new retail sportsbook at Resorts had a strong first month, capped with an exciting consumer event this past weekend. No one understands the American sports fan like DraftKings.”

Positive Results

November has been the “history-making month” for the provider and they have lots of reasons to celebrate. The decision to be the first legal sports betting operator in this North American country definitely paid off.

The company said in a statement: “We’re thrilled to see more and more consumers choosing to place their wagers with the FanDuel sportsbook.”

The good news for the providers is that sports betting is still on the rise and it will keep spreading around the US in upcoming years.

Source:

“NJ nears milestone $1bn handle figure”, igamingbusiness.com, December 12, 2018.

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