FanDuel Sportsbook continues to dominate the New Jersey online sports betting market as the April revenue numbers came out. And DraftKings Sportsbook is still the dominant No. 2 sports betting app in NJ.
That leaves everyone else basically competing for leftovers as the state generated $313 million in total wagering handle and more than $21 million in revenue in April 2019.
It’s down from the $372 million in handle from March, which is not shocking given the massive amount of handle from March Madness betting and the volume of regular season NBA and NHL games, among other things.
But the Final Four, The Masters and the start of the playoffs helped create enough interest to keep handle above $300 million for the month.
Online wagering accounted for 80% of handle for the month, more than $253 million.
FanDuel, DraftKings and everyone else
The gap on the revenue side of things continues to be stark when it comes to the top two operators and the rest of the pack.
FanDuel generated most of the $8.8 million online under the Meadowlands license, while DraftKings similarly accounted for most of the $4.8 million under the Resorts license.
With a total of $16.5 million in online revenue in April, that obviously leaves very little for everyone else.
The only other licensee to eclipse $1 million online is William Hill and SugarHouse under the Monmouth Park license (combined $1.8 million).
Here is a statement from FanDuel on the heels of another outstanding month:
“The FanDuel Sportsbook is the clear number one sports betting operator in New Jersey, a notable achievement just one year since the overturn of PASPA. April was our second biggest revenue month since launch, thanks in part to enthusiasm for the NBA and NHL Playoffs as well as the start of baseball season.
A look at NJ sports betting handle in April
The breakdown of wagers is spread out across a number of sports in the month.
Baseball, basketball, and the “other category” — which includes hockey and sports like tennis, golf and soccer — all generated more than $80 million in handle.
Parlay betting also continues to enjoy an outsized presence in the state, with more than $57 million in parlays. That continues to outpace the Nevada market by orders of magnitude in most months.
The fact that bettors continue to hammer parlays is good for NJ sportsbook operators, as they generally hold (or winning percentage) at a much higher margin than straight bets. (To wit, NJ operators have held at a rate of about 14% in 2019).
In sum, there has been more than $2.6 billion in wagers in New Jersey’s short history of sports betting.
Cross-sell in NJ continues to be brisk
The interaction of online casino and online sports betting continues to act as a rising tide for all ships.
Online casino and poker generated more than $36 million in revenue, the second best month in state history. Growth in online casino is up 60% year over year.
The consistently high numbers are obviously due in part to the new sports betting platforms that can push folks to online casino. That includes Betfair and FanDuel, and the DraftKings Casino inside the sportsbook app.
In any event, New Jersey is making a compelling argument to legalize other forms of online gambling alongside sports gambling.