FanDuel Cements Early NJ Sports Betting Edge As Yearly Handle Approaches $3 Billion

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NJ sports betting

Monthly NJ sports betting handle and revenue continue to deliver eye-popping numbers but do not yet challenge Nevada‘s best September.

New Jersey sports betting handle climbed to a monthly record of more than $445 million in September 2019. Revenue shot up to nearly $38 million as well, a strong hold of more than 8.5%.

That comes as little surprise given the start of college football and NFL betting, as well as the spread of NJ sports betting apps.

Nevada, however, posted a whopping $571 million in handle in September 2018 to set a record at the time. The Silver State later eclipsed that mark with nearly $600 million during March Madness this year.

Property (Online)DigitalRetailSept. totalAug. total
Bally’s Wild Wild West (Caesars, 888)$486,668$241,703$728,371$619,001
Borgata (betMGM)$721,801$756,416$1,478,217$930,981
Golden Nugget (Golden Nugget, BetAmerica)$336,740$150,698$487,438$444,457
Hard Rock (Unibet, bet365)$178,255$231,150$409,405$289,482
Meadowlands (FanDuel, PointsBet)$13,299,169$3,645,224$16,944,393$11,867,559
Monmouth Park (William Hill, SugarHouse, theScore)$2,364,466$996,844$3,361,310$2,085,737
Ocean Resort (William Hill)$1,301,140$1,794,692$3,095,832$1,268,961
Resorts (DraftKings, Fox Bet)$10,721,843$340,117$11,061,960$7,224,476
Tropicana (William Hill)$170,652$29,783$200,435$323,973

What a difference a year makes in NJ sports betting

NJ sports betting handle clocked in at $184 million in September 2018, the first month of legal NFL and college football betting outside Nevada. It does not require much sleuthing to discover how that number more than double in a year.

Last year at this time, sports betting in New Jersey could take place on eight mobile apps. Today, that number sits at 17.

While retail options have increased slightly as well, the proliferation of options to place bets by phone or computer in New Jersey accounts for the remarkable growth. The share of NJ sports betting handle coming in via mobile stands at 84% in September, and that’s even a slight drop from earlier this year.

FanDuel Sportsbook maintains New Jersey lead

At this time in 2018, early market leader DraftKings Sportsbook ceded some ground to FanDuel Sportsbook. Both former daily fantasy sports operators checked in at more than $11 million in year-to-date sports betting revenue in New Jersey.

The revenue report looks quite different in September 2019. Solidifying an edge it has maintained for most of the year, FanDuel Sportsbook reports nearly $96 million in year-to-date revenue via Meadowlands Racetrack to $50.5 million for DraftKings Sportsbook through Resorts AC.

William Hill checks in third with $18 million at Monmouth Park.

Football hold lines up with history

New Jersey sportsbooks held 5.4% of all football bets in September. That amount lines up almost perfectly with the historical hold in Nevada for all sports.

As usual, parlay bets produced the most profit for sports betting in New Jersey. Sportsbooks won 13.5% on parlays, bringing yearly hold on the bet type to more than $74 million.

Tax collections resulting from sports wagering in New Jersey climbed to nearly $23 million for 2019. Retail sportsbook revenue is taxed at 8.5% while internet-based wagers are levied at 13%.