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Record Handle, Revenue Up In November For NJ Sportsbooks

New Jersey had a banner month in sports betting handle, generating more than $330 million in wagers during November 2018.

For the third consecutive month, handle increased at the New Jersey sportsbooks, to over $330 million, a new record. Revenue generated bounced back after a rough October to over $21 million in November.

New Jersey has been under the microscope since the state launched sports betting in June. The state has led the way in the expansion of sportsbooks across the US, stemming from the Supreme Court win in June.

The state should eclipse $1 billion wagered before the calendar year ends. In the three months of football season, over $750 million in handle has gone through the state’s sports books, fueled by a quick adoption of online and mobile betting by players.

Online betting continues to control more market share with each passing month. Seventy-two percent of handle came electronically, up from 22.7 percent in August. Likewise, online contributed $14.4 million in revenue, compared to just under $6.8 million at retail locations. Those numbers are up from October but still down from the significant starts from September. This split helps New Jersey, which charges higher taxes on Internet revenue than retail.

Once again, the two big winners are DraftKings Sportsbook and FanDuel Sportsbook. Both did around $7 million in revenue. December will be the first month they fully go head-to-head in retail and online, now that DraftKings covers the book at Resorts in AC. FanDuel did $4.4 million online versus $2.6 million at their windows at the Meadowlands race track.

Two locations in AC saw their retail revenue outperform online. Borgata drew over $877,000 at their book on the marina and $194,000 through the PlayMGM app. Ocean Resort did the best of all Boardwalk locations, earning $1.9 million at their William Hill book, over double the nearly $916,000 collected online.

As they had in the UK and Nevada, William Hill has become a big player in physical locations across the Garden State. They’re now operating three locations at Ocean Resort, down the boards at Tropicana ($108k) and the state’s first book at Monmouth Park (over $1.15 million). This is the first month of the fall that Hill outgrossed FanDuel for top retail vendor. Hill split the $1.52 million in online revenue from Park’s online skin with playsugarhouse.com.

“November was the strongest month ever for PlaySugarHouse.com and the entire New Jersey online sports betting industry,” said Richard Schwartz, President of Rush Street Interactive, which operates PlaySugarHouse.com Online Sportsbook & Casino. “We’re encouraged that month over month we continue to gain online & mobile sportsbook market share as word continues to spread about our innovative products and quality customer service. Players tell us they enjoy the ease of placing bets on mobile devices, our variety of live in-game bets, and our quick payouts.”

Two books actually lost money this month, the first time that has happened this year. Bally’s lost over $26k at their retail location but still turned a profit with $200k won online between UK import 888Sport and Caesars Casino. Harrah’s, which doesn’t have an online book, lost over $124k at its retail location on the marina.

As with the slot and table games that made New Jersey a gambling destination, sports betting has expanded and will bring competition. December will be the first month of operation for books in Pennsylvania, which could include two locations in Philadelphia. SugarHouse is slated to open soon while players still await a start date for the Turf Club in South Philadelphia near the stadiums.

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