New Jersey sports betting posts record revenue for sports betting
New Jersey’s fight for regulated sports betting and online gambling was a years-long effort that took plenty of resources and stretched all the way to the Supreme Court. But the whole time Garden State lawyers were fighting they had one goal in mind – save Atlantic City’s struggling casinos and turn NJ back into a regional gambling powerhouse.
Their efforts were successful both in the court room and on the casino floor.
According to numbers recently released by the New Jersey Division of Gaming Enforcement sports betting revenue across the state was up 367 percent over the previous year. That equates to a betting handle of $4.58 billion for the year, a true windfall for the state’s once-struggling gambling operators.
In a trend that points to the likely success of regulated sports betting across the country, the digital market in New Jersey has been absolutely dominating the state’s gambling market. Every month NJ digital casinos see growth and the digital sports betting market accounted for a whopping 83.7 percent of the total haul.
One of the biggest continued success stories, on an operator level, is the Meadowlands/FanDuel sportsbook. This single outlet pulled in $149 million in revenue in 2019. That accounts for nearly half of all the revenue pulled in by the combined operators.
For December, New Jersey sports betting operators pulled in $29.42 million for the month of December alone. That’s up 41. percent over December 2018. While that number is down a bit from November, that dip likely reflects the smaller number of college football games that take place after American Thanksgiving.
All told, NJ’s efforts to legalize sports betting are paying off in a big way for Garden State operators.
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