New Jersey becomes first state to surpass $1bn in turnover for a single month
Online accounts for more than 90% of total amount staked as revenue comes close to eclipsing state’s all-time high
The return of the NFL coincided with New Jersey sports betting turnover hitting $1.01bn (£733.1m) during September – the first time any state has managed to reach the billion-dollar mark.
It meant that September’s total was a 35.1% increase on the $748.6m staked in the same month a year ago.
Revenue, which is considered a more reliable barometer of the industry’s performance, hit $82.4m – up 82.9% from $45.1m last year and just short of the previous high of $82.6m set last January.
This meant the retail and online sportsbooks’ hold for September was 8.15%.
Meanwhile, the importance of mobile in New Jersey was illustrated by the fact that online accounted for 90.8% ($918.4m) of overall sports betting turnover.
As for the performance of licensees, the Meadowlands (FanDuel, PointsBet, SuperBook) generated revenue of $41.3m, while Resorts (DraftKings, Fox Bet, Resorts) achieved $13.6m.
Despite the Division of Gaming Enforcement not breaking down revenue for individual brands, FanDuel and DraftKings are thought to account for the lion’s share of their land-based partners’ totals.
Narrowly behind Resorts was Borgata (BetMGM, Borgata) with revenue of $13.4m.
September was also a record month for igaming as GGR reached a new high of $122.6m, which was a jump of 39.9% on the $87.6m posted 12 months ago.
Casino accounted for just shy of 98% ($120.1m) of this total, leaving the perennially struggling online poker vertical on just 2% ($2.5m).
The new record in September means casino and poker revenue combined so far in 2021 is $988.7m.
This is a 42% rise on where New Jersey was in September 2020 and is already more than was generated for the whole of 2020.
It also underscores how much the market has grown, partly due to sports betting, when you consider that in 2014, which was the first full year of igaming in the Garden State, total GGR was just $122.9m. This was almost identical to September 2021’s figure.
As for licensees, Borgata and the BetMGM brand continued out front with $38.2m in online GGR, up 88.5% on September 2020. This gives them a market share of 31.2%.
The once long-time leader, Golden Nugget (FanDuel/Stardust, PlaySugarHouse, Golden Nugget, BetAmerica, Betway), finished in second spot with $31.1m.
In third position was Resorts, with DraftKings lifting the licensee to $28.4m in revenue as it gradually closes the gap on Golden Nugget.
If the New Jersey market continues at this trajectory in October, November, and December, its online gaming industry could end up around $1.35bn in combined GGR for 2021.
This would be approaching the same GGR the sector managed for the whole of the five years combined between 2015 and 2019.