New Jersey's online and retail sportsbooks continued their string of record months and year-over-year gains in October, nearly reaching its first $500 million month. And that growth should continue with the tip-off of basketball season, according to PlayNJ.com.
"New Jersey has a real shot at surpassing Nevada again, if not in October, some time before the end of the NFL season," said Dustin Gouker, lead analyst at PlayNJ.com. "The state's handle is growing at a pace near 100 percent, year-over-year. And the overlapping of football and basketball should propel New Jersey into new territory."
New Jersey's sportsbooks accepted a record $487.9 million in bets in October, an 87 percent jump from $260.7 million in October 2018, according to official reporting. October's bets yielded a record $46.4 million in revenue, up from $11.7 million in October 2018, generating $5.7 million in taxes. Sportsbooks have now generated $331.2 million in lifetime revenue.
"If New Jersey is going to pass Nevada during the NFL season, it will be in large part due to the comparative popularity of basketball in the Northeast," Gouker said. "In Nevada, football betting is king, and it's nearly as popular in New Jersey. But a key differentiator between the two markets is that New Jersey bettors' have shown more interest in other major sports, especially basketball."
$417 million of all October bets were made online, accounting for 85 percent of New Jersey's handle. That is up from 84 percent in September.
FanDuel Sportsbook/PointsBet continued to pace the online market, gaining $20.7 million in gross revenue, up from $13.3 million in September. Resorts Digital's license, anchored by DraftKings and Fox Bet, lost ground by generating $10.6 million, down from $10.7 million in September.
FanDuel Sportsbook at The Meadowlands posted $4.1 million in October gross revenue, up from $3.6 million in September, to lead retail sportsbooks.
"The addition of Fox Bet under the Resorts Digital license has reset the race for the top spot in the online market," Gouker said. "FanDuel is still the most popular single brand in the state, but it will be worth watching whether it can keep its lead with DraftKings and Fox Bet."
New Jersey's online casino and poker industry continued its push toward $450 million in annual revenue after a record October, as the Golden Nugget's online product generated more revenue than its land-based casino for the first time.
Online casino games and poker generated $45.2 million in October, up 69 percent from $26.8 million in October 2018. The Golden Nugget tallied $16.6 million in October, up 71 percent from $9.7 million in October 2018, to easily lead the online casino market and topped the $14.8 million Golden Nugget Atlantic City generated for the first time.
"What the Golden Nugget continues to prove is that its online casino can generate millions in revenue and grow at an overwhelming pace without a negative impact on their own land-based operations," said Eric Ramsey, online gambling analyst for PlayNJ.com. "When the first online casinos launched in 2013, many thought such a dynamic would be impossible. But clearly that has been proven wrong."