Brilliant October for New Jersey sports betting

Figures released Thursday by the New Jersey Division of Gaming Enforcement (DGE) show that in October the Garden State set new turnover records in sports betting as New Jersey-licensed sports betting operators reported handle of $260.7 million, a record 41 percent rise on September 2018 and almost treble that achieved in August this year.

That translated into revenue of $11.7 million, down from September’s $24 million as hold dropped more than two full points on ‘completed’ wagers. Punters took a bigger bite out of the sportsbooks than usual, cutting revenue by more than half month-over-month.

Overall that spells a 4.4 percent hold, down from 13 percent in September 2018.

The rise in betting handle is almost entirely attributable to the mobile/online sector, which grew from $105 million in September to $174.4 million in October. On-site sports betting inched up from $79 million in the prior month to $86.3 million.

Online was again a stellar performer in October sports betting, contributing $174.4 million to overall turnover vs. the $86.3 million delivered by the retail vertical. Compared with September 2018 online turnover growth soared over 65 percent, whilst the rate for retail rose just over 9 percent.

Top online sports betting performer was Resorts Digital with its DraftKings and BetStars partners on $5 million in wagering revenue for October, with closest rivals Meadowlands and Monmouth Park racetracks, trailing on $3.5 million and $1.2 million.

October’s numbers bring sports betting gross revenue to $52 million in New Jersey since legalised sports betting launched mid-year, and on a YTD basis overall turnover has reached just over $597 million, with $301 million of that delivered from digital channels.

Neighbouring Delaware’s performance was not as good; its three casino licensees recorded turnover of $14.7 million and revenue of $448,000 in October, a decline when compared to September 2018’s $16.8 million in turnover and revenue of $3.15 million.

Delaware Park, Dover Downs and Harrington Raceway have since June this year recorded turnover of $54.5 million and revenue of $5.64 million.