New Jersey stands on the brink of a Garden State sports betting first, as retail and online sportsbooks accessible in region continue to go from strength to strength.
Having collected almost $200m in revenue and generated close to $3bn in bets during its 12 months of operation, PlayNJ.com states that it could be poised to surpass Nevada in monthly handle for the first time.
According to figures released by the New Jersey Division of Gaming Enforcement, online and retail sportsbooks have now accepted $2.9bn in bets in the time since launch.
Recording a 1.7 per cent rise in handle for May to $313.7m in April, it is believed it could topple Nevada, who will release its own data later this month.
Dustin Gouker, lead sports betting analyst for PlayNJ.com, explained: “We knew that sports betting in New Jersey would be successful, but it is fair to say that so far it has exceeded our expectations,” he says.
“$3bn in bets in 12 months is an impressive milestone by any measure, and in just a year, New Jersey is set up to become the nation’s largest legal sports betting market.
“If this is indeed the month that New Jersey overtakes Nevada for the first time, it will be a momentous occasion for the Garden State.
“New Jersey sports bettors appear to have a stronger preference for basketball and baseball than Nevada, so it makes sense that May would be a likely month for it to happen. But clearly the state is on its way to becoming the largest legal sports jurisdiction in the country.”
The FanDuel Sportsbook/PointsBet generated $7.9m in online gross revenue, down from $8.8m in May, to lead the online market, with the FanDuel Sportsbook at The Meadowlands continuing to lead the retail market.
Gouker added: “The sportsbooks branded by the daily fantasy sports giants continue to dominate the sportsbooks tied to Atlantic City-based casinos.
“Part of that is the brand recognition of FanDuel and DraftKings. But the proximity of FanDuel Sportsbook to New York City is also a significant factor to its dominance, particularly on the retail side.”
Total gaming revenue for the month in New Jersey recorded a 27.1 per cent increase to £276.7m (2018: $217.6m), helped along with land-based revenue of $222.8m, a 15.3 per cent boost on $193.3m and igaming win that rose 57.8 per cent from $24.3m to $38.3m.