New Jersey online casinos posted another record month through October, joining Pennsylvania as the first states to generate $1bn in annual igaming gross revenue, with sportsbooks also surging to yet another US record handle.
Revenue through the region’s online casinos and poker rooms came in at an all-time high $127m, surpassing the previous record of $122.6m set just last month, and up 35.9 per cent from $93.5m in October 2020.
Borgata/BetMGM topped the market once again with $38.3m (2020: $22m) in gross gaming revenue during the month, ahead of Golden Nugget Online Gaming’s £34.4m (2020: $28.1m), and Resorts Digital’s $29.2m (2020: $21.6m).
On a land-based basis, revenue increased 27.6 per cent year-on-year to $237.5m (2020: $186.1m), with Borgata once again out in front with $61.7m, up 49.8 per cent from 2020’s $41.1m, ahead of Hard Rock’s $37.4m (2020: $28.8m).
This comes as the total gambling revenue for the month in New Jersey reached $448.6m, which represents a 32.7 per cent uptick from $338m YoY. However, this figure is down from the previous month’s $454.5m state record.
“The rise in revenue in all forms shows that each pillar of the state’s gaming industry is benefiting from a rising tide,” said David Danzis, an analyst for PlayNJ.
“Online gambling has continued to grow since launch, but annual revenue has more than tripled since sports betting launched in 2018. As impressive as $1.1bn in revenue in 10 months is, it might not have gotten there so soon without the legalisation of online sports betting.”
Furthermore, New Jersey online and retail sportsbooks set another US record by handling $1.3bn in wagers in October, which also led to record revenue.
This figure topped September’s prior record of $1.01bn by 28.9 per cent, with betting volume also up 62.3 per cent from the $803.1m generated in October 2020.
Sportsbooks won $84.2m in October, a 43.8 per cent uptick from $58.5m one year earlier and up 2.1 per cent from $82.4m month-on-month. October’s revenue topped the previous record of $82.6m set in January and yielded $12.7m in state taxes.
“Five weekends in October meant an unusual amount of NFL and college football to bet on, and plenty of free time for gamblers to visit Atlantic City, making fresh records inevitable,” added Danzis.
“But what will have a longer-lasting effect is if the market for sports betting and online gambling continues to expand while Atlantic City continues to recover following the pandemic. That combination is producing some jaw-dropping results.”
Online sportsbooks took in $1.2bn in wagers, accounting for 90.5 per cent of the state’s handle in October. FanDuel/PointsBet/SuperBook continued their dominance of the online market with $39.6m in gross revenue, up from $36.6m in September.
Retail sportsbooks set a record, too, with $124.2m in October, up from $92.m in wagers in September. Meadowlands/FanDuel led the market with $4.5m in revenue.
“More than just a growing base of bettors, online sportsbooks are expanding their reach with in-game betting and prop bets,” noted Eric Ramsey, an analyst for the PlayUSA.
“The result is that bettors are placing more wagers as they become more comfortable with that kind of action.”