The first month of sports betting in New Jersey has been a staggering success, at least according to revenue figures. In November, the total revenue from money wagered on sports bets was a little bit over $300 million. If you take into account that the previous month saw a total revenue of more than $260 million, you get a staggering 26.9% increase in only one month. The largest chunk of that revenue, more than 70% of the total to be exact, came from online betting on mobile devices.
Mobile Betting Growth Exceeding That of Land-Based Betting Shops
Mobile betting is rising at a lightning-fast rate in the Garden State. If you compare all the numbers aforementioned with the revenue increase seen by brick-and-mortar casinos (which is less than 10% a month) you can easily see which gambling method is becoming the most popular.
Although much of these totals can be attributed to DraftKings’ and Borgata’s new sportsbooks, it is highly unlikely that physical casinos and betting shops will ever see this kind of profit. While William Hill, DraftKings, and FanDuel saw a little less than $10 million in revenue each, only one physical betting shop barely reached a $1 million increase, and that is Monmouth Park.
Daily Fantasy Sports on the Rise
DraftKings and FanDuel have once again seen the most dramatic rise in revenue, all due to their Daily Fantasy Sports (DFS) offerings. There’s no exact figure since DraftKings’ revenue is tightly knit to that of BetStars NJ, but we can safely say that DraftKings accounts for 95% of Resorts’ revenue from online betting.
FanDuel is just a couple of inches behind them with a total revenue increase of $8 million. Although fantasy sports are on the rise, basketball and football still remain the most popular sports to bet on, with $130 million and $70 million wagered, respectively.