Online Wagering Fuels Strong April for New Jersey
New Jersey took in $313.7 million in wagers for the month of April, not as impressive as March’s totals, but a staggering amount fueled primarily by online wagering.
The $313.7 million total is down roughly 16% from March, where the NCAA Men’s Basketball Tourney drove around $372.5 million in betting revenue.
April’s total brings New Jersey’s complete take to around $2.6 billion in betting in the state’s first ten and a half months.
But even with the large totals, sportsbooks from the state’s 10 retail and 13 online operators hit $21.2 million in revenue for April, down over $10 million from March.
However, if the current pace continues, then New Jersey will cross $3 billion for the year. In contrast, Nevada brought in $5 billion in bets for 2018.
But the big news in the monthly report is that April saw 81% of all wagers made in the Garden State coming from mobile devices.
The total online count for April in the state was just under $254 million, while brick and mortar establishment saw around $60 million in total wagers.
With the surge in mobile bets, New Jersey is poised to continue this surge of revenue that has made the state a shining example of a territory that parlayed sports betting into millions for funding.
How Much Did the State’s Top Bookmakers Make in April?
FanDuel continues to reign supreme in New Jersey with over $12.1 million in revenue from their shared sportsbook with PointsBet.
“The FanDuel Sportsbook is the clear number one sports betting operator in New Jersey, a notable achievement just one year since the overturn of PASPA,” the company said in a statement.
“April was our second biggest revenue month since launch, thanks in part to enthusiasm for the NBA and NHL Playoffs as well as the start of baseball season.”
“Our leadership extends beyond just market share, as we offer over 50% more markets per event than other operators,” the statement concluded.
Out of that 12.1 million for FanDuel, close to $8.8 million came from online betting.
But other sportsbooks and casinos didn’t fare as well as the titans.
Golden Nugget, Ocean Resort and some sportsbooks in Atlantic City failed to break even for the month, with others reporting just a five-figure revenue total for April.
How Will New Jersey Keep These Profit Figures Surging in the Coming Months?
Coming on the heels of the news of the surge in online bets, New Jersey is about to see even more online retailers come to the state.
The popular Borgata Hotel and Casino, located in Atlantic City, is launching their own online platform, BorgataSports.com.
The new app and website promises to offer in-game betting, parlays and multiple deposit methods for players.
New Jersey will have to fight off competition from Pennsylvania, who is launching online betting in their state sometime in late May.
The state also waits for New York to decide how they will handle sports wagering, as most indications seem to point to mobile-only betting.
Until those competitors are in place, New Jersey continues to see a level of revenue that exists only in Nevada, an incredible start for a state’s industry just under a year old.