DraftKings prospers as New Jersey gambling revenues double
New Jersey has seen betting revenues double on the month as the state’s sportsbooks saw $184m staked in September, with $24m in combined revenue.
That’s almost double the previous month’s figures, which saw $95m in total wagers and almost $9m in revenue. While impressive, the figures are not necessarily too surprising, since they coincide with the start of the NFL season, which analysts predicted would lead to growth in waged and revenue figures.
DraftKings was the clear winner with around 65% of the total market. FanDuel was the next largest operator with around 22%, while other smaller operators accounted for the remaining share of the market.
Online and mobile wagers made up more than half of revenue since their recent introduction, with $104m. DraftKings dominated here, with a 95% share of the $8.5m taken under the Resorts AC licence.
In total, $11m of the $12.5m in online revenues came from either DraftKings or FanDuel, as the two dominate the online sector.
Mobile performed strongly. More than 60% of bets placed during the month were made online or via an app. Operators say most activity is taking place from apps and expect this to increase.
Speaking about the figures, Jamie Shea, head of digital sportsbook at DraftKings, said:
DraftKings continues to exceed our internal projections for New Jersey. While we’re encouraged by our early performance, with more competitors poised to enter the market, we remain focused on ensuring a consumer experience that’s second to none.– Jamie Shea, head of digital sportsbook
Analysts predicted a surge in revenues
The start of the NFL season buoyed the figures and more than half of bets made were on American Football. Parlay betting was the second most popular with almost $35m wagered, with baseball seeing around the same amount.
Some experts had predicted a doubling of revenues due to the start of the NFL season, which is historically always by far the biggest betting market in the US. There were also numerous other sports betting markets online throughout the month of the September, that led analysts to expect increased amounts being wagered.
Speaking about the results, David Rebuck, New Jersey DGE director, said:
Driven by the explosive growth in sports wagering and continuing improvements in Internet gaming and brick-and-mortar casino win results, the gaming industry produced another month of superb revenue increases. The revenue results point to a strong finish for New Jersey’s gaming industry in 2018.– David Rebuck, New Jersey DGE director