NJ sports betting handle up 42% on strength of online growth
Online handle grows 66% although revenues decline thanks to poor hold
New Jersey has reported a 42% rise in total sports betting handle for October to $261m, with the growth almost entirely driven by online bets.
Mobile/online handle grew by 66% month-on-month to $174m, with land-based handle growing 9% to $86m.
Sports betting revenues actually declined 51% from September to £11.7m thanks to a very low hold rate on completed events of 3.2%.
Online accounted for around two thirds of total revenues.
Football in particular was bad for the books with just a 1.8% hold rate, a figure which can be largely chalked up to variance.
The Resorts license, made up online of DraftKings and BetStars, continued to dominate the market with more than half (58%) of online revenues.
The meadowlands license, including FanDuel, made up 27% of online revenues.
The figures suggest DraftKings is still the clear market leader, followed by FanDuel, with the two brands combining for almost 85% of online revenue.
William Hill also saw a “nice move upward,” according to Eilers and Krejcik, with sports revenues of $1.2m, compared to $3.5m for Meadowlands and $5.1m for Resorts.
Elsewhere online gaming revenues climbed 30% to $26.8m, with casino up 35% to $25.1m and poker down 15% to $1.6m.
Golden Nugget continued to dominate the market with a massive $9.7m in monthly revenues, while new entrants Hard Rock and Ocean Resorts continued to grow strongly at +51% to $1m and +77% to $595k respectively.