New Jersey betting handle hits $250m as FanDuel continues to dominate
Flutter-owned brand generates more than half of all betting revenues in the state in July
New Jersey sports betting handle came in at $251.4m in July, with online and mobile accounting for around 85% of all bets placed.
July betting revenues came in at $17.9m, suggesting a 7.1% hold rate and a major increase on July 2018, when the nascent betting market generated $3.8m in revenues.
The July figure also marked a significant increase on June when betting revenues were $9.7m, albeit on handle of $273.3m.
FanDuel continued to dominate the betting market as the main contributor to the Meadowlands Racetrack which posted revenues of more than $9m, more than half the market.
The Resorts license, including DraftKings, came in second with $3.7m in revenue.
Quick takeaways from the NJ July numbers:
– Fanduel still crushing the market.
– No retail operations lost money on the month.
– Self-branded known casino names like Caesars, Hard Rock, Golden Nugget, MGM are getting walloped by the online brands that didn't exist a year ago.— Captain Jack Andrews (@capjack2000) August 14, 2019
Elsewhere, the state’s online gaming market set a new revenue record with $39.3m in revenue, up 68% year-on-year.
Poker was flat at $1.8m while online casino rose 73% to $36.3m.
Golden Nugget led the online gaming market for the 32nd consecutive month with $14.9m, ahead of Resorts with $6.9m and Borgata at $6.4m – a new record for the property.