The New Jersey Department of Gaming Enforcement released the May 2019 revenue numbers for the state’s gambling industry earlier this week. They told a prevalent story, namely that some operators are flourishing, but others are struggling to even stay above water.
FanDuel flies high for New Jersey revenue
In fact, FanDuel’s haul of nearly $7.9 million for the month accounted for roughly half the total revenue on sports betting, retail and online combined. Its roughly $800,000 in revenue for retail eclipsed its nearest competitor by more than a quarter of a million dollars.
FanDuel (and Meadowlands) unmistakably benefits from its location in the extreme northern portion of New Jersey. The track is a short drive across the bridge from New York City and, no doubt, it derives much of its customer base from the Big Apple.
One thing to watch is how New Yorkers respond to the newly active sports betting in their state. About a week ago, lawmakers completed their rules for wagering on sports at the state’s four commercial casinos.
For right now, FanDuel should remain on top, since New York‘s rules do not provide for online play. However, it is not hard to forecast that the book has a test of customer loyalty looming in its future.
Other key New Jersey sports betting revenue notes
The other company that tasted notable success last month was FanDuel’s rival, DraftKings (and its partner, Resorts AC). The former market leader still managed to hold $4.1 million in online sport betting revenues during the month.
Unfortunately, part of that performance will have to compensate for a net loss on the retail side of the business.
Worse, the retail portion of Resorts’ sports betting operation was not the only facility to experience losses for the month.
Ocean Resort Casino also finished in the red, with losses exceeding $21,000.
Thankfully, Ocean Resort’s online business had a very respectable May. So, overall, the casino’s sportsbook is still making cash for the property.
Still, one clear outcome is that online sports betting continues to expand its grip on the market. In New Jersey, 82.6% of the total dollars wagered on sports are wagered online.
New Jersey online casino revenue
At this point, the online arm of the Marina District casino makes nearly twice its nearest competitor in terms of hold. Golden Nugget eased over the $14 million mark this month.
It’s not even a matter of competition with other online sites, really. Golden Nugget is nearly running evenly with some of the land-based casinos, and one of those casinos is the Golden Nugget itself.