NJ online gaming revenues up 58% as cross-sell continues to pay
Sports revenues fall $6m month-on-month as several brick-and-mortar casinos lose money
New Jersey has reported a 58% year-on-year rise in online gaming revenues for the month of May, as the industry continues to benefit from cross-sell from sports betting.
Online casino and poker was worth a combined $38.3m in May, with sports betting worth $15.5m.
As highlighted by analyst Steve Ruddock, the increase in online casino versus 2018 ($14.2m) was almost equal to total sports betting revenue ($15.5m)
Online casino was again the growth engine, growing 63% to $36.5m.
The Golden Nugget licence, which also includes FanDuel/Betfair Casino, was the online gaming market leader with revenues of $14.1m.
The Resorts licence, which includes DraftKings, was second in the market with $8m.
On the sports side, online betting continued to dominate, accounting for 83% of handle and 88% of the $15.5m revenues, as several brick-and-mortar casinos lost money to customers.
May revenues were down some $6m compared to April, in part due to hold and seasonality.
🧐The L List
(NJ Sportsbooks to lose money in May 2019):
Ocean B&M
Resorts B&M
Hard Rock Online
Golden Nugget Online (BetAmerica/GN)— Captain Jack Andrews (@capjack2000) June 12, 2019
The Meadowlands licence, used by FanDuel and Pointsbet, was the market leader with $8.7m in betting revenue in May.
FanDuel said in a statement it remained the “clear market leader”, adding that its retail numbers were down a “tick” thanks to so many bettors winning big.
The Resorts licence containing DraftKings and BetStars came in second in the market at $5.1m, with Monmouth Park (housing SugarHouse and William Hill) the only other licensee to reach seven-digits at $1.4m.
For historical data on the New Jersey market, visit EGR North America’s new Sports Betting Tracker.