NJ Sports betting handle soars to $600 Million

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  • sweep
    SBR Posting Legend
    • 10-09-10
    • 16753

    #1
    NJ Sports betting handle soars to $600 Million
    Up 41% from sept-oct


    New Jersey's sports betting market sets new wagering turnover record in October, with online betting dramatically outpacing land-based wagers.
  • jjgold
    SBR Aristocracy
    • 07-20-05
    • 388179

    #2


    NJ way ahead of the curv, they out hustled Vegas and I love it

    Going to squash them
    Comment
    • jjgold
      SBR Aristocracy
      • 07-20-05
      • 388179

      #3
      So much for the new sports betting industry in New Jersey being a boon for everyone from the horse racing industry to the state's taxpayers.

      In October, local gamblers showed they're getting the hang of this whole sports wagering thing. Because while total handle for the state rose to a record $260.7 million during the second month of football season, up from $186 million in September, the gross revenue generated by the sports books made dropped precipitously.

      Despite that 41 percent increase in handle, sports books in the state generated revenues of just $11.7 million in October, down 51 percent from the $24 million generated in September.

      It's all because the win percentage for the sports books fell from 7.9 percent in September to 5.8 percent in October.

      And all this after revenues rose from $9.2 million in August up to $24 million in September.

      Much of the increase in the total handle in October stems from the expansion of online gaming platforms, with online wagering rising $174 million, up from $105 million a month earlier.

      The FanDuel Sportsbook at the New Meadowlands Racetrack saw revenues tumble to just $1.1 million, down from $4.37 million in September, while its online revenues fell from $2.8 million to $2.4 million in October.

      A statement released by FanDuel highlighted the growth of the market, rather than the dropoff in profits.

      ``October was a great month,'' the statement said. ``Demand for the FanDuel Sportsbook continues to outpace our expectations with online handle 2.5 times higher than September and continued double digit growth in retail handle. It was an exciting month for bettors who won at a high rate on football and benefitted from our industry-leading pricing and odds boosts. We will continue to offer New Jersey customers the best pricing and promotions in the industry and are looking forward to further growth in NJ and beyond.''


      At the Monmouth Park Sports Book by William Hill, revnues fell to just $606,981, after posting revenues of $2.1 million in September. Monmouth Park did experience a surge online, however, with those number rising from $70,785 last month to $608,611
      Comment
      • sweep
        SBR Posting Legend
        • 10-09-10
        • 16753

        #4
        Bookies all over the world got barbequed in October......all it took was one week off 10 nfl favorites covering ATS.


        Draftkings opening a 5k square foot sportsbook on the boardwalk at Resorts AC. Weird considering Resorts is Pokerstars land based casino rep for their poker platform. Betstars has no plans yet for land based brick & mortar book
        Comment
        • jjgold
          SBR Aristocracy
          • 07-20-05
          • 388179

          #5
          NJ moving so fast

          very smart

          everyone else dragging feet like PA
          Comment
          • pavyracer
            SBR Aristocracy
            • 04-12-07
            • 82813

            #6
            When favorites cover books are taken to the cleaners.
            Comment
            • jjgold
              SBR Aristocracy
              • 07-20-05
              • 388179

              #7
              Players buying cars like crazy in Nj

              It’s amzing
              Comment
              • big joe 1212
                SBR Posting Legend
                • 06-01-08
                • 19380

                #8
                NY missing lots of tax dollars this football season.

                fukking morons
                Comment
                • t-wizzle
                  BARRELED IN @ SBR!
                  • 12-18-09
                  • 38099

                  #9
                  Originally posted by sweep
                  Bookies all over the world got barbequed in October......all it took was one week off 10 nfl favorites covering ATS.


                  Draftkings opening a 5k square foot sportsbook on the boardwalk at Resorts AC. Weird considering Resorts is Pokerstars land based casino rep for their poker platform. Betstars has no plans yet for land based brick & mortar book
                  You would know, yes?
                  Comment
                  • jjgold
                    SBR Aristocracy
                    • 07-20-05
                    • 388179

                    #10
                    So is PA


                    Originally posted by big joe 1212
                    NY missing lots of tax dollars this football season.

                    fukking morons
                    Comment
                    • Renegades
                      SBR Hall of Famer
                      • 10-12-11
                      • 5290

                      #11
                      Will be legal in CT at some point too. Lamont has it on his agenda to legalize and he mentioned it in his campaign
                      Comment
                      • cankid
                        SBR Hall of Famer
                        • 08-22-08
                        • 7220

                        #12
                        Here's the train that can't stop now
                        Comment
                        • reigle9
                          SBR Posting Legend
                          • 10-25-07
                          • 17879

                          #13
                          Saw Hollywood is starting to take sports bets soon
                          Comment
                          • Optional
                            Administrator
                            • 06-10-10
                            • 61508

                            #14
                            Would be interesting to see the handle/profit breakdown for online v B&M

                            To see if the online app users are sharper or not.
                            .
                            Comment
                            • jjgold
                              SBR Aristocracy
                              • 07-20-05
                              • 388179

                              #15
                              online is killing it everywhere in NJ

                              I doubt they are sharper....gambling really no such thing as sharp just line chasers
                              Comment
                              • sweep
                                SBR Posting Legend
                                • 10-09-10
                                • 16753

                                #16
                                Originally posted by t-wizzle
                                You would know, yes?

                                Comment
                                • Hman
                                  SBR Posting Legend
                                  • 11-04-17
                                  • 21429

                                  #17
                                  It is believed by some 'experts' that sports betting will be even bigger in Pennsylvania than NJ
                                  Comment
                                  • t-wizzle
                                    BARRELED IN @ SBR!
                                    • 12-18-09
                                    • 38099

                                    #18
                                    Originally posted by sweep
                                    Thought you took action
                                    Comment
                                    • DukeSnider
                                      SBR High Roller
                                      • 06-20-18
                                      • 129

                                      #19
                                      Re NYState...four casinos could open a prior approved sports book with a simple approval of the gaming commission but apparently our Gov has decided not to do so for some bizarre and unknown political reason...what a wasted opportunity, so typical when it comes to gaming in NYState.I reside near Tioga Downs and they are very frustrated with this scenario....
                                      BTW the owner of TD is billionaire
                                      Jeff Gural who also owns part of the Meadowlands operation.
                                      Comment
                                      • sweep
                                        SBR Posting Legend
                                        • 10-09-10
                                        • 16753

                                        #20
                                        Originally posted by t-wizzle
                                        Thought you took action
                                        Thought you were talking about the Betstars/Draftkings comment....

                                        Yes, last month was not good....all due to 1 week out of the month. Historically the week before thanksgiving is good though so I'm looking forward to this weekend.
                                        Comment
                                        • jjgold
                                          SBR Aristocracy
                                          • 07-20-05
                                          • 388179

                                          #21
                                          Eventually Las Vegas will barely be at dot on the map sports betting who would’ve ever thought that
                                          Comment
                                          • sweep
                                            SBR Posting Legend
                                            • 10-09-10
                                            • 16753

                                            #22
                                            Originally posted by jjgold
                                            Eventually Las Vegas will barely be at dot on the map sports betting who would’ve ever thought that
                                            Same with off-shore
                                            Comment
                                            • ChuckyTheGoat
                                              BARRELED IN @ SBR!
                                              • 04-04-11
                                              • 37363

                                              #23
                                              Good report, Sweep.
                                              Where's the fuckin power box, Carol?
                                              Comment
                                              • DukeSnider
                                                SBR High Roller
                                                • 06-20-18
                                                • 129

                                                #24
                                                Originally posted by sweep
                                                Same with off-shore
                                                not so sure re your prediction...let's hear your logic.
                                                Comment
                                                • jjgold
                                                  SBR Aristocracy
                                                  • 07-20-05
                                                  • 388179

                                                  #25
                                                  Originally posted by sweep
                                                  Same with off-shore
                                                  maybe all but 5...........the medium and big players cannot live without out offshore and they have tons of business in 200 Countries so 5 will be around forever and be huge

                                                  The rest all gone and bankrupt
                                                  Comment
                                                  • darrell74
                                                    SBR Posting Legend
                                                    • 04-16-07
                                                    • 14648

                                                    #26
                                                    The numbers around the state were down in February, with the Oceanport racetrack among those failing to capitalize on the Super Bowl

                                                    Article about the sportsbook losing over half a million bucks last month
                                                    Comment
                                                    • Matt17
                                                      SBR MVP
                                                      • 02-04-19
                                                      • 1105

                                                      #27
                                                      Gambling capital of the world.
                                                      Comment
                                                      • RudyRuetigger
                                                        SBR Aristocracy
                                                        • 08-24-10
                                                        • 65084

                                                        #28
                                                        Originally posted by jjgold


                                                        NJ way ahead of the curv, they out hustled Vegas and I love it

                                                        Going to squash them
                                                        bro ive said since it was legalized, sbr needs to get on this

                                                        you said, never will replace offshore







                                                        i also said sbr should take up fantasy sports....we see what draftkings is now
                                                        Comment
                                                        • A Quant
                                                          SBR MVP
                                                          • 05-14-18
                                                          • 1357

                                                          #29
                                                          FanDuel opened their sportsbook in Valley Forge today.

                                                          Not bad--- not a temporary space, they did it right. Opened it up in time for March Madness---Is a great place to sit and gamble.

                                                          It's in an upscale neighborhood of King of Prussia---- right where 422/76/Turnpike all meet.
                                                          Comment
                                                          • jjgold
                                                            SBR Aristocracy
                                                            • 07-20-05
                                                            • 388179

                                                            #30
                                                            Originally posted by A Quant
                                                            FanDuel opened their sportsbook in Valley Forge today.

                                                            Not bad--- not a temporary space, they did it right. Opened it up in time for March Madness---Is a great place to sit and gamble.

                                                            It's in an upscale neighborhood of King of Prussia---- right where 422/76/Turnpike all meet.
                                                            It does not look that big

                                                            Seems like bar type setting
                                                            Comment
                                                            • SlickFazzer
                                                              SBR Posting Legend
                                                              • 05-22-08
                                                              • 20209

                                                              #31
                                                              Will Allantown have any outlets?
                                                              Comment
                                                              • jjgold
                                                                SBR Aristocracy
                                                                • 07-20-05
                                                                • 388179

                                                                #32
                                                                Comment
                                                                • DukeSnider
                                                                  SBR High Roller
                                                                  • 06-20-18
                                                                  • 129

                                                                  #33
                                                                  and NY State's share is ZERO. Thank you Gov Cuomo !
                                                                  Comment
                                                                  • A Quant
                                                                    SBR MVP
                                                                    • 05-14-18
                                                                    • 1357

                                                                    #34
                                                                    Originally posted by jjgold
                                                                    It does not look that big

                                                                    Seems like bar type setting
                                                                    Have you been there?

                                                                    It is hard to find something wrong with it--- of all the places available to me next Thursday for March Madness, I am going to Valley Forge. Tough to beat it.
                                                                    Comment
                                                                    • Optional
                                                                      Administrator
                                                                      • 06-10-10
                                                                      • 61508

                                                                      #35
                                                                      Originally posted by darrell74
                                                                      https://amp.app.com/amp/3137988002
                                                                      Article about the sportsbook losing over half a million bucks last month
                                                                      It says six brick & mortar sportsbooks made losses in Feb. Borgatta over 750K.

                                                                      But all of them had an overall profit when including online.


                                                                      If that trend continues I can't see big investment in offline facilities continuing for very long.
                                                                      .
                                                                      Comment
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