New Jersey Sportsbooks Earn $9.1 Million In August
New Jersey now has full fledged sports betting and it is showing signs of early success from even before the 2018 NFL season kicked off. In August alone, New Jersey sportsbooks earned $9.1 million in gross revenue from $95.6 million in wagers, per the New Jersey Division of Gaming Enforcement.
The $9.1 million received by New Jersey sportsbooks was a steep increase from the $3.8 million they generated in July. A main reason for that was the influx of new bettors taking advantage of online and mobile offerings.
DraftKings was the first online/mobile sportsbook operator in the state and the numbers it reported shows just how important it was for the company to take off on an early lead. It brought in roughly $3 million in gross revenue in August just from bets made in New Jersey.
DraftKings’ CEO Jason Robins recently stated that he believes sports betting is a “huge game changer” for his company and sees the sports betting component of his business as being worth at least $10 billion in the U.S. alone.
Other online/mobile did not generate significant revenues in August, which is expected to change now that they have had some time to penetrate the market, coupled with the start of the 2018 NFL season, which should bring in a slew of new bettors in the state. Additionally, online/mobile sportsbooks like FanDuel, William Hill, Caesars and 888 were not even operational for the month of August.