New Jersey Sports Betting Handle Surges to $261M, Revenue ‘Just’ $11M As Bettors Exact Revenge

The good news for the New Jersey sportsbooks in the newly released revenue report for October is a large jump in handle from $186 million in September to $261 in October. The downside is that the bettors took a bigger bite of the books this month than usual, cutting revenue by more than half month-over-month from $24 million in September to “just” $11.7 million in October.

Overall that spells a 4.4 percent hold, down from 13 percent in Sept., which may be partly attributable to baseball (more on this below) and perhaps moreso a lot of “public” teams covering the spread in October NFL contests. The rise in betting handle is almost entirely attributable to the mobile/one sector, which grew from $105 million in September to $174 million in October. On-site sports betting inched up from $79 million in the prior month to $86 million.

Resorts Digital continues to lead the way by a lap on the revenue front, reporting $5.1 million in October, which is nearly half of the entire haul across all sportsbooks for the month. An arm of Resorts Casino, Resorts Digital figures represent DraftKings Sportsbook as well as BetStarsNJ.com.  We can no longer parse out which side is driving what, but based on prior figures we can safely say that DraftKings is responsible for the lion’s as well as the cub’s share. Let’s dig in a litter deeper now.

 

October Brick-and-Mortar Sportsbook Revenue:

  • Bally’s: $303K
  • Borgata: $120K
  • Golden Nugget: $46K
  • Harrah’s: $104K
  • Meadowlands (FanDuel Sportsbook): $1.1 million
  • Monmouth Park: $606K
  • Ocean Resort: $438K
  • Resorts: $97K
  • Tropicana: $15K

A spokesperson for FanDuel Sportsboook 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.”

October Online Sportsbook Revenue:

  • Bally’s (combination of CaesarsCasino & 888sport): $108K
  • Borgata (PlayMGM): $67K
  • FanDuel Sportsbook (Meadowlands): $2.43 million
  • Golden Nugget (PlaySugarHouse): $151K
  • Monmouth Park (William Hill and PlaySugarHouse): $609K
  • Ocean Resort (William Hill): $385K
  • Resorts Digital (combination of DK Sportsbook and BetStarsNJ.com):  $5.1 million
 

Read more New Jersey Sports Betting Handle Surges to $261M, Revenue ‘Just’ $11M As Bettors Exact Revenge on SportsHandle.

MS Sportsbooks Take in $6.2M in Handle In August And Much Bigger Numbers Ahead

The post MS Sportsbooks Take in $6.2M in Handle In August And Much Bigger Numbers Ahead appeared first on SportsHandle.

The Mississippi Gaming Commission on Thursday released its official report for the first full month of sports betting, and the state took in $6,269,629 in handle with gross taxable revenue of $644,489. The handle includes futures bets made, while the taxable revenue does not include futures bets, many of which are not yet decided.

Mississippi’s coastal casinos, which include sportsbooks from Bay St. Louis to the Biloxi area, took in the most amount of bets, with $4,363,799, while the most bets were made on baseball, followed by football and parlay cards. The report runs from Aug. 1-31, and does not include the figures through Labor Day weekend.

In terms of breakdown, Mississippi sportsbooks took $3,004,579 bets on baseball, $1,328,578 on football and $1,314,315 on sports parlay cards. There were also about $100,000 worth of basketball bets made. Expect football to be king in September – when you add in the first weekend of college football games, the handle was $9.8 million through Sept. 3, which means state sportsbooks took in about $3.5 million in bets over the Labor Day weekend.

Read more MS Sportsbooks Take in $6.2M in Handle In August And Much Bigger Numbers Ahead on SportsHandle.

Get a Grip: The Week In Sports Betting & Sports: NJ Sports Betting Handle, Congress Coming & Much More

The post Get a Grip: The Week In Sports Betting & Sports: NJ Sports Betting Handle, Congress Coming & Much More appeared first on SportsHandle.

It’s information overload everywhere, and there’s not time enough to sleep and eat and stay fully apprised of what’s happening on this crazy blue dot of ours (two out of three ain’t bad).

Here’s the weekend Sports Handle item, “Get a Grip,” recapping the week’s top stories, and rounding up key stories in sports betting, gaming, and the world of sports at large. You may have missed them, and they are worth reading.

NJ Sports Betting Revenue Exceeds (Some) Expectations And Will Rise Much Higher; Feds May Get Involved In Sports Betting, But How; Much More

A lot to get here. Off the top rope: The NJ sports betting August revenue report came in on Wednesday and the results indicated what we expected: the Garden State market is going to get large.

In a month in which four physical sportsbooks operated throughout and four more for a portion of the month; with the DraftKings Sportsbook operating digitally for most of the month and two more digital launches in the final week, the total handle reached $95.6 million and total sportsbook gross revenue was $9.18 million. The books online — the vast majority by DK — generated $2.97 million on a $21.7 million handle. In retail, the FanDuel Sportsbook at the Meadowlands Racetrack led the way with over $3 million in revenue while no other property cracked $1 million.

New Jersey Sports Betting Generates $9.2M Revenue on $95.6 Handle In August

The post New Jersey Sports Betting Generates $9.2M Revenue on $95.6 Handle In August appeared first on SportsHandle.

The New Jersey Division of Gaming Enforcement on Wednesday released its monthly revenue figures, reporting a total handle of $95.6 million and gross revenue of $9.18 million for the sportsbooks across the seven licensed NJ sportsbooks that reported on the month’s operations.  

That’s a hold or win percentage of 9.6. The August report includes for the first time dollars connected to online sports betting, which produced a total of $2.97 million on a $21.7 million handle, or an online hold (win percentage) of roughly 15 percent. The vast majority of both figures are attributable to the DraftKings Sportsbook — meaning DraftKings alone accounted for almost exactly one-third of the monthly revenue.

 

Read more of New Jersey Sports Betting Generates $9.2M Revenue on $95.6 Handle In August on SportsHandle.

Meadowlands’ FanDuel Sportsbook Draws $3.5M Handle in Short Order

The post Meadowlands’ FanDuel Sportsbook Draws $3.5M Handle in Short Order appeared first on SportsHandle.

The FanDuel Sportsbook retail shop located at Meadowlands Racetrack in East Rutherford, New Jersey, yielded nearly $3.5 million in total wagers in just two weekends and one week since its July 14 opening, according to an Associated Press report. FanDuel officials confirmed the number to Sports Handle.

The New Jersey sportsbook’s opening marked a couple milestones, the first being the inaugural physical location for the DFS-focused operator FanDuel, its acquisition by Ireland-based bookmaker Paddy Power Betfair (PPB) now completed. A second FanDuel sportsbook is coming in August at the Greenbrier Resort in West Virginia.

The second big milestone was the launch of a sportsbook in an NFL team’s home state, better yet literally in its backyard. The Meadowlands Sports Complex is also home to MetLife Stadium, home field of the New York Giants, New York Jets and the Giants practice facility as well, the Quest Diagnostics Training Center. But the auspicious launch from a handle perspective did not escape without some controversy.

FanDuel Sportsbook at Meadowlands Boasts Happy Handle After Nine Days In Business, Bodes Well for Football Season.

 

The backlash stemmed from FanDuel Sportsbook’s opening day pricing. A number of the baseball games on the July 14 menu were offered at 35-cent lines, in the range of surprising and absurd. Industry standard, at least in Nevada, is about 15- or 10-cent lines on baseball. For example, -140 on the favorite and +130 on the underdog.

Per ESPN Chalk’s David Purdum two days after launch, “Bettors should expect more traditional pricing moving forward at the new FanDuel sportsbook at the Meadowlands, where over $1 million was wagered over the weekend.”

Not a good break out of the gate, but it will be forgotten by most come September when the book remains wonderfully situated just eight miles from Midtown Manhattan. By that time the mobile platform will be available, as well, with FanDuel’s built-in clientele set to be activated and other market players having to start from scratch.

Incidentally $3.5M is on par with the first month of sportsbook revenue (rather, 17 days) by the three then-operational NJ sportsbooks in June, which included the William Hill sportsbook at Monmouth Park and the Borgata Race & Sports Book in Atlantic City. Ocean Resort had its book open three days to end June. Keep in mind, the New Jersey sports betting revenue numbers will include future wagers and to-be-decided props at the time of the bets, with winning tickets to be deducted at the time of redemption.

Company Coming.

Last week the New Jersey Division of Gaming Enforcement (DGE) accepted new sports wagering certificate applications from properties including Resorts Casinos, all Caesars Entertainment casinos (Harrah’s, Bally’s, Caesars) and the Golden Nugget.

The Harrah’s sportsbook is already under construction. Resorts, which has partnered with SB Tech and DraftKings, probably isn’t far behind. There may be as many as eight or nine sportsbooks live by football season and several of them with live mobile applications that will only increase handle and revenue.

It remains to be seen how much of that $3.5 million handle for Meadowlands falls into the “win” column, but it’s an auspicious start with a lesson learned during a period of relative calm, as far as the sports betting calendar goes.

On a Tour-de-Atlantic City sportsbooks and casino floors this past weekend, Sports Handle observed pretty full houses at Harrah’s, Tropicana, Borgata (the sportsbook and floor) and Ocean Resort. Likewise at the FanDuel Sportsbook on Sunday at noon, where more teller windows would have helped some deep lines.  

“I’m surprised how crowded it is here with the Hard Rock just opening,” a Harrah’s blackjack dealer said around 11 p.m. on Saturday night. “The Hard Rock looks nice. It is not the Taj Mahal [the space that Hard Rock now occupies].”

The Hard Rock Atlantic City is getting on the sports betting wagon, too, with some kind of partnership with the U.K.-based bet365 in the works.

A rising tide appears to be lifting all boats, with waves coming courtesy sports betting and some fresh starts.

The post Meadowlands’ FanDuel Sportsbook Draws $3.5M Handle in Short Order appeared first on SportsHandle.

Get a Grip: Week in Sports Betting and Sports: New Jersey, FanDuel Sportsbook, Ohio

The post Get a Grip: Week in Sports Betting and Sports: New Jersey, FanDuel Sportsbook, Ohio appeared first on SportsHandle.
It’s information overload everywhere, and there’s not time enough to sleep and eat and stay fully apprised of what’s happening on this crazy blue dot of ours (two out of three ain’t bad).
Here’s the weekend Sports Handle item, “Get a Grip,” rounding up top stories in sports betting and gaming, and the world of sports at large. You may have missed them, and they are worth reading. This is meant to be brief, so that’s it.
New Jersey Sports Betting Revenue Reports; FanDuel Sportsbook Set to Open at Meadowlands
meadowlands sports betting racetrack new york new jersey
Off the top rope: The results are in for the first month — rather, 17 days — of live NJ sports betting operations. The revenue reports are/will be different than those offered by Nevada regulators. Those reports record profits and losses based on an accrual method of accounting. For sports wagering in New Jersey, we’re looking at a cash method.
The main difference is that bettors’ wagers or “futures” bets, such as on the Super Bowl winner, or on anything not yet decided, gets counted as revenue when wagers are placed. Winning tickets will be deducted in the month in which they are redeemed.
Recall that the William Hill Race & Sportsbook at Monmouth Park in Oceanport took the first wager from Governor Phil Murphy at its June 14 launch (his bet on Germany to win the World Cup is a loser; he also bet on the New Jersey Devils to win the next Stanley Cup). The MGM-owned Borgata Race & Sportsbook within the hotel and spa in Atlantic City, opened up shop later that morning. William Hill is also operating the sportsbook at Ocean Resort Casino on the site of the former Revel. That sportsbook opened on June 28.
Here’s the gross revenue figures and other numbers of note (go here for further discussion)

  • Monmouth: $2,279,166
  • Borgata: $986,831
  • Ocean Resort: $192,671
  • Total revenue across all three: $3,458,688
  • Revenue derived strictly from all three from completed events (not futures): $1,203,700
  • Total gross hold percentage across all three, based on complete events results: 7.8 percent
  • Total gross handle across all three (including futures): $16,409,619
  • Tax derived by state of New Jersey (8.5 rate on in-person wagering): $293,863

Elsewhere, in the Northeast Corridor just a hop, skip or a black car from New York City, the FanDuel Sportsbook is set to open at The Meadowlands Racetrack on the same grounds as the home of the Giants and Jets, MetLife Stadium. Read all about what to expect and what it means right here.


The Other Most Important Stories of the Week in Sports Betting and U.S. Gaming

Quite a Headline: Gambling and drugs may be the cure for Connecticut’s ailing economy [CNBC]
Midwest: Even money says Colorado will take it slow and steady with sports betting [CPR]
States’ Rights: Federalism comes out as the winner in Murphy v NCAA [Reg Review]
Wishful Thinking: Here’s how sports gambling could become legal in Texas [Caller]
Everywhere, Man: Projecting when legal sports betting will arrive in 25 biggest U.S. cities [Action]
Silver Blues: NBA Commish Adam Silver on ‘integrity fees’: Not a point of progress [LSR]
Low Tax Rates Would Help:  New sports betting laws won’t stop illegal gambling [Herald]
Shuttle Bussing: Possible shuttle between MetLife and FanDuel Sportsbook? [Chalk]


Now in the Wider World of Sports:

pittsburgh steelers offensive line
Big Men: NFL offensive line rankings: All 32 team’s units entering 2018 [PFF]
Guts and Glory: Brandi Chastain on the Olympics and famous penalty kick [ESPN]
Los Angeles: LeBron James and Luke Walton have been texting, ignore the noise [TBL]
Broken System: Blake Snell snub may change the way MLB players selected to All-Star Game [SB Nation]
Betting Should Help: Fox’s NASCAR viewership dropped 19 percent from 2017, 29 percent from 2016 [AA]


Video of the Week:

Quote of the Week:

His quads are the size of my waist and whole upper body. I’ve never quite seen anything like it. I don’t often stare at another man’s legs, but in that case, you just can’t quite help it.
— Giants QB Eli Manning on running back and first round draft pick (No. 2 overall by NYG) Saquon Barkley‘s lower body. Audio here:

Comment Section of the Week:

The post Get a Grip: Week in Sports Betting and Sports: New Jersey, FanDuel Sportsbook, Ohio appeared first on SportsHandle.

Three New Jersey Sportsbooks Collects $3.4M in First Half-Month

The post Three New Jersey Sportsbooks Collects $3.4M in First Half-Month appeared first on SportsHandle.
New Jersey sports betting went live on June 14 at Monmouth Park in Oceanport and at the MGM-owned Borgata Resort Casino in Atlantic City, and the first month of operations has shown that the state’s costly fight for legal sports betting will be well worth with it.
The New Jersey Division of Gaming Enforcement on Thursday released the first batch of sports betting revenue figures, which are based on a cash method of accounting, not on an accrual method as in Nevada, showing the three separate locations operating in June took in a collective $3,458,688, producing $293,863 in tax revenue for the state of New Jersey. That’s based on a total handle of $16.4 million across the same properties.
Those figures come with an 8.5 percent tax rate. Mobile sports wagering tax rate is 13 percent, which is likely to begin at a few properties set to roll out their apps/online platforms in the coming weeks. Anyone in state can set up an account remotely and deposit without having to register in person at a licensee.
New Jersey Sports Betting Numbers and Handle From First Weeks of Live Operations Show Big Win.
nj sports betting numbers handle for june from monmouth park sportsbook
Keep in mind the $3.4 million is based on a cash method of accounting, which counts as revenue wagers on futures events such as the World Cup and Super Bowl winner.
According to the DGE, “$1.2 million in gross revenue was reported from Completed Events, which approximates accrual basis revenue that can be compared to the win reported of Nevada casinos.”
The total handle across the three locations was $16.4 million. 
Here’s more of the breakdown:

Also keep in mind that Ocean Resort, a property formerly known as Revel, only opened on June 28, meaning it produced its handle and hold in three days.
People had a nice time betting on baseball! It represents $10.1 million of the $16.4 million in handle:

Further consider that mobile wagering has not yet begun, which will be coming soon through William Hill and the Borgata. Sources say that the MGM-owned Borgata’s mobile app will be introduced next week.
These numbers are pretty, pretty good, considering only baseball and soccer events (with some other events such as UFC 226) were occurring during this half-month stretch.
Welcome to the game, New Jersey, and Garden State sports bettors.
This is story is developing and will be updated.
[Also See: What to Expect at the Meadowlands’ FanDuel Sportsbook Launch]
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