Online sports betting continues to drive handle and interest

New Jersey online and retail sportsbooks reported a strong April as figures released on Tuesday show they accepted $313.7 million in bets in April, down 16 percent from $372.5 million during a college basketball-fueled March.

According to PlayNJ.com, New Jersey’s online and retail sportsbooks have now accepted $2.6 billion in bets since legalization in June 2018.

Moreover, PlayNJ.com analysts report the April handle generated $21.2 million in revenue, which was down from $31.7 million in March with New Jersey’s online sportsbook brands continuing to drive the most action, accounting for $253.97 million, or 81 percent, of total bets in April. The state’s retail sportsbooks made up the remainder.

FanDuel Sportsbook/PointsBet and Resorts/DraftKings continue to dominate the online market, accounting for 45 percent of the state’s online gross revenue in April. FanDuel generated $8.8 million in online gross revenue, down 34 percent from $13.3 million in March. Rival DraftKings – which represents more than 90 percent of Resorts’ online revenue – fueled Resorts’ $4.8 million April, down 34.5 percent from $7.3 million in March.

April proved once again that the popularity of online sports betting continues to bolster New Jersey’s online casinos. Last month, New Jersey’s online casino and poker industry generated $36.6 million in gross revenue, up 59 percent from $23.02 million gained in April 2018, and behind only the record-making $39.1 million raised in March.

Through the first four months of 2019, online casinos and poker have generated $141.1 million in gross revenue. That is up 52.4 percent from the $92.6 million generated through the first four months of 2018. Online sports betting has been particularly beneficial for online casinos games, which have generated $133.8 million in 2019, which is up from $85.1 million during the first four months of 2018.

April’s strong showing generated $6.4 million in tax revenue, pushing New Jersey past the $200 million mark in total tax revenue since legalization. The state’s online casinos have now generated $203.4 million into government coffers since launch in November 2013.