Sports betting handle in the state of New Jersey grew in May while sportsbook revenue saw a slight drop.
Revenue took a hit in May with sportsbooks reporting a total of $15.5m in revenue, a $5m drop from the $21m in revenue posted the month prior.
Breaking down the figures
FanDuel continued to dominate the New Jersey sports betting scene in May. Under it’s license with Meadowlands, FanDuel’s online sports betting operation generated $7.8m in revenue, while the land-based sportsbook at Meadowlands took in $798,469 in revenue.
DraftKings followed close behind FanDuel, generating $4.1m under the Resorts Digital license. However, the land-based DraftKings Sportsbook at Resorts AC posted a loss of $12,138.
The only other operator to exceed a million dollars in revenue last month was William Hill.
William Hill’s online operations under the Tropicana and Ocean Resort license generated $634,368 in revenue. William Hill’s online operations through Monmouth Park generated about $817,499.
Could New Jersey overtake Nevada?
In the early months of legal sports betting in New Jersey, several stakeholders and analysts hypothesized that the Garden State’s sports betting industry could overtake Nevada’s already established sports betting market.
New Jersey’s $318.9m in sports betting handle in May exceeded Nevada’s May handle in 2018 which came in at $315.5m.
Although Nevada’s figures for last month have yet to be released, there is a possibility that New Jersey could overtake the Silver State in May.
What’s interesting is the rate at which New Jersey’s one-year-old sports betting market has managed to grow. If other states in the country see similar levels of growth in such a short time frame it could force Nevada to adapt in order to compete with the competition.
For an in-depth look at each state’s sports betting statistics visit the BettingUS stats page.