New Jersey March results; PointsBet outperforms DraftKings
Total gaming revenue was $526.6m, with sports wagering accounting for $89.7m.
The state of New Jersey has released its gaming results for March 2024. Total gaming revenue was $526.6m, up 8.1% year-on-year. Of this, casino win totaled $239.8m, up 4.9%, internet gaming totaled $197.2m for growth of 19%, while sports wagering totaled $89.7m, down 3.6%.
Sports wagering
When looking into gross revenue generated by sportsbooks, it is unsurprisingly FanDuel, in partnership with New Meadowlands Racetrack, that contributed the most significantly to the monthly total, generating $29.5m in March. The sportsbook is the largest in the US by market share, holding 43% of the market according to Flutter’s Q4 report.
Other casino partner PointsBet, which had its acquisition by Fanatics completed in the first week of April, also made up a significant portion of the month’s sports wagering revenue, making $20.1m.
The Fanatics app is currently live in 19 states, launching in Illinois in early April.
DraftKings’ total came in at $17.6m – a surprising change to the usual head-to-head seen between FanDuel and DraftKings in most US states. With Fanatics, and PointsBet under its belt, showing early potential to disrupt the FanDuel/ DraftKings empire, already in the top five sportsbooks by revenue in New York according to March figures despite only being live for a month, we may see this pattern continue.
Taking fourth and fifth place were BetMGM at Borgata Hotel Casino & Spa and ESPN Bet at Freehold Raceway, generating $5.9m and $4.3m respectively.
Several sportsbooks across the state reported a loss in sports wagering revenue, with the most significant coming from Sporttrade at Bally’s with a loss of $187,893. This was followed by Betway at Golden Nugget, with a loss of $115,057.
Online and casino
Borgata generated casino win of $56.5m, with $41.5m from slots and the remaining $15m from table games. On the online frontier, the casino’s internet gaming win totalled $43.8m, though less than $1m of this was made from peer-to-peer games. This is more than the casino made in March from its land-based slot games.
The second-highest casino win in New Jersey in March was made by Hard Rock Atlantic City, which generated total casino win of $44.4m.
Of this, $30m was generated by slots and $14.3m was generated by table games. Hard Rock’s total online revenue came to $10.5m, making land-based play far more crucial to the tribal operator.
No casino reported a loss in land-based or online gaming revenue.
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