New Jersey Online Casinos Hit Record $198.4M Revenue

Watch New Jersey Online Casinos Hit Record $198.4M Revenue - SportsGrid on Dailymotion

Transcript

00:00Let's move over now to New Jersey, where again, a story over Legal Sports Report is telling

00:08us the month of August was extremely profitable on the casino end.

00:12Tell us more about that.

00:13Yeah, certainly a profitable month for the online casino operators, posting record revenue

00:21at $198.4 million in the month of August.

00:26That's the most, the highest revenue in a single month in New Jersey.

00:31And just talking with some of our analysts at Legal Sports Report on the online casino

00:36side, they're expecting that that total is going to surpass $200 million in September

00:44and throughout the fall.

00:46Just kind of looking at the trends over the last, over last year and what they're expecting

00:51to see in September, October and beyond.

00:53So perhaps a short lived record for New Jersey online casino revenue as we get into the fall.

01:02Now, contrary to what we were just discussing for Michigan, Pennsylvania, and just about

01:07every other U.S. sports betting market that we've seen reports for August, New Jersey

01:15was going in the opposite direction actually, and they did not post year over year gains

01:21in handle and revenue.

01:22They actually saw a little bit of a decline.

01:27And Craig, if you recall, we spoke about this, you know, probably about a year or so ago

01:32when New Jersey was coming out of New York, launching its online sports betting market.

01:40And those first couple of months, January, February, 2022, when New York launched, didn't

01:46really affect New Jersey all that much.

01:48But once we got into those later months, March, April, May, June, and that continued for about

01:55a full year, if not more, where New Jersey was kind of struggling to post those annual

02:01gains year over year in handle and revenue.

02:05They rebounded a little bit and had a nice stretch over the last eight months where they

02:11were posting those annual gains.

02:13But in August, we saw the declines start to creep in.

02:17I don't think it has anything to do with New York, obviously, I think both of those

02:21markets have stabilized a bit since New York came online at the beginning of 2022.

02:29But just a little bit of an odd sort of trend for New Jersey considering just about every

02:35other U.S. sports betting market is continuing to show positive signs of growth in betting

02:41volume year over year.

02:44A couple of interesting things, though, despite that overall decline in market revenue, a

02:50handful of sportsbooks did show an increase in their market share.

02:55So some of them kind of making up ground against the leaders.

02:58And that was BetMGM, Bet365, Caesars, and ESPNBet showing positive growth in August,

03:05despite the overall market having a little bit of a slow month.