July Revenue Figures Suggest Sky’s The Limit For NJ Online Casino

While iCasino hit a new record, the dog days of summer weren't kind to sports betting action
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Whenever it seems as if perhaps New Jersey’s online casino revenue has finally leveled off after almost eight years, along comes a month like July 2021.

A record $118.7 million was won by the online casino industry in July, according to figures released Monday by the state Division of Gaming Enforcement.

That figure comes after April ($108.2 million), May ($108.2 million), and June ($107.1 million) each had failed to match the March record of $113.7 million.

For the third consecutive month, Borgata outflanked longtime state market leader Golden Nugget. Borgata — the overall revenue standardbearer almost since it opened in 2003 — and its partners took in $36.5 million, beating the $33.6 million collected by the Golden Nugget-affiliated sites.

Resorts was a solid third at $23.3 million, while Caesars was the other $10 million-plus earner at $10.2 million.

The news was less impressive for online poker, which dropped from a relatively robust $4.8 million in July 2020 down to $3.1 million last month.

Sports betting hit dog days in July

The numbers are also heading in the wrong direction for sports betting, which generated $578.7 million in handle — all but $49.3 million of which came online. Still, the industry captured 9.5% of the wagers, the highest hold rate achieved since January 2020. That edged out the 9.3% figure from June — with both marks likely coming from increasingly aggressive parlay betting promotions in the industry.

For the year, the industry’s hold from parlay betting is 18.5%, compared to 7.8% overall. Football betting has yielded a 6.1% return, compared to 4.2% on baseball bets and just 4% on basketball wagers.

Unfortunately, state regulators lump every other sport into a large category called “Other.” Those bets have produced a 5.5% rate of return for the books. The $81.4 million collected on “Other” bets this year is almost double what has been collected on baseball and football combined.

As usual, the Meadowlands Racetrack and its partners FanDuel and PointsBet combined not only to lead the pack, but to take in more than half the revenue at $31.7 million. Of the casino partners, Resorts — with DraftKings — managed $10.6 million, with Borgata ($6.3 million) the only other network clearing even one-tenth of Resorts’ number.

Photo: Shutterstock

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