New Jersey Sportsbooks Earned $71.3m in June
US Sports Betting Update - New Jersey Sportsbooks Earned $71.3m in June
New Jersey sportsbooks earned $71.3 million in revenue in June after several bettors saw their parlays crash and burn. The state’s total handle decreased by 5.8% month-on-month to $766.9 million during a quiet month in the sporting calendar. However, the hold shot up to 9.3% as several results went against bettors. It meant that New Jersey’s sportsbooks enjoyed their best month since January.
The state’s sports betting operators made a large chunk of their revenue from parlays. They generated $31 million in revenue for sportsbooks during June. Total hold for the year on parlays is now 17.8% in New Jersey, suggesting that sports fans should proceed with caution when rolling multiple selections into a single wager in a bid to earn larger profits.
The “other category”, which includes soccer and tennis, earned $17.5 million in revenue for Garden State sportsbooks in June. Euro 2020, Copa America and Wimbledon all took place during the month. The third largest revenue generator was basketball, as sportsbooks generated $14.5 million in revenue during the NBA playoffs, according to the latest revenue report from the New Jersey Division of Gaming Enforcement.
The Meadowlands, which hosts FanDuel and PointsBet, accounted for 62% of the state’s sports betting revenue in June. The bulk of that goes to FanDuel, so it cemented its status as the dominant sportsbook in New Jersey. Resorts, which hosts DraftKings, FOX Bet and Resorts Digital, was next with 18.5%. Borgata, which hosts sister sites BetMGM and Borgata Sportsbook, came third with 9% of the revenue. William Hill, SugarHouse, theScore, Tipico, Hard Rock Sportsbook, Bet365, Unibet, Caesars, 888 Sport, WynnBET, Golden Nugget and BetAmerica shared the rest.
Pennsylvania Follows Suit
A similar trend was seen in neighboring Pennsylvania. The total sports betting handle dipped 6% compared to May amid a dearth of major sporting events. However, the hold increased to 10.1%, meaning sportsbooks were able to report a 15% month-on-month revenue increase.
The total revenue for June was $42.5 million. Sportsbooks gave away $8.3 million in bonus credit during June. The state takes its cut after bonuses are taken into account, so it earned $12.3 million in taxes, according to the latest report from the Pennsylvania Gaming Control Board.
FanDuel accounted for 39% of the handle and 47% of the revenue in June, confirming its position as the clear market leader. It gave out more than $3 million in promotional credits during the month, but it was still able to generate more revenue than any of its competitors. DraftKings saw its share of the Pennsylvania sports betting market drop to 21%, but it is still number two in the Keystone State, followed by BetMGM, Barstool Sportsbook, Rivers, Parx, FOX Bet and Unibet.
FanDuel Also Dominates Virginia
Virginia has provided an update on handle and revenue since sports wagering began in mid-January. FanDuel and DraftKings were the first two sportsbooks to launch, followed by five others a little further down the line. FanDuel remains the number one sports betting site in the state, with a market share of 49.5% through June 2021. Its handle during that time is $656.9 million.
DraftKings is in second place in Virginia, with a handle of $337 million since mid-January. BetMGM is the clear number three. It has not been live for as long as FanDuel and DraftKings, but it has handled $217.6 million in the state. William Hill is fourth with $94.2 million, BetRivers is fifth with $14.6 million, while Unibet and WynnBET – both of which were latecomers to the party – have each handled just $4 million thus far.
Sportsbooks in Virginia handled $234.9 million in June, an increase of 3.5% compared to May. It did not provide revenue figures, which will be revealed in August. Virginia plans to issue five more licenses, which will take the total number of operators in the state to 12. It has had 18 applications, but it has not yet decided who will receive them.
William Hill Thrives in DC
William Hill continues to show up Gambet DC in the District of Columbia. Lottery provider Intralot was controversially awarded an exclusive license to provide sports wagering in Washington DC via the Gambet DC brand, despite the lack of a bid process. It was awarded the exclusive contract after promising to hold a large percentage of the handle, which could theoretically result in high tax revenue for the District. However, it offers poor odds in order to generate a large hold, and bettors have therefore shown little interest in the sportsbook.
In June, Gambet DC handled $3.4 million and generated revenue of $517,990. William Hill, which operates a retail sports betting kiosk at the Capital One Arena, handled $15.7 million in June and took revenue of $1.6 million. It provides more attractive odds. BetMGM has also launched in the city. It has a retail kiosk at Nationals Park. Both sportsbooks can offer online sports betting within a two-block radius of their kiosks, but Gambet holds an exclusive on online sports wagering over most of the District. Despite its exclusive contract, BetMGM could soon overtake it too.
PointsBet Joins the Arizona Party
In other news, PointsBet has become the seventh operator to tie up a market access deal for Arizona. It is set to roll out its legal sports wagering industry before the start of the new football season, and it should have a large and competitive market. Twenty licenses are available, and operators must secure a market access deal with a sports team, a sports venue or a tribe. PointsBet is teaming up with Yavapai-Apache Nation, which owns Cliff Castle Casino Hotel. FanDuel, DraftKings, Caesars Sportsbook, WynnBET, Bally Bet and Unibet have also tied up market access deals.
Meanwhile, the American Gaming Association has revealed the results of a new poll, which suggests that 20 million Americans plan to bet on the Olympics. The Games have just got underway in Tokyo, with the USWNT suffering a shock defeat to Sweden in its opening game of the soccer tournament. The AGA poll found that 54% of Americans are interested in the Olympics, and that a quarter of those that are interested plan to place a wager on the action. Respondents cited basketball and soccer as the sports they are most likely to bet on.