Online and mobile sports betting revenue hit a record $106.9 million in November, a 39% increase month-to-month and a nearly three-fold increase in just two years, data from the New Jersey Division of Gaming Enforcement (NJDGE) show.
The sportsbook partners of Meadowlands Racing & Entertainment — FanDuel, PointsBet, and SuperBook — led the vertical with $59 million in revenue, up 49.1% month-to-month ($39.6 million) and nearly triple revenue from a year ago ($21.2 million). The racetrack held a commanding 55.2% share of the market in November, up from 51.5% in October.
Resorts, which has its own branded sportsbook and also partners with DraftKings and FOX Bet NJ, kept pace but remained in a distant second place with $22.4 million in revenue, up 41% month-to-month ($15.9 million) and nearly double year-to-year ($14.6 million). Resorts held 21% of the market in November, a half-point gain from the previous month.
Since launching in the Garden State in mid-August, Penn National’s Barstool Sportsbook has had Borgata in its sights for third place overall.
Borgata, which also has its own branded sportsbook and partners with BetMGM NJ, grossed $8.4 million in November, up 8.6% from October ($7.8 million) and a five-fold increase from one year ago ($1.3 million).
But Barstool, which is on the Freehold Raceway license, has been closing the gap fast — it was down $6.7 million to Borgata in September but was just $988k short in October and $798k in November. Barstool posted revenue of $7.6 million in November, up 12.6% month-to-month ($6.8 million).
Online Casino Revenue Streak Continues
One month after hitting a record for the second consecutive month, NJ online casino revenue slipped to $115.8 million, a 7.1% decline from the peak of $124.6 million set in October. But the vertical was up 29.4% year-to-year ($89.4 million) and November 2021 was the ninth consecutive month to record revenue of at least $100 million.
According to the NJDGE, the partners on the Borgata casino license — BetMGM Casino NJ, Borgata, Pala, and partycasino NJ — grossed $33 million in November, down 12.9% month-to-month ($37.9 million) but took a 45.2% leap year-to-year ($22.7 million).
Golden Nugget and Resorts licensees also saw declines in revenue compared to October. Licensees for the former — which include FanDuel, PlaySugarHouse, and other operators — saw revenue slip to $31.8 million, down 7.9% from October ($34.5 million).
Meanwhile, Resorts licensees — PokerStars, DraftKings, and Barstool, among others — grossed $27.2 million in November, down 5% from October ($28.7 million).
Despite the month-to-month declines, Golden Nugget was up 22% from November 2020 ($26 million) and Resorts was up 34.6% ($20.2 million).
Borgata remained in the lead in terms of market share (28.5%) for the vertical, but just barely. Golden Nugget held 27.5% of the market in November while Resorts had an additional 23.5%. Compared to a year ago, Borgata lost two percentage points, Resorts added a half-point and Golden Nugget was unchanged.
The five smallest online casino operators in NJ combined for $23.8 million in revenue and 20.5% of the market. Market share declined year-to-year (22.9%) for the smaller licensees — Bally’s, Caesars, Hard Rock, Ocean Resort, and Tropicana — but revenue was up 16.2% year-to-year ($20.4 million).
Poker Revenue Dips
Online poker revenue in NJ slid 9.7% to $2.2 million in November, although the month is traditionally a quiet one in the Garden State. Action usually picks up in December before peaking in January.
Revenue from the vertical was down 8.3% year-to-year ($2.4 million) but was also up 47.2% from November 2019 ($1.5 million), before the pandemic.
After two rare months in which the trio of poker sites on the Borgata license — BetMGM Poker NJ, Borgata Poker NJ, and partypoker NJ — led the vertical, their revenue dropped 21.3% to $735k in November, down from $933k in October.
Borgata yielded the top spot back to WSOP NJ, which is on the Caesars license.
WSOP grossed $854k in November, down 2.4% from October ($875k). PokerStars NJ — the operator on the Resorts license — had $607k of revenue, down 2.7% from October ($624k).
Borgata was the only poker network to gain market share and grow revenue year-to-year*, increasing 4.7% from $702k in November 2020. WSOP was down 10.9% year-to-year from $958k while PokerStars was down 17.5% from $737k.
Market share over the last year has been trending toward Borgata at the expense of Resorts.
The Borgata network held a 33.5% stake in November 2021, up from 29.3% the previous November. But Resorts slid to 27.7% this November compared to 30.7% a year ago. WSOP didn’t change much — it held 39% in November 2021 and 40% the year prior.
