The start of the NFL and NCAA football seasons nearly tripled sports wagering revenue for New Jersey sportsbooks in September after a slow start following legalization in the state over the summer. The amount of money being wagered on sports nearly doubled.
Sportsbooks brought in $24 million in revenue from Garden State bettors in September, with wagers placed online representing more than half of that total, according to the New Jersey Division of Gaming Enforcement. That's up from just $9 million in revenue for August. The amount bet nearly doubled to $184 million from $95.6 million in August. From football alone, sportsbooks in New Jersey took $88.6 million in bets.
"We beat all of our expectations by far," said Matt Kalish, chief revenue officer for DraftKings, a daily fantasy sports operator which opened an online sportsbook in the state. Kalish added that despite knowing New Jersey's market for sports wagering was large, he expected bettors to slowly adopt their product. Instead, Kalish said, "people are moving quickly from black market sports betting options to legal and regulated options like DraftKings."
Gov. Phil Murphy signed into law a bill legalizing commercial sports betting in June following the U.S. Supreme Court's decision to overturn a federal ban on the practice. Delaware, Mississippi and West Virginia have since authorized sportsbooks as well. New Jersey's sportsbooks grossed little more than $7 million in revenue over June and July, largely because the online betting infrastructure was not ready then.