New Jersey Sports Betting Hits a New Revenue Record in October

New Jersey’s sports betting revenue continued to break records in October, as licensed sports betting operators collected $46.4 million in turnover during this month. This is a new total high for this state. Sports betting handle also reached new peak, with $487.9 million wagered.

The previous record, set in September, was $37.9 million, and the figure of October represents the year-on-year rise of 297.8% on the $11.7 million posted in the same month last year.

Nevada Finally Ahead

Previous betting handle record was also set one month before, in September…

…when $445.6 million in bets was placed. On annual level, the handle was up 87.14%, from October 2018’s $260.7 million.

In September, however, New Jersey in of revenue made so it remains to be seen in October will see NJ jump in front again.

In September, Nevada’s revenue was $52.1 million, collected from $546.4m handle. Since June, until September, New Jersey has done better in of sports betting revenue than Nevada.

Most Bets Were Made Online

New Jersey Division of Gaming Enforcement has released the figures that show the majority of sports bets were placed online – $417 million. Retail spend amounted to $71 million.

FanDuel and PointsBet sportsbooks at Meadowlands remained the market leaders. This venue’s revenue amounted to $24.8 million, which is a rise of staggering 599.9% since last year.

DraftKings’ and FoxBet’s partner Resorts Digital came up second with a turnover of $10.6 million, which is a 107.4% annual rise.

William Hill-partnered Monmouth Park was third with a revenue of $2.8 million, which was up 133.8%. Ocean Resort came up fourth with a revenue of $2.3 million, which is a 183% increase over the last year.

Hard Rock Atlantic City came up fifth with $2 million. Borgata made $1.8m, which is a great result, since their revenue jumped 886.1% year-on-year!

Looking at the entire full year, NJ’s sports betting revenue amounted to $237.1 million, from October 2018 to October 2019. This is up from $52 million from the same point last year. The handle for the entire year is $3.5 billion – compared to $597.4 million the year before.

Source:

“NJ continues to break sports betting record in October”, igbnorthamerica.com, November 15, 2019.