Another record-setting month for New Jersey sports betting

The New Jersey sports betting revenue numbers are in for November and another record has tumbled. A whopping $562.7 million was wagered in the Garden State last month, smashing the previous and short-lived record of $487.9 million set in October.

According to figures from the New Jersey Division of Gaming Enforcement (DGE), mobile betting just about matched the all-inclusive October handle on its own. A record 86.5% of all bets were made over the internet in November, which equates to some $486.7 million.

New Jersey sportsbooks had a November figure of $32.9 million in gross revenue. While that marks a 29.1% from the October’s $46.4 million take, it is a 54.8% year-on-year boost of $21.2 million from November 2018.

The record-setting month pushed the total NJ sports betting handle for 2019 to over $4 billion with a month to go. The 17 legal mobile sportsbooks, nine Atlantic City casinos, Meadowlands Racetrack and Monmouth Park have a profit margin of 6.3% so far this year.

Basketball, football and baseball have dominated the NJ wagering scene this year. About a quarter of the total handle has come from wagers on ‘other’ sports, such as soccer, NHL, boxing, golf, and MMA.

One surprise is the basketball handle ($806.8m) has outstripped the figure for football betting ($718.3m). It remains to be seen if that trend will continue, as football has historically had the biggest handle. Baseball took in $698.4 million this year at a 3.9% win percentage for sportsbooks, which is significantly lower than football (5.6%), other (5.2%), and basketball (4.6%).

Where the NJ sportsbooks have really raked it in is parlay bets. The win margin for multi-event wagers has been 12.5% on $753.1 million in bets, which is second only to basketball in the handle rankings.

The DGE reported that New Jersey’s land-based casinos took in $75.9 million for November, breaking the October record of $71 million.

Almost half of the $32.9 million in NJ sports betting revenue came from the Meadowlands Racetrack and its partners, particularly the FanDuel Sportsbook outlet and mobile app. Coming in a distant second was Resorts Digital at $9 million, with most of that coming from DraftKings NJ. Monmouth Park and Ocean Resorts came in with a November revenue of around $2.5 million each, while Borgata clocked $2.1 million.

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