New Jersey rakes in over $1b in sports bets in September

New Jersey’s fast-growing sports betting industry posted another record-breaking month in September as football season swung into action.

The latest monthly revenue report released by the New Jersey Division of Gaming Enforcement (NJDGE) shows that the state’s regulated sports wagering market hit new highs last month, after licensees reported a combined betting handle of over $1 billion.

According to the report, operators in the state took in $1,011,114,311 in sports wagers in September, which translates to an increase of 52.1% from the $664.7 million staked in August. The figure did not only smash NJ’s previous record, but it also made it the first US state to cross the $1 billion mark.

The earlier record was $996.3 million, set in December 2020.

With regard to revenue, NJ sportsbooks saw a massive jump in gross profits in September, as the total hold climbed by 58.5% month-on-month. The combined sports wagering revenue for the month was $82.4 million, up from $52.0 million in August. The profits also soared by 82.9% year-on-year when compared to the $45.1 million won in September 2020.

The amount generated by the industry in tax revenue for the state was $10.2 million.

Mobile handle grows nearly 50% month-on-month

The numbers reported by the NJDGE show that 90.8% of the state’s sports wagering handle in September came in via licensed betting apps. According to the report, the online betting handle for the month was $918.4 million, an increase of 49.9% from August’s $612.9 million.

There was an improvement in retail handle as well as physical sportsbooks took in $92.7 million, up from $51.8 million in August.

The market with the highest betting handle was football, at $400.8 million. In terms of revenue, the operators held $10.4 million of the total amount wagered on the sport, translating to a win rate of 2.59%.

However, the most profitable market for the sportsbooks was parlay cards. The market generated $42.3 million in revenue from a handle of $216.1 million, which translates to 19.65 in hold percentage.

Baseball reported $185.2 million in betting handle and a hold of $6.6 million, while the amount staked on basketball was $22.4 million. Other sports had a combined handle of $175.9 million.

Meadowlands continues to reign supreme in NJ

Meadowlands, which partners with FanDuel Sportsbook, SuperBook Sports, and PointsBet for online wagering, was the market leader in the state after winning $41.2 million in the month. The sports wagering revenue posted by the facility in August was $26.9 million, which translates to an increase of 53.2%.

Borgata had the second highest revenue numbers at $13.4 million, up from $4.7 million in the previous month. The casino has two online partners, BetMGM and Borgata Online.

The third spot went to Resorts Digital, which reported $13.2 million in revenue in the month. The operator’s hold showed a slight increase of 1.54% month-on-month when compared to the $13.0 million posted in August.

Resorts Digital has three online skins; DraftKings, Resorts Casino, and FoxBet.

Barstool Sportsbook and PlayUp USA’s land-based partner, Freehold Raceway, came a distant fourth with a hold of $4.3 million.

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