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The New Jersey gambling industry continues to show significant growth with back-to-back months recording nearly half a billion dollars in wagers.
The New Jersey Division of Gaming Enforcement (DGE) recently announced the total betting handle for the month of October was $487.9 million, breaking the record set the previous month in September when the handle was $445.6 million.
Sports betting made up the lion’s share of the October handle with $417 million in bets taken. That equates to 85.4% of the total handle and sets a new monthly high for sports betting in the Garden State.
In 2019 the money wagered in New Jersey has reached $3.46 billion, meaning the state is on track for an annual betting handle in excess of $4 billion. The gross sports betting revenue for October was $46.4 million, which is a hold of around 10% and represents a solid month for New Jersey sportsbook operators.
Just over 50% of New Jersey gambling revenue for October was taken in by the Meadowlands Racetrack and their partners, which include the PointsBet and FanDuel sportsbooks. Around 20% of the revenue was taken in by Resorts, which is a partner of DraftKings, while Monmouth Park and associates rounded out third place just ahead of Ocean Resort, Hard Rock, and Borgata.
The revenue from October 2018 to October 2019 increased a whopping 279%. Of the New Jersey betting operators now in business, only Hard Rock and the Tropicana were out of the picture last October.
New Jersey has benefitted from mobile sports betting in its borders, as the state has taken in 13% of the mobile gambling revenue for taxes. This is compared to 8.5% taken for taxes from land-based casinos in the state.