NJ sportsbooks set records as monthly hold surpasses $100m

Estimated Reading Time: 2 minutes

New Jersey sportsbooks continued to set the pace for other regulated US sports betting markets in November as operators in the state reported more than $1 billion in wagers for a third-straight month.

The state’s betting handle for November was $1.26 billion, a decrease of 3.5% from October’s record $1.30 billion. However, when compared to the $872.1 million reported in November 2020, the value of wagers handled by NJ sportsbooks last month was up by 31.2% year-on-year.

Despite the slight decrease in betting handle, the revenue generated by sports betting soared to an all-time high as operators across the Garden State combined to win $114.8 million, beating the previous record of $84.2 million achieved in October by a margin of 36.4%.

The revenue for November also climbed by 127.1% year-on-year when compared to November 2020’s $50.6 million. The total amount generated by the industry in sports betting taxes was $14.6 million, up from $10.5 million in the month prior.

How did NJ bettors place their wagers?

An overwhelming majority of sports fans in New Jersey placed their bets through online and mobile sportsbooks last month, according to the latest financial report published by the NJ Division of Gaming Enforcement (NJDGE).

The data shows that the state’s internet betting handle was $1.14 billion in November, down by 3.0% from October’s $1.18 billion. The figure accounts for 90.9% of the state’s total betting handle for the month.

Retail sportsbooks took in $114.0 million in bets during the month, down from $124.2 million in October.

Moving on to the most popular betting markets, football posted the highest handle for any sport at $401.3 million, down from $499.0 million in the previous month. Basketball, on the other hand, saw a massive increase in handle as the value of wagers staked on the sport climbed from $156.9 million in October to $401 million in November.

Baseball reported $11.9 million in bets for the month, down from $127.1 million in October. Parlay Cards accounted for $262.8 million of the state’s sports betting handle, while other sports brought in $182.1 million in bets.

Meadowlands leads NJ sportsbooks in revenue

According to the numbers released by the NJDGE, Meadowlands was the top licensee in terms of sports betting revenue last month with a hold of $64.4 million, up from $44.1 million in October. The facility houses a FanDuel-branded retail sportsbook, and it is also licensed to offer mobile betting in partnership with FanDuel, SuperBook Sports, and PointsBet.

Resorts Digital, which partners DraftKings, FoxBet, and Resorts Casino for its sports betting operations, came in second with $22.4 million for the month, up from $15.9 million in October. Borgata’s sports betting revenue fell from $8.0 million in October to $7.8 million in November, while Freehold raceway saw its hold increase by a slight margin as the figure went up from $6.97 million in October to $7.9 million in November.

Monmouth Park placed fifth with $5.0 million in revenue, up from $4.5 million in the month prior.

Following November’s impressive numbers, New Jersey’s year-to-date (YTD) sports betting handle stands at $9.71 billion, the highest for any state in the country. The figures put the jurisdiction on the path to achieving another national record as it edges closer to eclipsing the $10 billion benchmark for yearly handle.

The total amount held by licensees in the state this year stands at $756.7 million.

Show More
Leave a Reply

Your email address will not be published.