Handle up, revenue down
Once again, New Jersey’s sports betting operators have set a new wagering record. The Garden State’s online and retail sportsbooks handled $562.7m in November, which represents a 15.3% increase from October’s $487.9m handle.
In November, $486.7m of all sports bets were placed through mobile sources, with just $75.9m coming from in-person betting.
This means that mobile sports betting accounted for 86.5% of all sports bets placed in the state in November. This is why New Jersey is a leading example for other states that are looking to legalize online sports betting.
the Garden State is Nevada’s main rival as the country’s largest legal sports betting market
While the Nevada sports betting figures for November have yet to be made public, the state reported that sports bets totaled $542.5m in October. Therefore, New Jersey’s November figures eclipsed this total to confirm that the Garden State is Nevada’s main rival as the country’s largest legal sports betting market.
Despite the significant wagering increase, total sportsbook revenue was down for the month in New Jersey. Revenue of $32.9m in November represents a 29.1% month-on-month decline. This compares to the record-setting $46.4m revenue generated by the sportsbooks in October.
Operators cashing in
In terms of revenue, the Meadowlands Racetrack and its sub-licensees, PointsBet and FanDuel, still top the rankings. These parties generated sportsbook revenue of $14.9m in November, which is a 111% increase from November 2018.
Resorts Digital, whose partners are Fox Bet and DraftKings, was next on the list. These parties reported $9.1m in revenue for the month, a year-on-year increase of 27.3%. In third place was the Ocean Casino Resort and its partner William Hill. These parties had $2.54m in revenue, which is a year-on-year decrease of 9.8%.
So far this year, New Jersey has generated sports betting revenue of $270m. This eclipses the $73.2m generated in 2018.
Online gaming on the rise
Online gaming is also seeing the benefits of the increasing popularity of legal online gambling in New Jersey.
The leader in online gaming revenue chart was the Golden Nugget with $18.9 in revenue for the month. Resorts Digital was in second place with $11m.
Employment figures rising
A new iDevelopment and Economic Association report in New Jersey highlights that 6,552 jobs have been created by the state’s online gambling sector since launching in 2013.
6,552 jobs have been created by the state’s online gambling sector
In 2018 alone, a total of 1,851 new jobs were created. In this time, $401m in wages have been paid, with the state benefiting from $259m in taxes.
