The only way is up
New Jersey is the state to beat when it comes to sports betting. Its sportsbooks broke the national record for handle by accepting wagers of more than $1bn in September, and they have just surpassed that record-breaking figure once more by taking in $1.3bn for the month of October.
90% of the state’s betting handle came from mobile sportsbooks
New Jersey’s October betting handle represents an increase of 62% year-on-year. According to data from the New Jersey Division of Gaming Enforcement (NJDGE) released Wednesday, mobile sportsbooks accounted for the highest percentage of those stakes. Around 90% of the state’s handle came from mobile sportsbooks.
Sports wagering revenue reached $84.1m for the month, up nearly 44% from last October. FanDuel took in $39.6m in gross online revenue, DraftKings generated $15.9m, and the third most popular sportsbook BetMGM saw $7.8m.
In another record-breaking feat, New Jersey and Pennsylvania are now the first states to generate $1bn in all-time online casino and poker revenue. New Jersey iGaming win reached $127m in October, an increase of 36% year-on-year.
A closer look at the numbers
The data released by the NJDGE this week reveals the details of New Jersey’s record-breaking month.
While online sportsbooks clearly had an amazing October, retail sportsbooks also broke some records of their own. New Jersey bettors wagered $124.2m at physical locations, representing an increase of 34% from September and a record monthly total. Of the state’s sportsbooks, FanDuel generated the most retail revenue at $4.5m.
Internet gaming win rose by 43%
For the year-to-date, New Jersey sportsbooks have taken in $3.89bn in handle compared to $2.28bn in 2020, an increase of almost 71%. That said, the NJDGE has made clear that due to the cancellation of sports during the pandemic it is unfair to compare these figures directly. Internet gaming win rose by 43% in the same period to $1.12bn.
New Jersey’s record-setting October also meant more funds for state coffers. The state bagged $45.8m in total gaming taxes for the month, nearly matching the $46m it brought in for September. In 2021, New Jersey has raised $396.8m in gambling tax revenue, already surpassing the record-high of $302.7m made in the whole of 2020.
Growth all across the US
Eric Ramsey, analyst for PlayUSA, has offered up some reasons for New Jersey’s successful October. He pointed to the state’s love for the NBA, which he said “outstrips every other market,” but also noted the number of sports currently available to wager on. Ramsey believes the latter has contributed to wagering records “falling in every major legal sports betting market in the US.”
This is certainly true with New Jersey’s main competitor for the betting top spot, Nevada. Although the state has not yet announced its October results, its sportsbooks took a record $786.5m in bets during September. Online sports betting reached $495.3m, or 63% of handle. This total wagering amount represents an increase of 84% from the previous highest in October 2020.
Similarly, another of New Jersey’s rivals for the top spot Pennsylvania just reported record handle of $776.3m for the month of October, an increase of 48% year-on-year. In comparison to the state’s previous record set in January 2021, this represents growth of more than 26%.