New Jersey gambling on the rise
The gambling numbers coming out of New Jersey are unlike anything the American market has seen.
third monthly sports betting handle of over $1bn this year
The Garden State produced its third monthly sports betting handle of over $1bn this year, according to the New Jersey Division of Gaming Enforcement (DGE) and not only that, but online casinos set a state record for revenue generated in a month with $147.2m, an increase on the $140.6m March 2022 record.
Despite being in the shadow of New York, New Jersey continues to be one of the biggest players in America’s gambling industry. With popular events such as the World Cup, Super Bowl, and March Madness on the horizon, even more records could fall in the next half-year.
Sports betting success
The October sports betting numbers were, in all likelihood, boosted by the Philadelphia Phillies’ appearance in the World Series and the Philadelphia Eagles’ undefeated start to the season.
Funnily enough, sportsbooks took a 7.4% year-to-year loss on revenue and were down nearly $20m from September’s revenue total. The Meadowlands Racetrack provided a majority of the revenue with over $45.4m, while nine licensed Atlantic City sportsbooks generated a combined $29m.
New Jersey’s year-to-date sports betting revenue is at nearly $600m. The FanDuel sportsbook dominates a market that includes 27 online sportsbooks and ten retail gambling venues.
New Jersey sports betting could still be on the climb
Despite the eye-watering totals, New Jersey sports betting could still be on the climb. The Eagles are 8-1 heading into Week 11 and have the best odds of winning the NFC and third-best odds of winning the Super Bowl.
The Philadelphia 76ers are also eyeing a postseason run. The team has gotten off to a slow start, but Joel Embiid’s stellar game against the Utah Jazz, during which he recorded 59 points, 11 rebounds, eight assists and seven blocks has injected confidence into the fanbase.
On top of all that, the World Cup is set to kick off this weekend. The monthlong tournament includes a group stage and single-elimination bracket, during which an estimated 50% of sports fans will place at least one bet.
Online casinos continue growth
Sports betting has been a hot topic across the country in recent years, but New Jersey’s online casino performance has been far above what anyone expected.
October marked the second time that New Jersey online casinos have produced at least $140m in revenue in a single month, and it came with a 14.9% year-to-date increase. Many experts thought that the market would level off, but that clearly is not the case.
already surpassed $5bn in total revenue
As New Jersey online casinos approach their ninth anniversary, they have already surpassed $5bn in total revenue. Borgata Hotel Casino & Spa, owned and operated by MGM, was the big winner of the month, claiming $40.9m in revenue and bringing its 2022 total to $408.3m, up 19.6% on the previous year.
Only six states have legal, live online casino markets. Several, including New York, Illinois, and Massachusetts, have begun debates but are yet to formally adopt legislation.
The success of both online sports betting and online casinos in New Jersey go hand in hand. Sportsbooks such as Bet365 have a universal wallet feature, which allows customers to access funds for both forms of gambling entertainment from one central location.