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New Jersey Sports Betting Handle Smashes Own Record With $562.7 Million In November

This makes three consecutive months of new records

Brett Smiley by Brett Smiley
December 12, 2019
in Industry
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The New Jersey sports betting market exploded to a new record high for total dollars wagered in a single month — $562.7 million in November, the first time Garden State sportsbooks handled in excess of half a billion dollars in a single month.

This now makes three consecutive months of new records. In October, licensed NJ sportsbooks saw $487.8 million greenbacks (mostly in digital form), up from $445.7 million in September. The previous record for New Jersey’s 18-month-old legal sports betting industry was January 2019’s $385.3 million handle. 

For their part, sportsbooks collectively kept $32.9 million in gross revenue in November, good for a hold percentage of 5.85, just a bit shy of the 6.3% hold (or the percentage of dollars bet that the sportsbooks won) for the year. Of the $562.7 million, mobile/online sports wagering accounted for $486.7 million, or 86.5% of all wagers. The state’s 11 brick-and-mortar sportsbooks handled a combined $75.9 million. 

It should be obvious that betting on football and basketball — professional and collegiate — is one of the major driving forces behind the continued seasonal rise, as both sports at both levels are now well into their seasons.

Mobile sports betting continues to drive New Jersey numbers higher

Above you can see the breakdown on total handle, monthly handle, and year-to-date handle. November’s haul moves the needle past $4 billion dollars for 2019. 

As a function of a 6.3% annual hold, all licensed operators have now grossed a collective $250 million for 2019, which equates to roughly $30 million tax revenue for the state of New Jersey (13% tax rate on online betting, 8% on retail). 

Year-over-year, New Jersey handle figures have climbed from $331 million last November to $563 million this year, for a 70% increase.

Meadowlands, FanDuel continue to dominate

While it is no longer possible to pinpoint the exact betting handle at every online sportsbook, barring self-disclosures, we can see that the combination of FanDuel Sportsbook and PointsBet — operating through partnerships with the Meadowlands Racetrack — produced $12.2 million in revenue in November.

Couple that with $2.67 million in revenue via the physical FanDuel Sportsbook located at the Meadowlands, about eight miles from New York City, and it’s almost $15 million, or nearly half of the entire state’s combined operator gross revenue.

Who else fared well in November? 

Resorts Digital did quite nicely online, with a combined $9.13 million revenue through DraftKings Sportsbook and FOX Bet — although the report still indicates the existence of BetStars, which The Stars Group sunsetted in favor of FOX Bet.

On the brick-and-mortar sportsbook side, here’s how it shakes out (in descending order):

  • Meadowlands: $2.67 mm
  • Borgata Hotel & Casino (MGM): $734.2K
  • Monmouth Park (William Hill): $664K
  • Ocean Resort (William Hill): $492K 
  • Bally’s: $252.8K
  • Tropicana (William Hill):) $108.4K
  • Golden Nugget: $91.7K
  • Resorts Casino Hotel: $51.3K
  • Hard Rock: $19.8K
  • Harrah’s: $22.6K

National landscape

After topping Nevada at times over the summer, New Jersey has puffed its chest a bit as the new U.S. King of Sports Betting, only to get knocked back down again this football season by Nevada. Nevada’s Gaming Control Board will release November figures later this month.

In nearby Pennsylvania, the betting handle has also surged during the football season — from $110 million in August to $195 million in September, $241 million in October, and on Monday we’ll learn about November. The hold percentage has steadied at a few points higher in PA, perhaps indicating that the “sharper” bettors play in New Jersey.

New Jersey sports radio stations have been flooded with sportsbook advertisements and live reads, as the state’s market continues to mature and appears to attract new customers. Unless it’s simply a matter of existing patrons betting more. Probably both.

Both FanDuel Sportsbook and DraftKings Sportsbook are also now operational in Pennsylvania, likewise in Indiana, whose market opened in September of this year with launches at a dozen retail sportsbooks. In November, licensed Indiana sportsbooks saw a combined $147.3 million in bets. Indiana’s market is most akin to New Jersey’s, where licensed operators can use up to three online sportsbook “skins” or brands/platforms. Contrast with Pennsylvania, which allows only one apiece.

Meanwhile, in New York, some lawmakers continue to lament the absence of full-fledged online sports betting, as Governor Andrew Cuomo’s office maintains that permitting such would require a ballot referendum to amend the state constitution. 

New Jersey’s record number comes on the heels of Michigan’s legislature passing a bill to legalize sports betting, a bill that awaits only Governor Gretchen Whitmer’s signature. 

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Brett Smiley

Brett Smiley

Brett Smiley is editor-in-chief and co-founder of Sports Handle, which joined forces with the US Bets team in November 2018. He focuses on the sports betting industry and legislation. He's a recreational sports bettor and DFS player himself, focusing on the NFL. In a past life, Smiley practiced commercial litigation in New York City and previously wrote for FOX Sports and SI.com. He lives in New Jersey with his family.

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