The New Jersey sports betting market exploded to a new record high for total dollars wagered in a single month β $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 Jerseyβs 18-month-old legal sports betting industry was January 2019βs $385.3 million handle.Β
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 stateβs 11 brick-and-mortar sportsbooks handled a combined $75.9 million.Β
It should be obvious that betting on football and basketball β professional and collegiate β 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. Novemberβs haul moves the needle past $4 billion dollars for 2019.Β
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).Β
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 β operating through partnerships with the Meadowlands Racetrack βΒ 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 itβs almost $15 million, or nearly half of the entire stateβs combined operator gross revenue.
Who else fared well in November?Β
Resorts Digital did quite nicely online, with a combined $9.13 million revenue through DraftKings Sportsbook and FOX Bet β 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, hereβs 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): $492KΒ
- Ballyβs: $252.8K
- Tropicana (William Hill):) $108.4K
- Golden Nugget: $91.7K
- Resorts Casino Hotel: $51.3K
- Hard Rock: $19.8K
- Harrahβs: $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. Nevadaβs Gaming Control Board will release November figures later this month.
In nearby Pennsylvania, the betting handle has also surged during the football season β from $110 million in August to $195 million in September, $241 million in October, and on Monday weβll learn about November. The hold percentage has steadied at a few points higher in PA, perhaps indicating that the βsharperβ bettors play in New Jersey.
New Jersey sports radio stations have been flooded with sportsbook advertisements and live reads, as the stateβs market continues to mature and appears to attract new customers. Unless itβs 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. Indianaβs market is most akin to New Jerseyβs, where licensed operators can use up to three online sportsbook βskinsβ 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 Cuomoβs office maintains that permitting such would require a ballot referendum to amend the state constitution.Β
New Jerseyβs record number comes on the heels of Michiganβs legislature passing a bill to legalize sports betting, a bill that awaits only Governor Gretchen Whitmerβs signature.Β