NJ Sports Betting Closes In On $1 Billion Mark

NJ Sports Betting Closes In On $1 Billion Mark

It has been less than six months since the launch of legal NJ sports betting, but the market is already approaching the $1 billion mark in handle.

The US sports betting industry is booming and the month of November was particularly impressive. The Division of Gaming Enforcement released figures on Dec. 12, which revealed NJ sportsbooks taking in over $330 million worth of bets for the month, making November the highest wagered of any month since sports betting went live in  New Jersey.

Since mid-June, when New Jersey sports betting launched, the state has received $928 million in sports bets.

DraftKings Sportsbook Tops In Sports Betting Revenue For November

New Jersey sports betting operators accrued over $21 million in revenue during November, while $2.45 million was netted in tax revenue. Since the beginning of NJ sports betting, nearly $8 million has been collected in taxes.

DraftKings Sportsbook gained $7.1 million in revenue, narrowly beating out FanDuel Sportsbook ($7 million) for total revenue in November. FanDuel has come on strong, however, doubling its revenue from the previous month. Ocean Casino, who is partnered with William Hill placed third in revenue, and right behind them was Monmouth Park, who is partnered with SugarHouse Sportsbook, as well as William Hill. 888 Sportsbook NJ is lagging behind, but their recent Jets sponsorship could spell strong growth ahead.

DraftKings is already leading the pack in a competitive NJ sports betting environment and are now expanding its sports betting operation, as they opened a Mississippi sportsbook and will be looking to branch out into PA sports betting and WV sports betting as well.

Here is the revenue breakdown for NJ sports betting by month for 2018:

Month

Total Handle

Total Revenue

Hold%

June

$16.4 million

$3.5 million

21.3%

July

$40.7 million

$3.8 million

9.3%

Aug.

$95.6 million

$9.2 million

9.6%

Sept.

$184 million

$23.9 million

13.0%

Oct.

$260.7 million

$11.7 million

4.5%

Nov.

$330 million

$21.2 million

7.4%

New Jersey sports betting revenue is over $73 million since its launch in June.

Betting On The NFL Is Key For NJ Sportsbooks

The largest share in New Jersey sports betting comes at the hands of the NFL. Bets on football have amassed $328 million thus far, making it the largest share of handle on the sports betting market.

NJ sportsbooks have held onto six percent of that handle, which shows how narrow an edge sportsbooks truly have against bettors.

Online Sportsbooks Take On The Most Bets

NJ sports betting has seen the most action via NJ online sportsbooks, taking in $539 million in bets. In-person betting at a casino or racetrack has seen $388 million in bets placed. Keep in mind that for casinos, online sports bets are taxed at a higher rate than in-person bets in New Jersey.

During November, over 72 percent sports handle (of the $330 million) in New Jersey came by the way of sportsbook mobile apps and sportsbook online platforms. That’s more than $238 million coming by the way of online sports betting.

NJ Sports Betting Rivals Nevada Sportsbooks

From mid-June through the end of October, Nevada sportsbooks have taken $1.8 billion in sports bets. Considering New Jersey is new to the game, it is very impressive to see NJ sports betting rival Nevada sportsbooks so quickly.

In that same time period, Delaware sportsbooks took $54.4 million in sports bets.

Mississippi sports betting, which launched in August, has already seen $70.8 million in sports bets through October, while West Virginia sports betting took on $9 million in bets from mid-August through mid-October.

Pennsylvania sports betting and Rhode Island sports betting recently launched, but the expectation is for PA sportsbooks to thrive in short order.

As sports betting becomes more and more present in the US and as online sportsbooks and  mobile apps take hold in each state, we can expect handle, as well as revenue to thrive. The day New Jersey officially reaches the $1 billion mark in handle is just another day for other states to realize they too need to get in on the sports betting action.

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