If your state legalizes sports betting, but your lawmakers don’t allow online or mobile betting, then just know: They aren’t serious about letting you or anyone bet on sports legally.
For the month of November, the sports betting industry in New Jersey handled $330.7 million, increasing by 27 percent and soaring passed the state’s previous high of $260.7 million in October, according to a report issued by the state’s Division of Gaming Enforcement (DGE).
Online and mobile sports betting accounts for 72 percent of the state’s record-breaking handle with $238.6 million of November’s total strictly coming from a desktop personal computer or mobile device. In-person wagering only accounted for $91.2 million of the total handle for last month.
This marks an increase of $64.2 million from October’s previous handle of 174.4 million coming from only online and mobile sports betting.
New Jersey sports bettors are also getting better at betting.
In September, sportsbooks in the state had their best month ever and brought in $24 million on a $184 million handle, giving them a 13 percent profit.
However, by November, the profit margin shrunk to 6.4 percent with $21.2 million being made off the $330.7 million handle.
Here is a breakdown of how much each online sportsbook in New Jersey earned for the month of November, sorted by revenue earned:
- Resorts Digital (DraftKings Sportsbook and BetStars NJ): $7,172,171
- Meadowlands Racetrack (FanDuel Sportsbook): $4,437,916
- Monmouth Park (William Hill and Play SugarHouse): $1,521,295
- Ocean Resort (William Hill): $915,930
- Bally’s (Caesars and 888): $205,046
- Borgata (playMGM): $194,212
The state is now closing in on a total of $1 billion being handled by sportsbooks operating within state lines in less than six months. Currently, New Jersey’s handle sits at $928.1 million.
Sports betting, both in-person and online, became legal in New Jersey in June 2018 following the federal repeal of PASPA, the law preventing states from drafting legislation on sports betting.
The handle on football, both on the NFL and NCAA, far surpasses all other sports, accounting for over a third of money wagered at sportsbooks for a total of $328.2 million. Even more impressive when considering that bets began being placed in August – two months after legalization.
Many experts predict New Jersey to eventually surpass Nevada’s handle, which averages roughly half a billion dollars each month.
Factors such as having three times the population and getting out in front of the competition looking to enter the market in the Northeast leads them to believe New Jersey will soon be the top destination for in-person and online sports betting in the United States.