New Jersey Online Gambling and Sports Betting Set Records in October
Published November 19, 2020 by Elana K
New Jersey online gambling operators earned a combined $93.45 million in revenue in October, while sports betting also saw a record-high handle of $803 million.
The past few months have seen New Jersey’s online gambling revenue reach somewhat of a plateau, ranging between $85 and $88 million. But all that changed in October, when online gambling operators generated a combined $93.45 million, a new record. New Jersey online casinos hit their own record of $90.9 million, while online poker decreased slightly from $2.55 to $2.51 million.
Revenue Breakdown
The Golden Nugget, as always, was the market leader in October, bringing in over $28 million, an 8.2% increase from the previous month. Borgata came in next with $22 million and Resorts followed closely with $21.6 million. Caesars earned about $8.2 million while the Tropicana rounded out the top 5 with $7.2 million. Though the Tropicana is last on the top 5 list, it posted a nearly 21% month-to-month increase, the highest of all the casinos.
Overall, online casinos doubled what they were earning last year, and even online poker shows a year-on-year increase of more than 50%. All this is happening even though retail gambling sites have reopened, proving the growing demand for online gambling.
New Jersey Sports Betting
New Jersey sports betting reached an all-time high handle for the third month in a row, setting the bar for sports betting industries in other states. October’s handle in the Garden State reached just over $803 million, whereas the previous record, set in November, was a handle of $748.5 million.
The combined revenue from online and retail sports betting totaled $58.5 million. A whopping $55.2 million of that came from online sports betting, more than 94% of the total revenue.
Even as sports betting as a whole set a record in October, the Meadowlands Racetrack saw personal losses. In September, it dominated two-thirds of the market, but in October, it retained only half. Resorts, on the other hand, had a great month, doubling its share of the mobile market from 12% to nearly 27%.
