New Jersey Sports Betting Smashes Previous Records

Published December 23, 2020 by Elana K

New Jersey Sports Betting Smashes Previous Records

New Jersey sports betting hit another record-high in November with a handle of $931 million, the fourth month in a row that the industry has reached a new high.

New Jersey sports betting hit another record-high in November with a handle of $931 million. This is the fourth month in a row that NJ sports betting has hit a new high, a national record. November’s handle is a 16% increase from October’s previous record of $803.1 million and a whopping 65.7% year-on-year increase compared to November 2019.

From the multi-million dollar handle, sports betting operators generated $50.6 million in revenue and $6.2 of that went toward state taxes. November’s record also pushed New Jersey’s annual handle above $5 billion, a 9.6% increase from 2019’s annual total.

The Winners

The Meadowlands and its partner FanDuel brought in the lion’s share of revenue, approximately $24.8 million. Resorts Digital and its partner DraftKings earned $14.6 million. Monmouth Park came in third with $3.1 million in revenue and Freehold Raceway, a rather new operator, earned about $145 thousand.

The Bets

Football was the most bet-on sport in the Garden State, raking in $433.3 million in handle. The second most bet-upon category was “Other,” and it includes everything except football, baseball, basketball, and parlays. The Other category brought in $221.5 million in bets. Parlays were the third most popular type of bet, accounting for nearly $195 million of the total handle.

Online Sports Betting is King

From New Jersey’s record handle of $931 million, 93.6%, or $872.1 million, came from online sports betting. Only $60 million came from retail, showcasing the state’s success with online betting platforms and how crucial they are for generating revenue.

 

Mentioned in this article

See also

New Jersey Congressmen Push for Legalized Sports Betting

A September to Remember for New Jersey Sports Betting

In May, NJ Sports Betting Generated More Revenue Than Nevada

New Jersey Sports Betting Runs Into Brick Wall

Supreme Court Ruling on NJ Sports Betting Could Affect National Online Gambling


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