New Jersey Sports Betting Smashes Previous RecordsPublished December 23, 2020 by Elana K
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 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.
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.