Four hundred and forty-five million dollars. $445M. $445,000,000.
That’s a lot of money. It’s also the sports betting handle for the state of New Jersey in September 2019, setting a new monthly record! Full details are here from the New Jersey Division of Gaming Enforcement.
It’s not a huge surprise though, given the start of college football and pro football. With that being said, that is a lot of money. Even better for the state is the hold of 8.5%, which nets $38M in revenue for NJ Sportsbooks.
The all time record for betting handle in a state is $600M, which happened in Nevada earlier this year.
The September Revenue Report
Some numbers from the NJDGE:
|Sports Betting Handle||Monthly Handle||YTD Handle|
|Retail Sports Betting||$71,317,160||$531,672,522|
|Online Sports Betting||$374,246,343||$2,442,883,201|
In addition, the report from the NJDGE provided us with some revenue numbers as well.
In September only, sports betting revenue was $38M, as noted above. That is a 59% increase from September of last year. That is due to all the mobile apps being available of course, but in addition the awareness of sports betting in the state has certainly raised the numbers as well.
Last year’s YTD revenue in September was $40.27M. This year so far is $190.6M.
In total for gaming, the state of New Jersey earned $26.56M in taxes for the month of September, and $220.2M so far this year.
Despite an obviously impressive month, some had expected $500M or more in handle, which the $445M fell shy. As detailed, revenue was $38M, but the NJ online casino industry netted $41.1M in revenue. In a month like September, it’s possible for sports betting to overtake casino revenue, especially in the early stages of the online casinos. With the all-time record being set in Nevada at $600M, New Jersey is still a ways away. It will be interesting to see how it looks during March Madness of 2020, the same season where Nevada set its record.
Online Is King
Again, online betting and wagering is number one. A massive 84% of the betting handle came from mobile betting, compared to just 16% being from retail-based bets.
$374M was bet via mobile devices or personal computers and just $71.3M was bet at the retail sports books.
States that do not have mobile betting are severely missing out.
FanDuel Sportsbook Leads the Charge
It’s yet another month at the top for FanDuel Sportsbook in New Jersey, as they have brought home a total of $96M in revenue after reporting September numbers, which leads DraftKings Sportsbook ($50.5) and William Hill ($18M).
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