NJ online sports betting revenueThe month of October was a great one for the state of New Jersey.

Well, for sports betting revenue at least. We can’t say for sure about the Jets, Giants, Devils, and Rutgers football!

New Jersey is approaching the $500M mark, after hitting nearly $488M in sports betting handle in October.

The exact sports betting handle for the state of New Jersey is a new record: $487,924,504. Full details are here from the New Jersey Division of Gaming Enforcement. The year-to-date handle is now at over $3.46B.

September was a huge month, netting $445.56M in handle, but October 2019 had nearly a 10% increase over last month, likely due to the start of college basketball and the NBA, two favorites for sports bettors.

The all time record for betting handle in a state is $600M, which happened in Nevada earlier this year. New Jersey is getting closer.

 

New Jersey Sports Betting Handle & Revenue 2019

 

 

 

 

 

(Revenue metrics from NJDGE)

 

 

The October Revenue Report

Some numbers from the NJDGE:

Sports Betting Handle Monthly Handle YTD Handle
Retail Sports Betting $70,959,985 $602,632,507
Online Sports Betting $416,964,519 $2,859,847,720
Total $487,924,504 $3,462,480,227

In addition, the report from the NJDGE provided us with some revenue numbers for October.

October brought home $46.4M in sports betting revenue. Up from $38M in September. New Jersey reported a 9.5% hold for the month.

Brace yourself. This is a 297% increase from last October, where New Jersey brought home “just” $11.7M in revenue.

Last year’s YTD revenue in October was $51.96M. This year so far is $237.1M. Insane.

In total for sports betting, the state of New Jersey earned $26.82M in taxes in October, up from $26.56M for the month of September, and over $247M so far this year.

 

Online/Mobile Domination

Month after month, the value in mobile sports betting just continues to rise.

In October, New Jersey saw a massive 85.5% of the betting handle coming from online platforms. Whether it be apps, desktop, tablets or others…it is quite evident that betting online is the preferred way for New Jersey residents and visitors to bet.

Sports Betting Handle Monthly Handle YTD Handle
Online Sports Betting $416,964,519 $2,859,847,720
Online Betting Handle Percentage 85.45% 82.6%
Total $487,924,504 $3,462,480,227

The number continues to grow, with over a 1% increase since September. It’s no secret that mobile is the way to go, and there are still states that have sports betting that do not have mobile betting. For every $1 bet in a physical sportsbook, there are nearly $6 bet online.

With the summer ending and fall coming to an abrupt end, the weather will not be getting any better. For those bettors that bet onsite, it will be harder and harder to get to these casinos. Could we see 90% mobile betting during these winter months?

We will see.

 

Meadowlands License (FanDuel) Leads Again

FanDuel Sportsbook and PointsBet (Meadowlands) leads again in New Jersey, bringing home $120.54M in sports betting revenue for the year. For those keeping track at home, that is up from $96M last month, which means one thing.

FanDuel Sportsbook and PointsBet (Meadowlands) combined to bring home $24.8M in revenue, which is more than half of the entire state’s revenue for the month.

DraftKings Sportsbook and FoxBet (Resorts Digital) came in second at $10.56M in revenue, and the only other notable book was Hard Rock, who had $1.95M in revenue. This is a significant increase from September, where Hard Rock did just a quarter of a million dollars. Any reason why?

Remember “Mattress Mack” and his bets on the Astros to win the World Series? The Nationals won, and Hard Rock took a $1.25M bet from Mattress Mack on the Astros.

Keep an eye on BetMGM in New Jersey, after rolling out their partnership with Yahoo Sports in November. We will see rather quickly just how fast that partnership works (or not).

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