NJ Sports Betting Sets Records in November: $562 Million Betting Handle

Ladies and gentlemen, we have a new record.

In November, the state of New Jersey brought in over a half a billion dollars in bets in a month for the first time.

In October, New Jersey Sports Betting set a record at $488M but in November that number rocketed to $562.7M in betting handle between in-person and online bets. Keep in mind, the all time record for a state in terms of betting is $600M in Nevada. New Jersey is rapidly approaching that benchmark.

The exact sports betting handle for the state of New Jersey is a new record: $562,675,543. Full details are here from the New Jersey Division of Gaming Enforcement. The year-to-date handle is now over $4.02B.

These numbers are staggering to think about, but this is only just the beginning as records seem to be set each and every month.

New Jersey Sports Betting Handle & Revenue 2019

Thanks to a terrific table from Alfonso Stratton on Twitter, we can illustrate this growth.

Of the $562.7M in total handle 87% came in via mobile… completed handle was $538.1M and books held ~5.6% of that. With the exception of brick n' mortar handle, see healthy y/y growth in table below…

If someone spots a fat finger please kindly reach out… thx. pic.twitter.com/wnIvOXxgMo

— Alfonso Straffon 🇨🇷🇺🇸🇲🇽 (@astraffon) December 12, 2019

(Revenue metrics from NJDGE)

The November Revenue Report

Some numbers from the NJDGE:

Sports Betting Handle	Monthly Handle	YTD Handle
Retail Sports Betting	$75,890,898	$678,523,405
Online Sports Betting	$486,784,645	$3,346,632,365
Total	$562,675,543	$4,025,155,770

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

November brought home $32.9M in sports betting revenue. Down from from $46.4M in October. New Jersey reported a 5.6% hold for the month, which explains the drop in overall revenue despite a larger handle.

From last year, this is an increase of 54.8% as November of last year brought just $21.2M in revenue, and of course $32.9M in revenue this November.

Last year’s YTD revenue in November was $73.208M. This year so far is $269.9M. Insane. Even with the revenue dropping from last month, the overall growth of the industry is growing quickly.

As far as taxes earned by the state in November, the number eclipsed $27M to $27.38M for taxes earned in the month.

Online/Mobile App Domination

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

In November, New Jersey saw a massive 86.5% 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	$486,784,645	$3,346,632,365
Online Sports Betting Percentage	86.51%	83.14%
Total	$562,675,543	$4,025,155,770

Online sports betting percentage continues to rise, up a full percentage point from October’s 85.5%.

Expect this to continue to rise as the weather gets colder and colder, and people spend more time on their phone and in their homes watching sports.

New Jersey sports betting handle by month:

June-Dec. '18: $1.19 BILLION
—
Jan. '19: $385 mil
Feb.: $320
March: $372.4
Apr.: $313
May: $318.9
June: $273.2
July: $251.3
Aug.: $293.5
Sept.: $445.5
Oct.: $487.9
Nov.: $562.6

Total: $5.21 BILLION

— Ben Fawkes (@BFawkesESPN) December 12, 2019

The Meadowlands License Takes the Crown…Again

FanDuel Sportsbook and PointsBet (Meadowlands) licenses combined to bring home $14.86M in revenue in November, which is nearly half of the state’s $32.89M in total revenue. Most of the Meadowlands’ license comes from FanDuel Sportsbook, of course.

Resorts Digital (DraftKings Sportsbook, mostly) brought home $9.13M in revenue in November.

Between the two massive licensees in DK and FD, it is safe to say that nearly $24M of the state of New Jersey’s $33M in revenue came from the two sports betting behemoths in DraftKings and FanDuel.