nj-revenue

New Jersey sports betting handle makes new record

Sports betting operators in New Jersey handled a record amount in November, totalling $562.7 million. This approximately $70 million higher than in October and a 70% year-on-year increase.

Of the above total, $486.8m was wagered via desktop, mobile or tablet. This was 86.5% of the online / offline share.

Handle up, revenue down

Despite the above figures, sports betting revenue in the Garden State fell quite a way below October’s total. Online and land-based operators made $32.9m, compared to $46.4m in the previous month.

However, it’s worth noting that November 2019’s figure was still 55% higher than the same month in 2018.

The big winners 

Meadowrock / FanDuel finished top of the pile again, generating $14.86m. This was a year-on-year increase of 111%. $12.2m of this was made via digital means.

Resorts Digital, of which the likes of DraftKings and Stars Group belong to, was second. It recorded 27.3% YoY growth, with revenue surmounting to $9.13m. Resorts Casino Hotel’s brick-and-mortar sportsbook only contributed $51,000 to this number.

In third place on the revenue list was Ocean Casino Resort, which included the partnering William Hill. $2.05m of its $2.547 profits came from online players.

New Jersey benefiting from New York’s refusal to regulate online sports betting

New Jersey has been able to take advantage of neighbouring New York‘s hesitance to fully regulate online sports betting. Because of this, many players are crossing the Hudson River to punt legally. Bearing in mind that over eight million people live in New York City alone, this is handy for New Jersey-based operators.

The effects are visible in New York’s monthly revenue results, which continue to decline.

Nevada is yet to release its sports betting figures for last month, so we’ll have to see whether or not it remains ahead of New Jersey. Experts within the industry have tipped the latter of these states to potentially surpass the former soon.

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