New Jersey‘s online and retail sportsbooks handled a colossal $562m in wagers during November, taking the industry’s tally to more than $5bn in bets placed since going legal in June 2018. That figure will soon reach $6bn, according to analysts from PlayNJ.com.
The state’s $562.2m in bets easily eclipses the record $487.9m handle in October, and represents a 70% increase from $330.7m in October 2018. That year-on-year growth has elevated its lifetime sports wagers to $5.3bn, clearing yet another significant milestone in the state’s impressive first 18 months as a legal sports betting jurisdiction.
“New Jersey sportsbooks will remain the chief beneficiary as long as neighboring New York refuses to legalize sports betting,” said Dustin Gouker, lead analyst for PlayNJ.com. “New York City’s eight million residents continue to be a key ingredient that has propelled New Jersey into Nevada’s chief rival as the country’s largest legal sports betting market.”
In terms of November revenue, sportsbook operators earned $32.9m, ahead by 110.9% from the $15.6m won in November 2018. The state’s online and retail sportsbooks have now combined to generate $364.1m in revenue since launch, yielding $47m in state taxes.
“More than $5bn in 18 months is an extraordinary total, showing that New Jersey’s sports betting market reached maturity far more quickly than most expected,” said Eric Ramsey, analyst for PlayNJ.com. “No other state that has legalized sports betting has experienced quite as quick a ramp-up as New Jersey, a testament to the strong infrastructure that was put into place in the state.”
Online betting generated 86.5% of the state’s handle, up from 85% in October. FanDuel Sportsbook/PointsBet led the online market with $12.2m in gross revenue, down from $20.7m in October. Anchored by DraftKings and Fox Bet, Resorts Digital generated $9.1m.
FanDuel Sportsbook at The Meadowlands posted $2.7m in November gross revenue to lead all retail sportsbooks.
“The proximity of The Meadowlands to the New York City market continues to be a boon for both FanDuel’s retail and online sportsbooks,” Gouker added. “So long as it’s the easiest vehicle for New Yorkers to make a legal sports bet, FanDuel will in all likelihood continue to dominate the New Jersey market.”
New Jersey’s online casino and poker industry celebrated its sixth birthday by generating a record $49.1m in November, up 82.5% from $26.9m in November 2018. November’s revenue generated $7.4m in tax revenue.
The growth has been relentless since the industry launched in November 2013. Online casinos and poker have now generated $1.5bn in lifetime revenue, injecting $253.6m into state coffers. The industry has now generated $433.4m this year, up 60.7% from $269.7m generated in the first 11 months of 2018.
“Six years in, and it’s clear that online casinos have been a win across the board in New Jersey,” Ramsey said. “Not only do online casinos continue to increase revenue at a breathtaking pace, they have built a symbiotic relationship with online sports betting. Online sportsbooks and casinos are helping to fuel each other’s growth.”