New Jersey’s sportsbooks achieved another US record in October by handling $1.3bn in wagers, which led to record revenue too, according to PlayNJ, which tracks gaming developments in the state.
The Garden State’s online casinos accomplished another record month as well, becoming the first state to generate $1bn in annual gross revenue from online casino betting alongside Pennsylvania.
David Danzis, an analyst for PlayNJ.com, commented: “Five weekends in October meant an unusual amount of NFL and college football to bet on, and plenty of free time for gamblers to visit Atlantic City, making fresh records inevitable.
“But what will have a longer-lasting effect is if the market for sports betting and online gambling continues to expand while Atlantic City continues to recover following the pandemic. That combination is producing some jaw-dropping results.”
New Jersey’s sportsbooks drew $1.3bn in October bets, beating September’s $1.01bn handle by 28.9%, according to official reporting. October’s betting volume increased by 62.3% from the $803.1m generated during the same month last year.
Sportsbooks earned $84.2m in October, up 43.8% on October 2020’s $58.5m and a 2.1% improvement on September’s $82.4m. The month’s revenue beat the previous record set in January of $82.6m and yielded $12.7m in state taxes.
Five weekends of NFL and college football boosted football betting to $499m (September: $400.8m), while the start of the NBA season earned $156.9m for sportsbooks.
Eric Ramsey, an analyst for the PlayUSA.com Network, which includes PlayNJ.com, stated: “With so much to bet on in October, state records for wagering are falling in every major legal sports betting market in the US. New Jersey separates itself because bettor enthusiasm for the NBA outstrips most every other market, which pushes its ceiling during a month like October to heights that were once unreachable in the US.”
Online sportsbooks took in $1.2bn in wagers, equal to 90.5% of the state’s October handle with FanDuel/PointsBet/SuperBook taking $39.6m in gross revenue (September: $36.6m).
Meanwhile, retail sportsbooks set a record with $124.2m (September: $92.7m) with Meadowlands/FanDuel leading the way with $4.5m in revenue.
Ramsey added: “More than just a growing base of bettors, online sportsbooks are expanding their reach with in-game betting and prop bets. The result is that bettors are placing more wagers as they become more comfortable with that kind of action.”
Alongside Pennsylvania, New Jersey became the first US state to take in more than $1bn in online casinos and poker rooms gross gaming revenue in a single year with a record $127m in October (September: $122.6m, October 2020: $93.5m).
Online casinos and poker rooms have now generated $1.1bn in revenue for the year. Pennsylvania ($1.05bn) also went over the $1bn mark for the year after announcing its October gaming data. Borgata/BetMGM led the market with $38.8m, while Golden Nugget was second with $34.5m.
Danzis added: “The rise in revenue in all forms shows that each pillar of the state’s gaming industry is benefiting from a rising tide. Online gambling has continued to grow since launch, but annual revenue has more than tripled since sports betting launched in 2018.
“As impressive as $1.1bn in revenue in 10 months is, it might not have gotten there so soon without the legalization of online sports betting.”