New Jersey sports betting market grows 19% in November as ESPN BET debuts

Jersey City, New Jersey
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ESPN BET has made a dent into the New Jersey sports betting market in its first few weeks of operations, taking a share of nearly $5m in revenue. 

Per data from the New Jersey Division of Gaming Enforcement, sportsbooks in New Jersey made a total of $95.9m in revenue last month, marking a monthly uptick of 19.2%. It also marks a small improvement on the $92.3m made in October. 

Handle reached $1.62bn in the Garden State last month, $1.57bn of which came from online channels. This figure marks a marked increase from the $1.29bn wagered from players in October, displaying the growing interest in sports among bettors in the state. 

In total for the first 11 months of 2023, bettors have wagered $10.69bn in New Jersey. 

Operators didn’t have the most successful month in terms of sporting results, holding just 5.9% of bets throughout November. This has been consistent with other states that have reported November results, such as New York, where bettors wagered a record $2.1bn but revenue still declined on a monthly basis. 

Per operator, FanDuel asserted its dominance over the market last month, making $57.7m, considerably more than half of the state’s total tally. In second, DraftKings made $19.2m, while BetMGM made up the top three making around $8.2m. 

New to the market, ESPN BET launched for the final two weeks of the month and was part of a trio of sportsbooks that made $4.8m, though the bulk of this was likely to be from the newcomer. 

This gives ESPN BET around 5% of the market, which is similar to data shown from Maryland, where PENN’s new brand took 6% of the market. 

On the online casino side of the industry, operators made $171.6m in revenue last month, representing an increase of 17.4% YoY. 

The market leader was Golden Nugget, with the DraftKings subsidiary making $50.1m last month. Following close behind was Resorts Digital, which made $47.2m last month, while Borgata was in third making $37.9m. 

No other online casino operator made more than $9m last month. 

For the YTD, online casino operators have made $1.74bn, up 15.4% YoY.

Including land-based casinos, which made $214.9m, up 0.2% YoY, the gaming market in New Jersey made revenue of $482.4m in November, marking annual growth of 9.4%.