New Jersey Sports Betting Market Nearing the $1 Billion Mark

Within just six months of operation, the sports betting market in New Jersey is nearing the $1 billion mark, thanks to November’s huge figures. According to a report released by the Division of Gaming Enforcement in the state, gamblers placed more than $330 million worth of bets on casinos and racetrack-based sports in November. This pushes the number of bets placed since mid-June to a total of $928 million.

Compared to the same period last year, the casinos in Atlantic City saw an increase in revenue by almost 25 percent this November. After accounting for expenses and paying out the winning bets, sportsbooks in the state were able to keep $21.2 million. An increase in online gambling also contributed to the revenue growth.

Casinos won as much as $257 million from state punters, while online gambling revenue rose by almost 31 percent compared to a year ago, now standing at $27 million. It is to be noted that there New Jersey now has two more operating casinos than it did a year ago.

When it comes to sports betting, Resorts Digital came out on top with $7.1 million, a narrow win compared to the second place taken up by Meadowlands Racetrack which garnered $7 million. At third place, we have Ocean Resort Casino with $2.8 million, and Monmouth Park Racetrack came in fourth with $2.6 million.

Since operations started in mid-June, New Jersey has received almost $8 million as taxes from sports betting. For the month of November alone, the figures for the same stand at $2.4 million.

Football and online gambling win big

Punters in the Garden State seem to especially love football, as it is the most bet-on sports in the state. So far, as much as $328 million have been placed as bets on football. Sportsbooks have held on to a little less than 6 percent of all the bets placed in New Jersey. Sports events which haven’t happened yet, such as Super Bowl in February, have not been accounted for.

Most sports betting in New Jersey is done online even though they are taxed at a higher rate, while casinos and racetracks seem to be less popular. While online sports betting garnered a whopping $539 million, land-based casinos and racetracks garnered just $388 million.

According to FanDuel, the company that runs Meadowlands Racetrack, November was a month for “history-making,” thanks to the double in revenue compared to previous months of operation.