New Jersey Sports Betting Approaches the $1 Billion Mark
The sports betting industry in New Jersey has been on a major roll since the month of August. A new record for total sports wagers has been set in each of the last four months. The last four handles have also set US industry records.
Figures for November were released by the New Jersey Division of Gaming Enforcement. The total sports betting handle climbed all the way to $931 million. Speculation now turns towards eclipsing the $1 billion mark for a single month. The previous record was $803 million in the month of October.
New Jersey offers retail sports betting through its nine Atlantic City casinos and the state’s three horse racing tracks inviting bettors to get involved in legal horse betting. However, the driving force behind this tremendous growth is online gambling. More particularly, a high volume of wagers is being placed through mobile sportsbook apps.
The overall casino business in Atlantic City continues to suffer monthly declines. The total casino gaming revenue in November was $146.5 million according to state figures. This represents a 35 percent decline verse the same month last year.
Caesars posted the biggest loss at 55 percent with $12.8 million in revenue. The Golden Nugget has the smallest monthly decline by trend at -3.2 percent on $35.1 million in total revenue.
Two Atlantic City casinos managed to post healthy gains in revenue last month. Hard Rock Atlantic City was up 32 percent with $34.6 million in revenue. The Ocean Casino Resort posted a more modest 5.2 percent gain to $23.7 million. Read about this famous retailer operator and their online products by checking the Ocean Casino promo code and the Ocean Sportsbook bonus code.
Online casino gambling continues to be an industry bright spot. New Jersey online casino sites brought in $92 million in November revenue. This was 87 percent higher than the same month last year.
Resorts Digital led the way with $35.6 million to reflect a gain of 77 percent.
Caesars Interactive- NJ posted a healthy 76 percent gain to $8 million in revenue.
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Despite the impressive $931 million sports betting handle in November, the sportsbooks’ overall hold percentage was not as nearly impressive.
The handle is the total amount of money wagered on sports. The book’s hold percentage reflects the difference between the money paid out on winning bets and the money plus commission (juice) on losing wagers.
Total revenue for the New Jersey sportsbook industry added up to $50.5 million in November. FanDuel and DraftKings remain the biggest players but also PointsBet and BetMGM are gaining momentum.
FanDuel is connected to Meadowlands Racetrack in East Rutherford. This group collected almost half the total revenue at $24.8 million.
DraftKings is affiliated with Resorts Digital. This group’s total revenue for the month was $14.6 million.
The newest sports betting player in the Garden State is Monmouth Park Racetrack in Oceanport. In conjunction with William Hill, the total sports betting revenue in November was $3.1 million.
The third New Jersey horse track is Freehold Raceway. This track is still in the process of adding an online sports betting operation and punters are learning how to bet on sports. The total sports betting revenue through its retail facility last month was $144,000.
With the NFL regular season and college football still active in December along with college basketball, the start of the new NBA regular season near Christmas could put New Jersey on track to top the $1 billion mark in December.