There is a NJ sports betting trend, and there are no signs of it slowing down.
The trend we are referencing is the amount of money being wagered on a monthly basis, with the latest all-time high being October’s $803 million. More than 92% of those wagers were made via mobile apps.
Besides being a New Jersey record, it’s the biggest monthly handle ever reported by any legal US sports betting jurisdiction, Nevada included.
The New Jersey Division of Gaming Enforcement released October numbers earlier today.
NJ sports betting revenue came in at $58.5 million, good enough for a 26.1% year-over-year increase.
Here’s a closer look at a few of the other highlights.
NJ sports betting isn’t slowing down
For the year, New Jersey has taken in more than $4 billion in bets, and the last three months have a lot to do with it.
Just look at the numbers.
So out of the $4 billion, more than 50% of the wagers have been placed over the last three months.
Clearly, the shift in the pro sports calendar as a result of the COVID-19 stoppage is having a lasting impact. Remember, all four major pro sports were sidelined during the months of April, May and June.
They slowly started returning in July, but things really didn’t get rolling again until August.
Now, with NFL betting season in midseason form, the industry is showing no signs of slowing down.
FanDuel + Meadowlands still dominating
Once again, there were no surprises regarding the market leader. The Meadowlands Racetrack crushed the field with $29.8 million in revenue.
Out of that total, $29.3 million came via online.
Borgata, consisting of BetMGM Sportsbook and Borgata Sports, followed in third with $4.3 million.
In terms of market share, Meadowlands still has the biggest chunk, with 50.8% for October.
NJ sports betting + online casino = winning hand
Looking at the October numbers as a whole, it’s hard to ignore the $93.4 million in NJ online casino revenue.
This is the first time ever that number has crossed the $90 million mark. Fittingly, it comes as the industry is about to celebrate the seventh anniversary of its launch.
Here is why this number is significant. The majority of operators have sports betting and casino platforms integrated in the same app. This means the cross-selling model continues to pay dividends.
Resorts Digital is a perfect example, reporting $21.6 million in internet gaming revenue. Combine it with the sports betting revenue, and the grand total comes out to $36.2 million.
Bally’s Atlantic City, as a land-based operation, only earned $11.5 million in total gaming revenue.
Looking ahead to November revenue
Like previous months in 2020, November’s NJ sports betting revenue will include a couple of interesting twists.
For one, the NBA and NHL regular-season starts are delayed as a result of the much later finishes to their respective seasons.
Right now, the majority of the spotlight belongs to NFL and college football betting.
The Masters is the wild card. The PGA Tour major, which typically follows March Madness betting, is making an extremely rare fall appearance.
This is the first time the event is being played in November. Plus, NJ sportsbooks are going all out for Masters weekend.
Then there is the NBA Draft, which is usually held every summer. This year’s version is taking place Nov. 18, but it’s unlikely to attract a significant amount of wagering.
However, DraftKings is offering odds on everything from the No. 1 overall pick to player draft position to school specials.
But here’s the bigger question: Is the $803 million record here to stay, or will New Jersey be looking at its first $850 million month?