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Simon Deloit November 15, 2019 3 min read
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New Jersey Just $13M Shy of Hitting $500M in Sports Betting Revenue for October 2019
New Jersey just $13M shy of hitting $500M in sports betting revenue for October. New Jersey collected a total of $487,924,504. Online betting leads the way.
New Jersey Close to Hitting $500M per Month in Revenues
An extra $13 million and New Jersey would have hit the $500M mark in revenues for a single month in sports betting. According to PlayNJ.com analysts, this figure is still within reach for NJ considering that the basketball season is already ongoing.
New Jersey collected a record $487,924,504 in October and this was a 10% rise from the previous month. In September, the state collected another record of $445.56M in handle.
With the start of the NBA and college basketball, it’s only a matter of time until NJ smashes the existing record for the highest revenue collected in a month. Nevada holds this record for $600M in a month, a record they set earlier in the year.
According to PlayNJ.com lead analyst, Dustin Gouker, “New Jersey has a real shot at surpassing Nevada again, if not in October, some time before the end of the NFL season. The state’s handle is growing at a pace near 100%, year-over-year. And the overlapping of football and basketball should propel New Jersey into new territory.”
A Complete Breakdown of October’s Revenues
Data from the NJDGE revealed more figures for October. Sports betting revenue rose from $38M in September to rake in a whopping $46.4M. This translates to a 9.5% hold for October. Compared to the same month last year, NJ raked in a paltry $11.7M – showing a 297% increase.
To blow your mind further, the current YTD revenue stands at $237.1M up from $51.96M in October last year. In total, sports betting contributed $26.82M in taxes for October from the previous $26.56M recorded in September.
On the other hand, online sports betting continues to show a gradual increase. Various online platforms including tablets, mobile, desktops among others contributed 85.5% of all betting in the state, a clear indication that New Jersey residents prefer online gaming.
In fact, this is a 1% rise from the previous month with every $1 spent on physical locations, $6 is spent online. The percentage translates to $416,964,519 in monthly handle.
Leaders in the Industry
PointsBet (Meadowlands) and FanDuel Sportsbook continue to blaze the trail in terms of revenue. In total, both establishments raked in $24.8M in October, representing over half the state’s revenue for October. Further, this showed a year-on-year increase from $96M in September to $120.54M in October.
Close on their heels are FoxBet (Resorts Digital) and DraftKings Sportsbook with a combined $10.56M in revenue. Other notable mentions include Hard Rock, who raked in $1.96M, Monmouth/William Hill/Sugarhouse/TheScore at $1.7M, Ocean Casino/William Hill at 1.6M, and BetMGM/Borgata at $1.4M.
Having said that, BetMGM will be on everyone’s radar, especially after partnering with Yahoo Sports. The partnership is touted to increase revenues for both parties.
Simon is a freelance writer who specializes in gambling news and has been an author in the poker/casino scene for 10+ years. He brings valuable knowledge to the team and a different perspective, especially as a casual casino player.
Business November 15, 2019
Business November 15, 2019