New Jersey Sportsbooks Surpassed $1B in November Bets

New Jersey sports betting hit another month of more than $1 billion in wagers in November, the monthly report released by the state’s Division of Gaming Enforcement (DGE) showed.

Total Wagers and Revenue

November Sports betting operations in the Garden State generated $1.26 billion in total wagers to mark the third consecutive month of over a billion in wagers. Total wagers accounted for $114.8 million in revenue for the operators, up 127.1% on $50.6 million in November 2020 and a new state and national record.

On a sequential base, total wagers were down from $1.3 billion the state’s sportsbooks gobbled in October, while revenue increased from $84.2 million. Nearly 91% of the total wagers in the month were placed online, posting a marginal increase compared to the previous month.

According to market analysts, the marginal decline in November wagers was due to one more weekend of football in the previous month, while the state’s ability to hold consistent rates was down to the variety of sports that attracts bettor interest.

On a cumulative base, New Jersey generated $9.71 billion in total wagers in 2021 and $20.9 billion since the market launch in June 2018, yielding $1.55 billion in revenue for operators and making the Garden State the first to surpass the $20 billion mark in handle and $1.5 billion mark in monthly revenue and once again confirming the state’s status as the most lucrative market nationwide.

Basketball Chipped In at the Right Time

While the availability of football is the main attractor for bettor interest in any state, the one less weekend of football action reflected in a near 20% decrease in football bets, $403.1 million, as compared to $499 million in October.

The availability of one full month of action in the NBA, as well as the start of college basketball compensated for the loss in football wagers, jumping 250% to $399.7 million from $159.6 million in the previous month. Since the start of 2021, basketball is the sport that generated the most, $2.3 billion, leaving football second with $1.6 billion in wagers.

Among individual sportsbooks, the online market continued to be dominated by the trio of FanDuel, PointsBet and Superbook, which collectively generated $59 million in revenue to post an increase of 23% on the previous month’s reading of $39.6 million.

In the retail sports betting market, the partnership between Meadowlands and FanDuel continued to lead the ranking with $5.4 million in revenue, while the total retail market slumped more than 8% to $114 million from the record-setting $124.2 generated in October bets.

Leave a Reply

Your email address will not be published. Required fields are marked *