It wasn’t that long ago when we discussed whether New Jersey could smash the $1 billion threshold of total bets placed. The Garden State is back with a new record as the sports betting industry was able to collect a total worth of $1.3 billion in wagers for the month of October, smashing the previous record set by Atlantic City casinos in September worth $1.01 billion.
The momentum in sports betting is not a given, though, as New York has now passed its own mobile betting bill, which could enable residents from across the state line to have remote wagering options before the next Super Bowl game in February.
With Atlantic City operators collecting over 90% of their handle from online gambling or $1.2 billion out of 1.3 billion, it’s very likely that the numbers would diminish as the Empire State brings its sports betting online in the coming months. This should come at the expense of New Jersey, which is the main state where NY gamblers seek refuge when it comes to sports betting.
Not a Flash in the Pan
In fact, New Jersey has collected a total of $8.5 billion worth of sports bets so far into the year. Lloyd Levenson Institute at Stockton University director Jane Bokunewicz, a researcher who focuses on studying the gambling industry, has said that the NFL season bolstered the results in the past month, helping push the results up.
Bokunewicz argued that the September results, which set the original record, were not just a “flash in the pan,” but a sustained trend that is only going to develop further. There are several factors that define the growth of New Jersey’s sports betting industry, other than omnipresent mobile betting and lack of alternatives in neighboring states.
The Garden State has been able to wall itself off from offshore gambling operators while at the same time raising awareness as to why betting with trusted companies at home is the best thing to do. As sports fans are becoming more familiar with sports betting, they are also more willing to place the occasional wager on events.
October Proves Another Great Month for New Jersey’s Casinos
New Jersey’s numbers are strong across the board. According to the Division of Gaming Enforcement (DGE)’s numbers released on Wednesday, casinos, and tracks collectively generated $448 million in winnings for October, citing results in in-person, remote, and sports gambling. In other words, the casinos have been able to generate 33% more in year-over-year terms.
Compared to a year ago, Internet gambling generated $127 million, or 36%. Sports betting revenue after winnings paid back to customers amounted to $84.1 million, up by 44% year-over-year.
New Jersey Casino Control Commission chairman James Plousis welcomed those results, arguing that Atlantic City has been able to build upon its summer momentum and extend it well into the fall season. He added:
“Five casino-hotels surpassed their brick-and-mortar results from October 2019, and the other four were within striking distance. All of the operators have the tools that are needed to successfully compete in this market.”New Jersey Casino Control Commission chairman James Plousis
Racetracks generated a hefty bit of betting revenue as well. The biggest winner in the month was the Meadowlands Racetrack in Rutherford, which generated $44 million, ahead of Freehold Raceway, which posted just $7 million. Monmouth Park, a famous name in the state, generated only $4.5 million.
As to casino winnings, in-person numbers revealed $237 million in October or 28% higher year-over-year. Casinos continue to pivot towards online gaming, which has been gaining momentum in the Garden State. While some correction may be due because of New York’s derring-do in the mobile betting segment, New Jersey seems confident in sustaining what a positive trend is.