The online sports betting industry in New Jersey flourished even during a month, when activity was lower than normal. Retail sports wagering remains at modest levels and is expected to remain this way while Covid-19 restrictions are in force.
New Jersey’s Sports Wagering Industry Grows for the Fourth Month in a Row
New Jersey achieved the record sports betting handle of $900 million in November, figures released by the state Division of Gaming Enforcement on Monday show. The state’s sports betting industry is growing rapidly and is close to surpassing the $1 billion mark following the fourth consecutive month of all-time highs for the most money bet on sports. The amount of bets placed brought a $50.6 million sports wagering gross revenue to the Garden State for the month.
The total sport’s wagering handle amounted to the impressive $932 million, which were divided between $872.1 million in online sports betting and $59.54 million in on-site wagering. November figures corresponded to a 7% increase compared to the $803 million generated last month. FanDuel Sportsbook/PointsBet were the leading online operators with $21.2 million in gross revenue, an increase from $29.3 million in October. Just a few days ago, New Jersey’s market of online wagering operators welcomed Malta-based sports betting firm Tipico and its new app powered by Sportradar.
The Market Gains Momentum Rapidly Since its Launch in 2018
Land-based sports betting in New Jersey was allowed in June 2018 and quickly turned into one of the strongest markets in the country. Currently, players can place a bet on college, MLB and NBA sports.
“Even if New Jersey can’t quite reach $1 billion in a month before the end of the NFL season, the mere possibility so soon after the industry launched in 2018 would have been close to inconceivable until just a few months ago.”Dustin Gouker, Lead Analyst, PlayNJ.com
Gouker added that the resuming of sports events in the US after the lockdown in spring and summer drove activity to the record levels, which were hard to imagine before this year.
Covid-19 Restrictions Limit the Casino Industry
The record growth was achieved during a month with a relatively calmer sports schedule than normal. The NFL boosted football bets to $433.3 million in November, more than 50% increase from $278.9 million in the previous month. The second-largest driver of handle for the month corresponded to sports other than football, basketball or baseball.
Expectations are that online sportsbooks will continue as the top generator of growth for the state at least in next month and till Covid-19 restrictions remain. The negative impact of the pandemic on casinos was most visible in Atlantic City, where gaming profit was down by 37% in the third quarter of 2020 year-over-year. Casino win in New Jersey for November was $146.6 million, which corresponds to a 34.6% monthly decrease year-on-year.