New Jersey sports bettors continue to push the envelope of what is possible in a market as they set a record in sports betting handle for the fourth consecutive month.
In October, Garden State gamblers wagered $803 million on sporting events. In November they nearly touched $1 billion in bets. Over the course of the month, bettors placed $931.6 million in sports bets, according to figures released by the New Jersey Division of Gaming Enforcement. In August and September, handles were $668 million and $748.58 million, respectively.
The record-setting handle generated revenue worth $50.55 million for both the online and brick-and-mortar sportsbooks. Those numbers represent a 5.4% hold rate for the books and a 53.7% increase in sports betting revenue from November 2019.
Sports betting has been a huge bright spot for the gambling market, as both Nevada and New Jersey have been seemingly setting records with every new month. In October, the month with the most recent data available from the Silver State, sports bettors wagered $659.9 million.
New Jersey’s online sports betting market is much more robust than its counterpart in Nevada, which likely makes up for the difference in the numbers. The two states make up the biggest gambling markets in the country.
Despite New Jersey’s sports betting success, it still saw a decrease in its overall gross gambling revenue. In October, the state’s casinos won $288.9 million from gamblers, representing a 5.6 drop in revenue year-over-year.
Internet gambling was up 86.9% in November as online operators won $91.8 million from gamblers, but the brick-and-mortar casinos in Atlantic City couldn’t make up the difference.
Brick-and-mortar operators, which are still operating at reduced capacity and with dining restrictions from New Jersey Gov. Phil Murphy, won $146.5 million, which was down 34.6 percent from the $223.9 million those same operators won a year ago.
Borgata was once again the highest-grossing casino in the state with $36.5 million in revenue, although it posted a 38% dip in revenue. Caesars, Harrah’s and Golden Nugget were the only properties with higher percentage drops with 56.1%, 50.7% and 49% drops, respectively. Harrah’s should see a slight increase in revenue after it reopens its poker room next month.
Hard Rock Atlantic City was second in revenue with $27.97 million, which was good for a 19 percent increase. It was the only land-based casino that reported higher revenues than a year ago.
The state government collected $30.6 million in taxes as it taxed land-based operators at 8% of total revenue and online revenue at 15%.