New Jersey’s online and retail sportsbooks collected $562 million in bets in November, and the industry has now taken in more than $5 billion in bets since the first was legally accepted in the state in June 2018. And at the current pace, it won’t be long before the state reaches $6 billion, according to analysts from PlayNJ.com.
“New Jersey sportsbooks will remain the chief beneficiary as long as neighboring New York refuses to legalize sports betting,” said Dustin Gouker, lead analyst for PlayNJ.com. “New York City’s eight million residents continue to be a key ingredient that has propelled New Jersey into Nevada’s chief rival as the country’s largest legal sports betting market.”
New Jersey’s sportsbooks collected $562.2 million in bets in November, crushing the record $487.9 million handle in October, according to official reporting released last month. November’s handle represented a 70 percent increase from $330.7 million in October 2018.
New Jersey’s year-over-year growth has pushed its lifetime sports wagers to $5.3 billion, clearing yet another significant milestone in the state’s impressive first 18 months as a legal sports betting jurisdiction.
November revenue hit $32.9 million, up 110.9 percent from the $15.6 million won in November 2018. The state’s online and retail sportsbooks have now combined to generate $364.1 million in revenue since launch, yielding $47 million in state taxes.
“More than $5 billion in 18 months is an extraordinary total, showing that New Jersey’s sports betting market reached maturity far more quickly than most expected,” said Eric Ramsey, analyst for PlayNJ.com. “No other state that has legalized sports betting has experienced quite as quick a ramp-up as New Jersey, a testament to the strong infrastructure that was put into place in the state.”
Online betting generated 86.5 percent of the state’s handle, up from 85 percent in October. FanDuel Sportsbook/PointsBet led the online market with $12.2 million in gross revenue, down from $20.7 million in October. Anchored by DraftKings and Fox Bet, Resorts Digital generated $9.1 million.
FanDuel Sportsbook at The Meadowlands posted $2.7 million in November gross revenue to lead all retail sportsbooks in the state.