New Jersey’s sportsbooks used the return of major sports to catapult to the best month in the history of any legal jurisdiction. And in generating nearly $670 million in August wagers, New Jersey surpassed $8 billion in sports bets since launching in June 2018 and again staked its position as the largest and most dependable U.S. market, according to PlayNJ.com.
“A full schedule of baseball, basketball and hockey was enough to unleash an avalanche of pent-up demand,” said Dustin Gouker, lead analyst for PlayNJ.com.
New Jersey’s online and retail sportsbooks collected a record $667.98 million in wagers in August, up 112 percent from $315.1 million in July, according to official reporting. That bettered Nevada’s all-jurisdiction record of $614.1 million set in November 2019.
August’s handle was up 127.5 percent from $293.6 million in August 2019 and blew past the state record $562.7 million handle set in November. With August’s bets, New Jersey sportsbooks have collected $8.4 billion in wagers since the industry launched.
Gross revenue in August grew 56.7 percent to $39.5 million from August 2019. The “win” yielded $4.9 million in state taxes.
Online sportsbooks produced 90.1 percent of August’s handle. FanDuel Sportsbook/PointsBet led the market with $17.6 million in gross revenue, up from $12.2 million in July. FanDuel Sportsbook at The Meadowlands again capitalized on the New York market, topping retail books with $3.6 million in revenue.