New Jersey sportsbetting market continues to show its dominance

Home » New Jersey sportsbetting market continues to show its dominance

The large selection of online and land-based sportsbetting services in New Jersey reportedly had a record-breaking November after chalking up aggregated handle of approximately $931 million.

According to a Monday press release from the online news domain at PlayNJ.com citing official information from the New Jersey Division of Gaming Enforcement, the result represented the first time an American state had topped $900 million in monthly aggregated sportsbetting handle and came after punters in ‘The Garden State’ had wagered previous record-setting highs of $667.9 million, $748.5 million and $803.1 million for August, September and October respectively.

Public profit:

Dustin Gouker from PlayNJ.com used the press release to detail that New Jersey’s combined sportbetting handle for November was some 65.6% higher than the $562.7 million recorded for the same month last year as associated revenues climbed by a comparable 53.7% to reach $50.6 million. He moreover explained that this had produced roughly $6.2 million in state taxes to represent almost 17% of the $36.5 million tally collected for the entirety of 2019.

Read a statement from Gouker…

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“Even if New Jersey can’t quite reach $1 billion in a month before the end of the National Football League (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. The restart of the United States sports world after the shutdowns of spring and early-summer has fueled online sportsbetting in ways that would have been hard to predict before this year.”

Grand gridiron:

Eric Ramsey from PlayNJ.com pronounced that the figures from the New Jersey Division of Gaming Enforcement also showed that wagering on games of American football had brought in total November handle of about $433.3 million, which equated to a swell of 55.3% year-on-year. He stated that this had been followed by those sports categorized as ‘other’, which excluded baseball and basketball, at $221.5 million due to the coronavirus-influenced holding of fewer more mainstream professional and collegiate contests.

Ramsey’s statement read…

“When the traditional major betting sports went quiet, most of the major online sportsbooks were really good at engaging their customers with an array of offerings from golf to table tennis. What is surprising is that those efforts continue to pay dividends even as the major sports have returned.”

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Remote supremacy:

With regards to where punters were wagering last month and Gouker proclaimed that online sportsbetting had generated aggregated New Jersey handle in the region of $872.1 million, which represented a one percent rise on October, topped by the service from FanDuel Group with gross revenues of $21.2 million. He furthermore asserted that retail locations saw their combined tally increase by 0.5% month-on-month to $59.5 million as Meadowlands Racetrack led the way with $3.6 million in receipts.

Gouker’s statement read…

“As good as the online market has been, Atlantic City has been hit hard this year by the pandemic. The state’s growth overall over the last few months is almost entirely the product of online sportsbooks. That will continue for the foreseeable future.”

iGaming importance:

Regarding online casino and poker, PlayNJ.com detailed that aggregated November revenues had grown by 86.9% year-on-year to top $91.8 million for $13.8 million in state taxes. Although this earlier figure was some 1.8% down on October’s finishing tally, the source nevertheless explained that such activities have so far generated record annual receipts of $870.9 million and injected $130.8 million into New Jersey’s coffers.

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Read a statement from Ramsey…

“With Atlantic City casinos struggling to remain open during the pandemic, the tax revenues generated by online casino games in particular has never been more needed. New Jersey’s online casinos are the envy of every state with legalized online gaming and a model for any state looking to pass legislation in the coming year.”

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