New Jersey Sets Another Sports Betting Mark
The entire U.S. sports betting industry always anxiously awaits the monthly report from the state of New Jersey because the numbers are usually record-breaking. New Jersey didn’t set a new record for monthly handle in November, but there was a record for revenue that fell.
The total sports betting handle in New Jersey for the month of November was $1.25 billion. That was a slight drop from the $1.3 billion that was wagered in October, but New Jersey should remain at the top of the leaderboard when other states announce totals.
The mobile handle for New Jersey was $1.14 billion, which was also lower than the total in October. November was a shorter month, which likely led to a slight decrease in the numbers.
New Jersey shattered an industry record last month as the total sports betting revenue for the month was $114.8 million. This is the first time that any state has brought in more than $100 million in one month, and it should come as no surprise that New Jersey was first to do it.
New Jersey actually set an industry record for total revenue in October as the state brought in $84.2 million. Sportsbooks in the state were able to have a profitable month on football in November, and that was the biggest reason for the massive jump.
There are still a few months left of NFL football, and New Jersey will have more chances to establish a new monthly sports betting handle record.
Total Gaming Drops
November was actually a slower month for all forms of gaming, even though the total was still extremely impressive. The total gaming revenue for the month of November was $439.6 million, which was a drop of around 2 percent from October.
This number last month was still a 50 percent jump from the total in November 2020, showing just how much the gaming industry has grown. The win from internet gaming fell by seven percent month-over-month, and that had a major impact on the total number.
New Bill Falls Short
Sportsbooks in New Jersey cannot offer bets on in-state college teams, and that has hurt the overall numbers of the market. Lawmakers in the state of New Jersey were hoping to make a change to that law, and they were able to get a question on the ballot in November.
The results of that vote in November showed that residents of the state are not yet ready to make a change to the current law. Right around 56 percent of the voters voted against making a change, and sportsbooks will not be able to offer those bets still.
There aren’t a ton of college sports teams in the state of New Jersey, but it would help bring in more action if this law was eventually changed.