New Jersey Sportsbooks Record an All-Time High in Revenue for November
New Jersey continues to be the sports betting capital as it recently surpassed Nevada as the largest sports betting handle for the month. New Jersey hit over $1 billion for the third month in a row.
New Jersey Sports Betting Handle Passes the $1 Billion Territory Again
According to the New Jersey Division of Gaming Enforcement, sportsbooks that operate in New Jersey accepted $1.26 billion for November, which was just short of October’s record-breaking handle that crossed $1.3 billion. However, it can be implied that November showed further growth as October had an extra weekend of NFL and college football.
Mobile sportsbooks took in $1.14 billion of the wagers, which made up 90.5 percent of the total handle. Sportsbooks were able to reap $114.8 million in revenue thanks to another strong month with a 9.1 percent hold in the market.
The sports betting handle may have been slightly lower; however, the record revenue easily broke the previous record set in October at $84.2 million.
November’s handle increased 35.2 percent when comparing the numbers from a year ago, which was slated at $931.6 million. Including November’s numbers, residents have placed approximately $9.7 billion in bets throughout the year.
With 2021 coming to an end in a few days, New Jersey’s sports betting handle is expected to finish above $10 billion in a calendar year.
In a single month, New Jersey became the first state in the industry’s history to pass $100 million in revenue. The year-to-date numbers in November 2020 regarding revenue were quite impressive as it brought in $50.6 million. However, this month’s figures depicted an increase of over 125 percent in a short time frame.
With the NBA and college basketball season taking place, basketball is finding a market in the state as the sport made up 2.3 billion of the sports betting handle. With a 3.4 percent hold of the market share, sportsbook operators took home $78.6 million.
NFL and college football surprisingly secured the second position in the state as the sport accumulated $1.6 billion in revenue but secured a 4.1 percent hold. This generated sportsbooks $66.3 million in the sport.
With many sportsbooks offering the same-game-parlay feature on their platform, there was no doubt that parlays were the most profitable form of wagering for the sportsbook operators. Sportsbooks brought in $406 million thanks to parlays, which were good for an 18.3 percent hold that generated $40.3 million in revenue.
All the other sports brought in $11.6 million in revenue on a hold rate that hit 5.3 percent.
Will New York Sports Betting Market Launch Slow Down New Jersey’s Pace?
New Jersey benefited from New York not having a sports betting market. New York State Gaming Commission awarded nine sportsbooks licenses for when the state is expected to launch before the Super Bowl.
Sportsbooks will face a tax rate of 51 percent in New York, which is the highest across the United States. Studies have shown it is losing millions of potential tax dollars to New Jersey as many bettors cross state lines.
When New York’s sports betting market launches in 2022, the state’s population will exceed 19.2 million, the fourth most populated state in the country. New Jersey’s population is estimated to be around 9.4 million, which is the eleventh most populated state in the country. With more than double the population, it is expected that New York will surpass New Jersey’s records in the foreseeable future.
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