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New Jersey Has First Billion-Dollar Month

New Jersey Has First Billion-Dollar Month

by Timothy KimOctober 20, 2021

The wide accessibility of mobile sportsbooks has been a major success for New Jersey as the New Jersey Division of Gaming Enforcement shared the numbers on Monday. New Jersey’s sports betting industry has become the first to surpass the billion-dollar mark in September. In the state, sports betting has been more accessible compared to even Nevada.

New Jersey is Positioning Itself for more Success

With the NFL making its return, New Jersey has become the first state to accept and bring in more than $1 billion in wagers in September. The total is approximately a total of $1.01 billion, which broke the record that was set last December, which came out to be $996.3 million. 92 percent of the bets were placed via mobile sportsbook instead of going to a physical location like Meadowlands and Atlantic City.

This comes after New Jersey set a record for online casino revenue. The revenue generated pushed $453.6 million. The densely populated state continues to surprise the sports betting industry as there seem to be no strong competitors, especially on the East Coast.

The state is home to over twenty sportsbooks as companies that are located aboard have offices and partnerships within the state. There are many factors to these numbers that were presented as Nevada has struggled to draw in an in-person in its casinos.

New Jersey has transitioned to betting through a reputable sportsbook and the state has benefited from residents from neighboring states like New York crossing state lines to place a wager as some states do not have online sportsbooks.

The average number of bets accepted came to be around $34 million a day. Connecticut is another member of the tri-state that is pushing for sports betting, but the state just entered the initial stage as the operators who are involved launched a soft launch last week, but sports betting without restrictions will now begin after a successful test run.

Breaking Down the Numbers

After New Jersey won a case against the Supreme Court that legalized sports betting within its borders as more than half the states offer it. Casey Clark, or vice president of the American Gaming Association, the casino industry’s national trade group, stated, “New Jersey has always been a strong gaming market,…Crossing the $1 billion handle mark in September is an impressive indicator of the appetite of New Jerseyans and Americans across the country who have embraced legal, regulated sports betting.”

The state accepted 918.4 million in bets and $92.7 million due to on-site wagering from nine casinos and three race tracks. After all the expenses, revenue rose nearly 83% last month to $82.4 million. Gaming taxes also came out to around $46 million in the month of September.

2021 has been a good year for the state as the industry to once pace to break more records. Last year, Nevada set a record of $5.4 billion in bets. As the most profitable months approach, the year is three years from turning over to 2022.

With the NFL having a huge impact on the market and the NBA season underway, New Jersey has stepped up to the plate in a big way. As the fourth quarter comes to a close with three months of reporting left and $7.14 billion in wagers taken so far in 2021, New Jersey has an opportunity to also be the first state to hit $10 billion in bets in a single year.

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About The Author
Timothy Kim
I am a student at the University of Miami. I am currently majoring in sports management and minoring in entrepreneurship. My hobbies are watching sports especially NCAAB, NBA, MLB, and the UFC. I also enjoy investing in the stock and crypto currency market. I hope to pursue a masters in the future in Finance or a degree in law to have the chance to work with athletes in the future.