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New Jersey Breaks its Sports Betting Record Again with an $803m Handle
By Jeff Osienya Nov 15, 2020 IndustryOnline and mobile gambling continue to drive New Jersey’s sports betting industry as the state crushes its own record for the third month back-to-back with a handle worth $803 million. In-person gaming has however declined year-on-year.For the third month in a row, New Jersey continues to prove that it is the new king of sports betting in the US regulated market after beating its own national record yet again. The New Jersey Division of Gambling Enforcement (NJDGE) released a report on Friday disclosing that all the casinos in Atlantic City and the three sports betting horse tracks in the state managed to garner a combined $803,096,172 in sport betting wagers in October.
This impressive figure blew past the state's previous monthly records for August at $667.9 million and September where the state took in $748.5 million from sports wagers. After breaking the glass ceiling three months ago in August, the garden state took over the top spot from Nevada which had set the record of highest monthly sports betting handle of $614 million in November last year.
The handle collected for October 2020 is 64% higher than the $487.6 million that the Garden State accrued from sports bettors over the same period last year. On the flip side, however, if we look at these numbers sequentially, Nevada’s monthly sports betting handle is slowing down. As impressive as the $803 million figure from October is, the 7.28% growth from September is lower than the 12% growth that was realized from August.
Breaking Down New Jersey’s October Numbers Further
As has been the trend of late, most of October’s handle was collected from online and mobile sports betting, at $743,899,049, which is 92.6% of the total. The online/mobile sports betting handle for October was thus 9.6% higher than the 678.7 million that bettors wagered over September 2020 and a 78.4% increase over October 2019’s $417 million. Like the overall handle, the online/mobile handle for the Garden State also set a new national record for the online and mobile sports betting vertical.
Moving on to the revenue, the October report released by the NJDGE also brought some good news. For starters, the record setting mantra was upheld after the state’s revenue hit a national high with $58,508,647, beating the previous $53.6 million record that had been set in January 2020. October’s revenue from sports betting was a 29.8% increase compared to the $45.1 million that the state collected in September, and 26.1% higher than the revenue that was collected over the same period in 2019.
Combined Gaming Performance in October
Looking at the total gaming revenue for casinos and sports betting combined, there was still an upward trend, but not as impressive. The Garden State won a total of $338.1 million in total gaming revenue from October, which is up by nearly 5% from the $323 million that the state raked in from September, and 15% higher than the $293.9 million that was racked up from October 2019.
The iGaming numbers showed strong growth per the report unveiled by the NJDGE, indicating that the state won a revenue of $93.5 million, recording a 6.6% increase from September’s revenue which stood at $87.6 million. Compared to October 2019 when the state collected $45.2 million in revenue from iGaming, there was an incredible triple-digit growth of 106% for October 2020.
On the other side of the coin, New Jersey registered an 8% revenue slump from in-person gambling when compared to the same period last year after bringing in only $186.1 million. This isn’t much of a surprise given that all the nine casinos in Atlantic City are currently operating at a 25% capacity owing to the new social restriction regulations that were introduced to prevent further spread of COVID-19. James Plousis, the chairperson of the New Jersey Casino Control Commission had the following to say about the in-person gaming situation;
Quote“Casino win was 92% of last October’s performance, even though the two years are not reasonably comparable. During this time, Atlantic City continues to show resilience in the face of necessary and ongoing restrictions on capacity, amenities, and entertainment.”
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