New Jersey’s Sports Betting Exceeds All Expectations In November

New Jersey has exceeded all expectations with an incredible $562.7 million wagered on sports in November alone. That outstrips the previous record of $487.9 million by an astounding $74.8 million.

 

Who are the winners in New Jersey Sports Betting?

 

The sportsbooks were the biggest winners in New Jersey, raking in an incredible $32.9 million in revenue, smashing the previous record of $21.2 million. Likewise, mobile betting in November also broke all previous records; in fact, 86.5% of all New Jersey sports wagers were placed online.

 

The month of November propelled the 2019 handle to over the $4 billion with the numbers for December yet to be counted. However, as it stands, December may well put November to shame.

 

The sportsbooks also posted a modest 6.3% margin of profit on sports betting. There are now eight brick-and-mortar sportsbooks based in the Atlantic City casinos, 17 mobile sites as well as the Monmouth Park and Meadowlands Racetracks. The future of sports betting in the Garden State continues to experience positive growth.

 

Both college and pro football were very clearly behind the record-breaking numbers. For a brief period, September’s handle of $445.6 million broke all records, until November’s numbers came in. Without a doubt, football fans in New Jersey love to wager on the games.

 

Finally, around 25% of all sports bets this year fell into the “Other” category of sports. This general category tallied wagers on everything from hockey, soccer, mixed martial arts, boxing, golf, tennis, and any other sport.

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Breaking down the betting per sport in November

 

One big surprise for 2019, betting on basketball had a slight lead over football; basketball produced $806.8 million in revenue compared to $718.3 million for football.

 

Baseball is among the top sports too, earning $698.4 million, with 3.9% of the winnings going to the sportsbooks. However, the sportsbooks did better on other sports, earning 5.6% on football (5.6%), 5.2% on “Other” sports, and 4.6% on basketball. While football is often the most hyped sport in the United States, other sports often earn more for the operators.

 

It’s yet to be seen if football can overtake basketball as a top earner for the operators. However, with the XFL joining the fray, the four-month regular NFL football season will be extended through the summer. That may well push football to the top.

 

Where the margins truly excel for the operators is parlay, or multiple-event, wagers. The margin on parlay betting clocked in at 12.5% on $753.1 million in wagers. That handle exceeds everything except basketball wagers.

 

The Department of Gaming Enforcement also reported a record-breaking $75.9 million was wagered at the brick-and-mortar sportsbooks in the month of November. That broke October’s record of $71 million by nearly $5 million.

 

Another surprise, of the $32.9 million wagered on sports in New Jersey during November, almost half of that came from the Meadowlands Racetrack and its mobile partners. Most of Meadowlands’ incredible numbers came through its FanDuel mobile app. Resorts Digital and its partner DraftKings came in a distant second, with just over $9 million.

 

Trailing behind in third place was Monmouth Park and Ocean Resort and their partner William Hill with $2.5 million, and finally, in fourth place was the Borgata with $2.1 million.

 

The state of Nevada beat out New Jersey during October, with a handle of $543.9 million wagered in the Silver State. While Nevada has been beaten by New Jersey several times this last year, the Silver State only needs to increase its handle by $19 million in November to stay on top.

 

It will be interesting to see how 2020 plays out in the realm of sports betting across the country, as legalized betting becomes normalized. For example, the industry is every excited to see how the Super Bowl will play out in 2020 which will be the first time both players in New Jersey and Pennsylvania will have the option to place bets online. Needless to say – 2019 was a great year for gambling and we have no reason to assume things will slow down next year.

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