New Jersey sets new sports betting revenue record for November
Last month, players wagered $1.29bn across online and retail, and revenue reached $114.8m.
US.- November was another record breaking month for sports betting revenue in New Jersey. The state recorded $114.8m in revenue, setting a new state and national record for a second consecutive month. The previous record was October’s $84.2m. November’s figure was 36.4 per cent higher.
Players wagered 1.29bn, split $1.14bn online and $114.0m at retail sportsbooks. It was the third consecutive month with wagering over $1bn. The figure also represents a year-on-year rise of 38.5 per cent. The total was only just short of the $1.30bn handle record set in October 2021 and was 35.1 per cent higher than November 2020’s $931.6m.
Online betting made up 90.9 per cent of the overall market share, with $1.1bn bet, down 3 per cent from October’s $1.2bn but 31.2 per cent more than November 2020’s $872.1m.
In the last three months, New Jersey sportsbooks have generated $3.6bn in wagers and $281.4m in operator revenue. With a strong December, operators will have produced more handle and revenue over four months than in all of 2019, when they recorded $299.4m in revenue on $4.6bn in wagers.
Football betting slowed to $401.3m in November from $499m in October. Meanwhile, basketball spurred $399.7m in betting, up from $159.6m in October.
For the year, basketball has attracted $2.3bn in bets, the most of any sport. Football is second with $1.6bn in wagers this year.
See also: New Jersey sports betting handle hits record $1.3bn in October
College sports betting at NJ
New Jersey voters rejected a ballot question that would have allowed betting on New Jersey college teams or on teams from other states when they play in New Jersey. With 92 per cent of the polls reported, 57 per cent of the votes were against the ballot measure while 43 per cent approved.
New Jersey has offered sports betting since 2018, but bets on in-state collegiate programmes are not allowed.
State legislators approved a referendum question for the general election ballot to amend the constitution to “permit sports wagering through casinos and current or former horse racetracks on the certain sanctioned collegiate tournament, playoff, championship, or other postseason athletic competitions in New Jersey.”
