November was the fourth consecutive month to hit a record-breaking national handle of $931.6 million for New Jersey‘s sports betting market. The previous national record that the Garden State posted in October was $803.1 million, representing a 16% increase. In September and August, the state recorded $748 million and $668 million, respectively. The November record was also up 65.6% over what New Jersey recorded in November 2019 when it posted $562.6 million.
According to the official report, sports betting revenue was $50.6 million (for a hold of 5.4%), of which $6.2 million went to state revenue. This is the third-best total for New Jersey behind October’s $58.5 million and January’s $53.6 million. While the percentage of handle-into-revenue remained fairly low, it is negligible considering the Garden State touched the almost one billion mark last month.
In addition, New Jersey also reached a milestone with November handle, catapulting the state’s total handle beyond $5 billion in this calendar year, which is another first, and with one month still remaining. In 2019, the Garden State had set a record of the total handle of $4.58 billion.
Gov. Phil Murphy hailed the news in his tweet, saying, “Our sports betting industry has once again set a monthly record,” and the country’s capital of sports betting is on track to break the $1 billion per month mark. He added the increased activity would create jobs and strengthen the economy.
Online Sports Betting Continues to Dominate
It is interesting to see that the US sports betting industry, including New Jersey, is leaping forward amid the coronavirus pandemic that has halted almost every social and economic activity. Though brick-and-mortar sportsbooks saw a drastic decrease in revenue this year, online sports betting saved the industry from eventual ruin.
The online or mobile handle for the Garden State was $872 million, up 17.2% from October’s $743.9 million, and up 79.2% from what was reported during the same month of last year. So, the November number is another record for monthly online sports betting handle, both for New Jersey and for the US.
Other good news for New Jersey bettors is that state lawmakers are eager to extend sports betting options such as college sports, including betting on events involving state colleges. As of now, the state’s gambling laws do not allow college sports wagering on in-state teams or on college events taking place in the state. Yet, if the lawmakers have their way, this could soon be changing.
Betting by Sport
Unsurprisingly, football accounted for the most number of bets. With a $433.3 million handle, almost half of the wagers in New Jersey were placed on the sport. However, the “other” category is still attracting big money, with $221.5 million in completed-event handle for November. This category that includes everything except football, basketball, and baseball has dominated betting trends throughout the pandemic months.
The parlay category claimed third place with $194.3 million in completed-events handle. Basketball ranked fourth with $88.5 million, followed by baseball with $1.2 million. Many experts believe that basketball handle is likely to push New Jersey’s sports betting handle to another record in December. Then, there are college football conference championships rolling in.
Why Has New Jersey Been Unstoppable?
Thanks to New Yorkers, New Jersey has been witnessing a huge amount of money coming in to make Garden State the national sports betting leader. As long as New York continues to neglect a significant source of revenue by not legalizing online sports betting, New Jersey will continue to reap the benefits.
According to a report by Eilers & Krejcik Gaming, New York betters brought in around $837 million in New Jersey last year, contributing to as much as 18.3% of 2019’s total handle. With the same trend, New Yorkers might have already placed bets of more than $918 million in the Garden State in 2020. New York lawmakers are currently delving in to legalize online sports betting in the Empire State before the turn of the year.