New Jersey continues to shatter monthly national records for sports betting handle for the third time in a row in October with over $803 million.
This figure is up more than $50 million from the state’s previous highest in September when it reported $748.5 million. New Jersey’s August handle of $667.9 million was also a national record. Before this, the previous national best was $614 million set by Nevada in November 2019.
According to the figures released by the New Jersey Division of Gaming Enforcement (DGE) on Friday, Atlantic City casinos and the three-horse tracks that offer sports betting collectively took in $803,096,172. The DGE figures also disclosed that the Garden State’s online casinos and poker rooms generated combined revenue of $93.45 million in October. This is more than double the figure reported in October 2019 and almost $6 million higher than New Jersey’s previous monthly best set this August.
The October handle took New Jersey sportsbooks past $4 billion in total wagers in 2020; the previous year’s total was $4.6 billion. The month also turned $58.5 million in revenues, which was good for a 7.2% hold, reflecting an increase of 26% year-on-year. Around 93% of the handle was bet online.
Online Betting Continues to Dominate
October’s internet casino revenue was just under $91 million, representing a 108.7% year-on-year improvement. Besides, online poker suggested a 53.5% increase to $2.5 million.
There was still a slight increase in sports betting at land-based establishments, as the total sports betting revenue at the casinos and tracks also increased by 15% in October to $338 million. Yet, gambling at the nine casinos fell 8% to $186.1 million in October. However, as has been stated, most of these gains were extracted from online gambling and sports betting.
While comparing this October with the same period last year, chairman of New Jersey Casino Control Commission James Plousis said, “Casino wins was 92% of last October’s performance”. However, he added the two years are not reasonably comparable, alluding to the coronavirus taking center stage throughout this year. “During this time, Atlantic City continues to reflect resilience in the face of necessary and ongoing restrictions on capacity, amenities, and entertainment.”
Currently, the New Jersey casinos are observing 25% capacity rules under state-imposed restrictions aimed at controlling the spread of the virus. Additionally, online gambling revenue more than doubled in October as more gamblers feel safe while place online bets from the comforts of their homes amid the second wave of the virus. Of the combined sports betting handle of $803.1 million, all but $59.2 million was wagered online.
Football Top Sport, FanDuel Top Sportsbook
Almost $279 million, 35% of the total handle, was bet on football games in October. Sportsbooks made $11.3 million on those wagers, good for a 4% hold. However, the football numbers don’t include parlays, where another $171.5 million was wagered. Sportsbooks made $19.1 million on parlays at an 11% hold rate.
Once again, Meadowlands, partnered with FanDuel and PointsBet, retaining the top spot in the leading sports betting market in the US with just under $30 million in revenue. The second spot was claimed by Resorts Digital and its two partners, DraftKings and Fox Bet, with a revenue of $14.6 million. It was a huge comeback for the Resorts license compared to last month’s performance with a mere $4.8 million in revenues.
BetMGM and land-based Borgata combo was a distant third with $4.3 million.
The Garden State’s betting market could get a further jump if it eases restrictions on college sports betting. Existing rules ban local bookmakers from taking bets on games involving state schools. However, the last week saw a New Jersey Senate committee authorize a measure that would permit such activity.