BUSINESS

New Jersey sports betting handle tops $330m in November

TAGs: New Jersey, sports betting

new-jersey-november-sports-bettingNew Jersey’s regulated sports betting market had a strong November, setting a new betting handle record and nearly doubling its October revenue total.

Figures released Wednesday by the New Jersey Division of Gaming Enforcement (DGE) show the state’s licensed sports betting operators generated total wagering handle of over $330.7m in November, a 23% improvement over October’s handle and yet another new market record.

More importantly, betting revenue – defined as including not only money won by the books but also pending wagers – topped $21.4m, a significant improvement over October’s $11.7m but still below the $24m that the books claimed in September.

The dominance of online and mobile betting channels became even more acute in November, as digital wagering accounted for $238.6m in betting handle versus $92.1m for land-based sportsbooks. Digital handle was up nearly 37% from October while land-based wagering rose a more modest 6.7%.

On an individual operator level, Resorts Digital – which includes DraftKings and The Stars Group’s BetStars brand – led all comers (again) with nearly $7.2m in revenue, $2.1m higher than October. But the Meadowlands Racetrack’s betting business – powered by DraftKings’ daily fantasy rival FanDuel – wasn’t far behind with $7.05m, doubling its October performance.

The two DFS operators were light-years ahead of the rest of the top-five, which were (in order): Ocean Resort Casino ($2.82m), the Monmouth Park racetrack ($2.67m) and the Borgata casino ($1.07m). The state’s other four operators — including Resorts Casino Hotel’s land-based book — were all under $200k in betting revenue for the month.

November’s revenue tallies for Ocean Resort, Monmouth and the Borgata were all significantly higher than October’s results, with Ocean Resort more than tripling month-to-month, while Monmouth and Borgata more than doubled their returns.

Since the state’s legal betting market launched in mid-June, revenue has grown to $73.2m, of which $54.1m represents ‘completed events’ revenue, aka actual revenue. Total handle is currently sitting just over $928m, of which $915.8m was on completed events, making for a 5.9% betting margin.

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