New Jersey sports betting soars to $330 million in November

The growing New Jersey sports betting market hit a new high for new betting handles in November. $330.7 millionup from the previous high $260.7 million In October, the New Jersey Department of Gaming Enforcement reported Wednesday.

Online/mobile sports betting led growth as online handles reached $238.6 million in November, up $64.2 million from $174.4 million in October. But sports bettors said he had a say in November, limiting his earnings to $21.2 million with a 6.4% hold. A New Jersey sportsbook said he raised $24 million on a $184 million handle, making him the highest earner in September with a 13% win.

Who’s running in the lead?once again it is DraftKings Sportsbook When FanDuel Sportsbook.

Advantages of sportsbooks turned DFS operators

DraftKings’ revenues are maximized via online sportsbooks. New Jersey’s first physical sportsbook at a resort casino in Atlantic City, he just opened Nov. 20, replacing a small SB Tech-operated resort-branded sportsbook that opened in August. I was.

This is Earnings Breakdown of $238.6 million wagered online New Jersey Sportsbooks (property/licensee listed followed by operator):

  • Bally’s (Caesars and 888): $205,046
  • Borgata (playMGM): $194,212
  • Meadowlands Racecourse (FanDuel Sportsbook): $4,437,916
  • Monmouth Park (William Hill and Play Sugar House): $1,521,295
  • Ocean Resort (William Hill): $915,930
  • resort digital (DraftKings Sportsbook and BetStars NJ): $7,172,171

According to Jamie Shea, senior director of digital sportsbooks at DraftKings, DK still accounts for more than 95% of Resorts Digital’s revenue share, accounting for about $6.8 million in revenue in November (with a retention rate of assumed to be the same).

“DraftKings continues to set the pace for sports betting in New Jersey,” says Shea. “Since August, DraftKings has placed over 8 million bets and paid out $250 million to sports fans. It’s been a good first month, and nobody understands American sports fans like the Draft Kings.”

Why the focus on mobile/online above? The majority of betting handles and revenues are derived from mobile/online betting. Of the $330.7 million, $238.6 million was made through online accounts (72% of all bets), up from 69% in October. Overall, the $14.4 million online earnings of the $21.2 million total is 68%, so online bettors are, at least in theory, slightly better gamblers than land based bettors.

many including sport handle predicts that the total volume of the New Jersey market will eventually surpass that of Nevada — which has only about one-third the population of New Jersey.

But it’s not there yet: In October, the most recent month with data, Nevada Sportsbooks Reported handle of $528 million and $29.5 million in earnings. New Jersey’s arrow is clearly upwards, but there are still many improvements to be made.

what they are betting

Football is not parsed between NFL and NCAA college football, but football betting combined easily outperforms other sports and parlay bet totals where holds are usually higher.

Similarly, for basketball, the report does not show NBA vs. NCAA college basketball betting. The NBA continues to deal with sportsbook operators and third parties distributing data, generally accepting sports betting with access to the new quarterly NBA League Pass, catering to bettors and his DFS players. Because the NBA handle continues to rise. In the future, we will be able to compare it to Nevada.

These baseball numbers also reflect the settlement of futures bets and new futures/props. New Jersey uses an accrual basis of accounting where earnings are counted at the time the bet is placed, with subsequent reports showing losses.

What is “Other”? Anything else not itemized. Boxing, mixed martial arts, soccer, cricket and darts.

New Jersey Sportsbooks made the bet in December. one in a billion Dollars have been wagered — November’s YTD handle shows $928,116,793.

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