Licensed sports betting operators in New Jersey generated $46.4m in collective revenue for October, representing yet another new record total for the state, with market handle also hitting a new high of $487.9m.
Revenue surpassed the previous record of $37.9m, which was set in September. The October figure also represented a year-on-year rise of 297.8% on the $11.7m posted in the same month last year.
New Jersey’s sports wagering handle in October comfortably surpassed the existing record of $445.6m, which was also set in September. Handle was up 87.14% year-on-year from $260.7m in October of 2018.
However, it remains to be seen whether the Garden State can surpass amounts wagered in Nevada, after falling behind in September. For that month, Nevada’s sports betting market revenue hit $52.1m, with handle of $546.4m. Prior to September, New Jersey had performed better than Nevada in every month since June.
Figures from the New Jersey Division of Gaming Enforcement (NJDGE) show that the majority of sports bets were placed online, with players spending $417.0m on licensed platforms. In contrast, retail spend stood at $71.0m for the month.
Meadowlands and its sub-licensees FanDuel and PointsBet remained the market leaders in October by some margin, with revenue standing at $24.8m, a huge rise of 599.9% on last year.
Resorts Digital, partnered with DraftKings and The Stars Group’s Fox Bet joint venture, ranked second in the market, with revenue climbing 107.4% year-on-year to $10.6m.
Monmouth Park, which has a partnership in place with William Hill, placed third with revenue of $2.8m, up 133.8% in last year. Ocean Resort, another William Hill partner, followed with revenue of $2.3m, up 183.0% on the previous year.
Hard Rock posted $2.0m in sports betting revenue, with no comparable figures as it was not offering such services in October last year. In addition, the Borgata saw revenue rocket by 886.1% year-on-year to $1.8m in October.
For the year to date, through to the end of October, sports betting revenue in New Jersey amounted to $237.1m, up from $52.0m at the same point last year. The state’s handle was also up from $597.4m in 2018 to $3.5bn at the end of October this year.
Further growth in the New Jersey sports betting market comes after Atlantic City Mayor Marty Small Sr. this week called for the city to receive a direct cut of sports betting tax in the state, arguing it has played a key role in the success of the state’s regulated market.
At present, the Casino Reinvestment Development Authority collects 1.25% of all sports bets, which is then used for tourism and marketing programs in Atlantic City. However, the state has exclusive control over these funds.
Small, who came into office in early October, said one of his main goals as Mayor is to ensure the city is better rewarded for the role it has played in helping the growth of sports betting in New Jersey.
Meanwhile, the NJDGE also noted significant growth within the state’s online gambling market, with revenue up 69.0% year-on-year to $45.2m. Gold Nugget remained the market leader with revenue of $16.6m, up 71.8%.
Resorts Digital, which operates in partnership with The Stars Group, held second place with revenue of $10.3m, up 196.2% on October last year. The Borgata came in third with $7.8m in revenue, an increase of 77.7%.
For the year-to-date, online gaming revenue in New Jersey totalled $384.2m, an increase of 58.3% on $242.7m posted at the same point in 2018.
In addition, New Jersey experienced year-on-year growth within its land-based casino market in October, with revenue up 0.8% from $200.6m to $202.3m. In terms of the year-to-date, land-based revenue was up 7.7% year-on-year to $2.25bn.
Total New Jersey gaming revenue in October amounted to $2.86bn, an increase of 20.4% on the previous year, primarily as a result of year-on-year growth in sports betting and online gambling.