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NJ sports betting revenue dips despite record handle in November


Sports betting revenue in New Jersey fell 29.1% month-on-month to $32.9m in November, despite the state processing a record amount of wagers during the month.

Revenue was down from a record $46.4m in October, but the November figure was up by 54.8% on a year-on-year basis from $21.2m in the same month last year.

Sports betting handle for November came in at $562.7m, up 15.3% from the previous record of $487.9m in October of this year. Online was again by far the most popular form of sports betting, with $486.7m wagered over the internet and $75.9m in-person.

Record handle also meant that New Jersey processed more sports bets than Nevada in October ($542.5m). However, the revenue total of $32.9m meant New Jersey was some way behind the $47.9m generated by Nevada in October, with Nevada yet to announce its November results.

Meadowlands and its sub-licensees FanDuel and PointsBet retained top spot in the market with $14.9m in revenue, up 111.0% on $7.0m last year.

Resorts Digital, in partnership with DraftKings and The Stars Group’s Fox Bet joint venture, placed second with $9.1m in revenue, up 27.3% from last year. Ocean Resort with William Hill was third with $2.54m in revenue, down 9.8% on 2018, just ahead of Monmouth Park, another William Hill partner, on $2.53m.

Borgata was the only other operator to post sports betting revenue in excess of $1m, recording $2.1m for the month, 93.8% more than November of last year.

For the year to date, through to the end of November, sports betting revenue stood at $270.0m, a huge increase of 270.0% on $73.2m last year.

Meanwhile, online gaming revenue for November was up 82.4% year-on-year to $49.1m, with this total also representing an 8.6% month-on-month improvement on $45.2m in October.

Golden Nugget led the way in online gaming with $18.9m in revenue, up 105.6% from $9.2m in November 2018, while Resorts Digital ranked second with $11.0m in revenue, up 207.5% on last year. Borgata was in third on $8.2m, 71.4% higher than last year.

Online gaming revenue for the year to date amounted to $433.4m, 60.7% higher than $269.7m at the same point in 2018.

In terms of land-based casino gaming, revenue was up by 7.1% year-on-year to $223.9m in November, while year-to-date casino win climbed 7.7% to $2.48bn.

In total, overall gambling revenue for New Jersey in November amounted to $306.0m, 18.9% more than last year. For the year to date, revenue came in at $3.18bn, which is 20.3% higher than $2.64bn at the end of November 2018.