New Jersey’s sports betting revenue took a hit in November despite posting record betting handle.
According to figures from the New Jersey Division of Gaming Enforcement (NJDGE) sportsbooks in the Garden State processed $562.7m in bets in November, the highest handle recorded in the state yet.
Once again, the majority of bets were placed online with residents wagering $486.7m via online sports betting sites and $75.9m at land-based sportsbooks.
Despite processing a record number of sports bets in November, revenue dropped to $32.9m down from the $46.4m generated in October. However, November’s revenue saw a year-on-year increase on the $21.2m generated this time last year.
Breaking down the figures
Once again, Meadowlands, along with its partners FanDuel Sportsbook and PointsBet, was the highest performing operator in the state after generating $14.9m in sports betting revenue. These figures marked a significant increase on the $24.8m generated last month.
Resorts Digital, which is partnered with DraftKings Sportsbook and Fox Bet took second place in November after generating $9.1m in revenue down from $10.6m the month prior.
Ocean Resort and William Hill was the third most successful sportsbook after it generated $2.5m in sports betting revenue. The only other operator to generate more than $1m in revenue last month was Borgata, which managed to generate $2.1m in revenue in November.
Sports betting in New Jersey
Since the launch of sports betting in New Jersey last year, the market has seen considerable growth and has become the largest market for online gambling in the US.
The Garden State is currently home to 15 online and mobile sportsbooks, with several more set to enter the market in the coming months
New Jersey’s success can be attributed to the openness of the state’s betting market. The state’s regulations allow bettors to create online sportsbook accounts remotely from anywhere within the state, making it much more convenient to sign up and bet.