NJ sportsbooks post record $803m handle in October

New Jersey sportsbooks have set another sports betting record in the US sports betting space.

According to the latest figures from the New Jersey Division of Gaming Enforcement (NJDGE), bettors in the Garden State wagered a record $803m on sporting events in October.

October’s handle was up more than $50m on the $748.6m wagered in September, setting a new record for the state. The latest figure also represents a $315m increase on the state’s handle this time last year.

Sportsbook operators managed to generate $58.5m in sports betting revenue, representing a 26% year-on-year increase in sports betting revenue.

According to the state’s report, $744m of the state’s October handle came from online and mobile sportsbooks.

Thanks to the state’s October performance, New Jersey’s total betting handle for the financial year surpassed $4bn.

Breaking down the figures

Meadowlands and its sports betting partners, FanDuel and PointsBet, continue to dominate the market after generating just under $30m in sports betting revenue.

Resorts Digital, which hosts the DraftKings and Fox Bet sportsbooks, took second place in October after generating $14.6m in revenue. This represents a major improvement on the $4.8m Resorts generated last month.

Borgata and its BetMGM sportsbook took third place after holding on to $4.3m in October.

Monmouth Park and its three licensees, William Hill, PlaySugarHouse and theScore came in fourth place in October after generating a combined $4.1m in revenue.

Football betting dominates

New Jersey doesn’t report handle per sport each month, instead, the figures include year-to-date completed events handle in every monthly report. The individual betting handle for a sport can be calculated by subtracting October’s total for completed events from September’s total.

Approximately $279m was wagered on football games in October, making up 35% of the state’s total betting handle. Operators managed to generate $11.3m in revenue from football wagers.

Parlays also raked in a lot of cash for operators as sportsbooks generated $19.1m in revenue from $171.5m in parlay bets.

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