Online sports betting generated almost six times more revenue than on-site sports wagering in October. This is according to data provided by the New Jersey Office of the Attorney General and released on November 14.
Sports Wagering Handle Surges To Over $3.462 Billion
As reported by the New Jersey Department of Law and Public Safety, online sports wagering generated $416.9 million in revenue in October. This is almost six times more than the monthly handle registered by on-site sports wagering.
Online wagering represented 82% of the yearly handle of the industry. The remaining was related to on-site sports wagering, which refers to the retail side of the sector.
In October, on-site sports wagering represented 14.54% of all the funds handle during the month.
We have seen a 9.5% monthly increase between September and October in the total funds managed by the sector. That is slower than the 51% increase experienced between August and September.
Despite this increase, the on-site sports wagering monthly handle fell by 0.5% in October compared to September this year. Meanwhile, the online sports wagering monthly handle surged by 11.41% during the same period.
In August, the revenue generated by the industry was $293.5 million, in September, it went up to $445.5 million and reached $486.9 million in October.
In August, on-site sports wagering accounted for 15% of all the handle registered that month. However, as mentioned before, it fell to 14.54%.
The most popular sports this year included Basketball and Baseball, Parlay and Football came behind. The ‘Other’ category represented the largest registered the largest YTD completed events handle.
The win percentage was the highest for Parlay with 13.4%, followed by Football with 6.3%, Basketball with 4.6% and Baseball with 3.9%. The ‘Other’ category registered a win percentage of 5%.
The whole industry continues expanding in the market. A few days ago, GoldenCasinoNews.com reported that Iowa online sports betting revenue increased by 500% since August.
Regulations are also playing an important role in the industry. Iowa, for example, legalized sports wagering in May this year to finally go live in August. If other states offer better regulations new platforms could grow and the whole industry expand.