The state of New Jersey is a case study for every state in the US looking to make solid revenue via sports betting. According to new figures, the state earned about $487 million in revenue in the month of October 2019.
Just $13 million short of $500 million
In October, the state collected $487,924,504, which was a new record. The figures were 10% higher than September when it earned $445.56 million, which was a record at the time. Analysts at PlayNJ.com suggest that $500 million revenue is still a possibility for the state as the basketball season has started. The college basketball and NBA season could help the state smash all its previous records and reach the $500 million figure. The current monthly collection record is a whopping $600 million held by the state of Nevada.
PlayNJ.com analyst Dustin Gouker said that the state has a real chance of surpassing Nevada in October. Even if it doesn’t do it immediately, it is expected to cross the Nevada figure before the current NFL season ends. The state’s handle is growing at an unmatched 100% year-on-year. With the overlapping of football and basketball seasons, New Jersey could be in a much better state than expected.
Diving deep into October data
NJDGE released the data for the month of October, which suggests that sports betting revenue grew by 9.5% month-on-month. The state earned $38 million in September and $46.4 million in October. Last year, the state only received $11.7 million in revenue, which marks a 297% year-on-year increase.
There are several more interesting things to note about the state’s gaming revenue. For instance, the Year-to-date revenue until October 2019 is $237.1 million. For the same period last year, the total revenue was only $51.96 million. The sports betting sector alone brought $26.82 million in revenue for the state in October. Last month, it brought in $26.56 million.
Online sports betting is slowly gaining prominence in the state. About 85.5% of all betting in the state came via computers and mobile devices. This shows that New Jersey residents like to indulge in online gambling and may continue pouring their money in the future as well. Stats reveal that residents spend $6 online for every $1 spend at physical locations. This means that the monthly handle via these channels could translate to $416,964,519.
FanDuel and PointsBet sportsbook are raking in the most revenue for the state. Other prominent players are FoxBet and DraftKings.