New Jersey Breaks Monthly Handle Record for Sports Betting with $562 Million In Bets

New Jersey Breaks Monthly Handle Record for Sports Betting with $562 Million In Bets

While its neighbor New York is still struggling to find substantial sports betting hold, New Jersey is marching ahead in the scene. The state’s oddsmakers recently reported that they handled $562 million in sports wagers in the month of November, breaking the record for the biggest ever monthly handle.

New Jersey at it again

The state is currently the most vibrant and profitable sports wagering market in the US. It took PASPA head-on at the US Supreme Court and became the biggest beneficiary of the act’s strike down. The state created the record of the highest athletic wagering handle in October this year when oddsmakers received bets worth $487.9 million. In November, it broke the record with over $562.6 million in wagers. The house got a net win of $32.9 million, just a little shy of 6%.

New Jersey Breaks Monthly Handle Record for Sports Betting with $562 Million In Bets

The biggest share of these wagers come from mobile. Almost 86.5% of the bets in November, worth $486.7 million, came from online platforms. The state taxes 15% on these bets while 8.5% on bets placed at a land-based location. However, mobile continues to reign on top. This year, land-based gaming produced only $4.3 million in taxes for the government this year while online taxation crossed $65 million.

Atlantic City loves its bets

For a mature gambling market like Atlantic City, November was an exceptionally good month. The nine casinos in the city witnessed a 5.7% increase in their gross gaming revenue (GGR) which reached $156.8 million. Tables games revenues also jumped to %67.1 million, marking a 10.5% increase. Internet gaming GGR went up to $49.1 million, marking an 82.4%. The total revenue for the gaming industry, as well as the two-horse racetrack sportsbook, was $306 million which was $48.6 million higher than November 2018.

According to James Plousis, the chairman of the Casino Control Commission of Atlantic City, all areas of business surpassed last year’s figures. He said that the growth didn’t just come from two casinos reopening of 2019 but because all nine casinos performed exceptionally well. The seven pre-existing casinos reported a total increase of 14.4% of $30 million. He said that this shows opportunities for all casinos to grow.

With a strong November figure, the GGR for 2019 has already crossed $3 billion. The last time the state reached this number was back in 2012 when Atlantic City has 12 flourishing casinos.

Avatar

About sherlock

Sherlock Gomes loves to write and express his views on anything related to Gaming, Gambling, & Casino. He has been covering Gaming for more than two years now.

Leave a Comment

This site uses Akismet to reduce spam. Learn how your comment data is processed.