NJ Sports Betting Builds On Recent Surge With Record-Setting November

Written By

Updated on

NJ sports betting

NJ sports betting continued its second-half growth as the market hit its second handle record in three months in November.

The latest state report released Friday shows New Jersey sports betting handle north of $1.6 billion. It is the most in a single month for the Garden State.

The rising tide of East Coast sports betting appears to be lifting all markets. New York and New Jersey both set monthly handle and revenue records in recent months.

NJ sports betting changes course

Both markets were not always simultaneously reaping the rewards of expanded sports betting.

New Jersey dealt with 12 consecutive months of year-over-year handle declines while the NY sports betting market grew.

However, November marked five straight months of handle gains for NJ sportsbooks, which includes two record-setting months over that stretch.

NJ sports betting on pace for positive year

New Jersey is on pace to set an annual sports betting handle record in 2023.

Through November, bettors staked $10.7 billion. It is an 8% bump over the $9.9 billion wagered through the first 11 months of 2022.

Year-to-date sports betting revenue is up nearly 33% as well. NJ sportsbooks have cleared $897.2 million this year, compared to $675.3 million in 2022 through November.

ESPN Bet debut boosts revenue

ESPN Bet made its NJ sports betting debut on November 14 behind a big promotional push. The app, tethered to Freehold Raceway along with BetParx, helped generate $4.8 million in online revenue.

It was an 83% jump over November 2022 and the license’s highest monthly revenue total this year. Combining in-person sports betting revenue, ESPN Bet helped secure a 5% revenue share.

Trio takes most NJ sports betting revenue

FanDuelPointsBet, and SuperBook, tied to the Meadowlands Racetrack license, posted $57.7 million in combined revenue.

The total, including in-person betting at the Meadowlands’ FanDuel Sportsbook, was good for a 60% revenue share.

DraftKings, which headlines the Resorts Digital license, combined with the Resorts sports betting app to produce $19.2 million in November revenue.

How others fared in November

BetMGM and the Borgata‘s sports betting app combined for $8.2 million in monthly revenue. It was good for a 6% boost over the same month last year.

The trio of bet365Hard Rock Bet, and Unibet, under Hard Rock AC’s license, cleared $2.4 million in November revenue. It was mostly flat with October, but half of what the group generated in September.

Unibet’s parent company is pulling the brand out of North America by the end of the second quarter next year.