NJ sports betting handle and revenue ascend
Legal Sports Report

October Sets New NJ Sports Betting Monthly Record For Handle

NJ sports betting

NJ sports betting handle jumped 87.2% over last year to $487.9 million in October, breaking the monthly record set in September.

That figure was 9.5% higher than September’s total, showing the market’s steady ascent during the peak season for sports betting in New Jersey. With two NFL teams in-state and another right over the border in Pennsylvania, growth potential in NJ sports betting remains strong.

Mobile sports betting’s strength was again evident in the monthly figures with 85.5% of handle from online channels. That compares to 84% of handle from mobile in September and 66.9% last October, as many mobile platforms had just launched.

For 2019, nearly 83% of bets in the Garden State came via NJ sports betting apps.

NJ sports betting revenue jumps as well

Revenue also rose significantly as it nearly quadrupled last October’s total to $46.4 million. That equates roughly to a win percentage of 9.5%, though it doesn’t account for futures bets.

No surprise that Meadowlands, which partners with FanDuel Sportsbook and PointsBet, again led the state with $24.8 million in revenue. The vast majority of that – 83.4% – came from online, with FanDuel accounting for the overwhelming majority.

Resorts Digital, which partners with DraftKings Sportsbook and Fox Bet, took the silver with $10.6 million in revenue. DraftKings is the heavy hitter in that partnership to date.

No other licensee in the state had more than $3 million in revenue last month.

Mattress-sized anomaly for Hard Rock

Hard Rock‘s online sports betting revenue got a California King-sized bump from the Washington Nationals‘ World Series win.

Kindred’s Unibet brand, one of the operators licensed under Hard Rock, took a reported $1.25 million in bets from Jim “Mattress Mack” McIngvale. Mack bet heavily on the Houston Astros to win the World Series as a hedge against a free mattress promotion he offered if the Astros won.

That helped boost Hard Rock’s online sports betting revenue to $1.8 million in October, up from just $250,000 in September.

BetMGM could take share

More sports betting market share could start rolling through the Borgata and BetMGM, Roar Digital’s platform powered by MGM Resorts and GVC Holdings.

BetMGM launched Thursday with Yahoo Sportsbook to integrate its odds and betting information into Yahoo Sports. The Yahoo Sports desktop site or app will send bettors directly to BetMGM to make those bets.

Borgata accounted for just $1.4 million in online sports betting revenue for October split between BetMGM and BorgataSports.com.  That’s good for just 3% of October’s sports betting revenue.

All eyes will be on that figure to see how quickly it grows through the end of the NFL season.

Basketball edges baseball in year-to-date completed handle

New Jersey sports betting handle for completed events eclipsed the $3 billion mark with October’s figures and now sits at $3.4 billion.

Basketball holds the slightest of edges over baseball as the sports leader. Basketball has $698.2 million in completed event handle while baseball sits at $698.0 million.

Football, which should easily lead all sports by year’s end, is currently fourth with $507.1 million in completed event handle. That’s behind the parlay category with $639.7 million in completed event handle.

Win percentage on those completed events is 6.4%.

Avatar
- Matthew Waters is a reporter covering legal sports betting and the gambling industry. Previous stops include Fantini Research and various freelance jobs covering professional and amateur sports in Delaware and the Philadelphia area.
Privacy Policy