Could NJ Sports Betting Market Hit $1 Billion In Monthly Handle?

Posted on October 15, 2020

The NJ sports betting market hit a total that could take a while to be topped – or maybe the Garden State might again top itself next month.

Bettors put up $748.6 million with legal New Jersey sportsbooks in September. That’s a new monthly record for both the state and the US sports betting market as a whole, topping last month’s record by 12.1%.

The addition of college football and NFL betting to an already packed sports month helped push the market to a new height. The three-quarters of a billion dollars in handle is the up 68% from last September’s $445.6 million.

More than $9 out of every $10 was bet online in September with mobile handle of $678.7 million, or 90.6% of the total.

Revenue did not hit a new record, according to the state report. Operators kept $45.1 million in September, good for 6% hold. That still the third-highest sports betting revenue total for NJ since launch in 2018.

NJ sports betting handle could have been higher

Looking at last year’s results, there’s a chance 2020 handle would have approached or topped $800 million in handle with more college football.

Bettors wagered $188.6 million on completed football games last September. That figure fell to $159.5 million this year.

Multiple college conferences either modified, delayed or canceled their fall sports seasons, including the Big Ten and Pac-12.

‘Other’ still the largest piece of the pie

Of the $738.3 million bet on completed events in September, the “other” category took the largest share with $208.3 million, or 28.2%.

That likely had a lot to do with the NHL Playoffs and the Stanley Cup Finals wrapping up at the end of September. Basketball, another sport not typically on the September betting menu, added $98.8 million in completed event handle.

September staple baseball had $115.3 million bet on completed events.

Overall, football accounted for 21.6% of the total and was the highest-bet single sport.

Usual suspects take top revenue spots

Once again, the Meadowlands and its two partners, FanDuel Sportsbook and PointsBet, took the top revenue spot with $28.2 million. More than $25 million of that revenue came from online.

Resorts Digital, partnered with DraftKings Sportsbook and FOX Bet, was second with $4.8 million.

BetMGM partner Borgata did $4.1 million in third place while Monmouth Park and partners William Hill, theScore Bet and Rush Street‘s PlaySugarHouse finished in fourth with $3.5 million.

How long could this record stand?

Unless Nevada pulls off impressive growth over August, it looks like this record US sports betting handle could stick around for a while.

Nevada sports betting handle would have to jump 57.6% over August’s total to pull in the same amount as NJ sports betting did last month.

More college football conferences are playing in October than September, but likely not enough for New Jersey to pass $750 million this year without NHL, just five NBA Finals games and fewer baseball games during the MLB postseason.

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Matthew Waters

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.

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