New Jersey sportsbooks took more than $1 billion in handle for the second straight month to set another round of state and US records.
NJ sports betting operators paid a record $10.6 million in taxes for the month.
October’s results are a big leap over last October’s totals, which were all records at that point:
- Handle up 62.3% on $803.1 million.
- Revenue up 43.8% on $58.5 million.
- Taxes up 42.2% on $7.4 million.
It’s important to note this is not purely organic growth, however. Along with additional sportsbooks, October had five full Friday through Sunday weekends. That means five full Saturdays and Sundays to rack up handle on both college football betting and NFL betting.
New Jersey sportsbooks hurt on football
Football accounted for nearly $500 million in completed event handle for the month, but bettor-friendly results helped drag hold down to just 2.4% on the sport:
|Sport||October completed handle||October completed revenue||Hold|
A healthy piece of that $317 million bet on parlays was likely football betting as well. Completed parlay revenue accounted for 56.4% of reported revenue for the month.
Resorts Digital, which reports for its own brand as well as DraftKings Sportsbook and FOX Bet, ranked second with $15.9 million in revenue.
NJ still leads the US for now
New Jersey’s $1.3 billion in handle represents 38.9% of all reported US sports betting handle as of Nov. 17. Its $84.2 million in revenue is good for 43.5% of the reported revenue.
|State||Oct. 2021 handle||Oct. 2020 handle||Difference||Oct. 2021 revenue||Oct. 2020 revenue||Difference|
While Nevada will likely drop Pennsylvania sportsbooks from the second spot, no one is coming to contest NJ for that top spot this month or likely any month soon.
But things could look totally different for next October’s results. The nine winners of online NY sports betting licenses are working right now to be the first to launch, which can basically happen as soon as a sportsbook is ready.
That does not mean New York will jump into the top spot, though that could happen eventually. How much of New Jersey’s business drops off because it can finally stay in New York will determine if and how New Jersey falls in the ranks.