NJ Sports Betting Market Blasts Through Revenue Record

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NJ sports betting

NJ sports betting barely missed one record in November, but the state shattered another one.

New Jersey sportsbooks took $1.26 billion in November bets, falling just short of October’s $1.30 billion record handle. It is the third straight month NJ bettors wagered more than $1 billion.

The NJ sportsbooks, however, generated $114.8 million in revenue, a 9.1% hold. That is a record revenue figure, besting the $84.2 million, a 6.5% hold, in October.

Big year for NJ sports betting

The $1.26 billion handle in November 2021 is a 35.2% increase over November 2020’s $931.6 million.

Through November, New Jersey bettors have wagered more than $9.7 billion in 2021. That puts more than $10 billion total for the year easily in the crosshairs.

In December 2020, New Jersey sportsbooks handled $966.3 million.

New Jersey revenue growing too

November’s monthly revenue was up approximately 127% compared to the same month in 2020. In November 2020, sportsbooks generated $50.6 million in revenue.

Through 11 months, New Jersey sportsbooks have generated $756.7 million in sports betting revenue. In the first 11 months of 2020, NJ sportsbooks generated $332.1 million in revenue.

In November, the state collected $14.6 million in taxes. The state has collected $95.1 million in taxes year-to-date.

September Handle$748.6 million$1.01 billion35.1%
September Revenue$45.1 million$82.4 million82.7%
October Handle$803.1 million$1.30 billion62.3%
October Revenue$58.5 million$84.1 million43.8%
November Handle$931.5 million$1.26 billion35.2%
November Revenue$50.6 million$114.8 million126.9%

Online rules NJ sports betting

In November, online wagers made up 90.5% of the total handle, or $1.1 billion.

For the year, the online handle is $8.8 billion, or 90.7% of the total handle.

In terms of operators, the Meadowlands and its online partners — FanDuel Sportsbook, PointsBet Sportsbook, and Superbook — led the way with $64.4 million in revenue, including $59.0 million in online revenue.

Basketball is top draw – for now

For the year-to-date completed handle, basketball paces the rest of sports with $2.3 billion. Sportsbooks have won $78.6 million on basketball, a 3.4% hold.

Football is second among individual sports with $1.6 billion in completed events handle. With a win rate of 4.1%, sportsbooks generated $66.3 million in revenue on the sport. December should see football push ahead of basketball, though.

Sportsbooks have won nearly $406 million on parlays on $2.2 billion in completed event handle, a 18.3% hold.