New Jersey Sportsbooks Sets Revenue Record in November
New Jersey sports betting set another record in November as it was more profitable than operators in any other market in the country’s history.
State Books won $ 114.8 million from sports bettors throughout the month, setting a record for monthly sports betting income, according to published data by the New Jersey Gambling Enforcement Division.
Books won the record number out of a near record handful. In October, Garden State sports betting operators accepted $ 1.3 billion in bets, more than any other month in history. In November, it fell just below that mark with a handful of $ 1.26 billion.
While New Jersey is apparently breaking records faster than it can set them, there is a potential dark cloud looming over the market.
New York is set to implement mobile sports betting in the coming months, and bettors residing in New York will no longer need to take a short trip across the river to place a bet. However, with sports betting subject to a 51% tax rate, New York bettors may be subject to worse betting lines from their home books and could still be enticed to travel to New Jersey.
In addition to removing bettors from the New Jersey market, given New York’s population, the Empire State is likely to become one of the largest sports betting markets in the country.
As the fourth largest state with 19.3 million people living within its borders, and along with California, Texas and Florida, the only three states with a larger population, devoid of a sports betting market , New York sports betting could make mind-blowing numbers once the market hits. By comparison, New Jersey is the 11th most populous state with 8.8 million people.
Sports betting revenue was only a small portion of the state’s gross gaming revenue, which totaled $ 439.6 million in November. These numbers represent a huge increase of 52.2% from the $ 289.9 million earned in the same period a year ago.
Atlantic City’s nine brick-and-mortar casinos said they earned $ 206.9 million and internet operators, which set a record in October with $ 127 million in revenue, earned $ 118 million last month.
Traditional casino revenues are up 41.2% year-over-year, but negotiations are underway for a change in the property tax structure to prevent some of the low-income properties from closing their operations. doors. Online betting in New Jersey, both in online casinos and in sports betting, has been the main catalyst for the increase in gross gaming revenue. Land-based casino revenues are still lower than pre-pandemic levels.
Year-to-date, New Jersey gambling operators have earned $ 4.3 billion, an increase of 68.7% from the first 11 months of 2020, although physical operators have been forced to close for several of these months last year due to the government’s decision. response to COVID-19 pandemic.