The State of New Jersey fought and won the battle against PASPA in May. A month later, it already had fully-operational sports betting agencies taking wagers, and now – it’s breaking new milestones with its latest results.
New Jersey’s Sports Bets are Through the Roof
Sports Betting remains strong in New Jersey and there seems to be little that can actually stop the segment from developing. In October alone, the state’s statisticians have calculated a 40% month-over-month increase, well over $260 million in raked in worth of revenue. The results bring the total amount of placed wagers well over half a billion.
According to the official statistics, New Jersey has accumulated $597.4 million since it formally accepted the segment as a legal activity in June. The best results started to trickle in around August, when the total handle hit $96 million, but this amount was far from optimal.
September came and the National Football League (NFL) hit off, with bettors flocking to the bookmakers and placing as much as $184 million, effectively doubling the results from a month before that. Now, despite a mild slow-down in the growth in comparative terms, $260 million have been added to the bookmakers and states’ coffers in a sense.
One notable change has been the expansion of online betting, which accounted for 67% in October, hitting $174.4 million, and additional betting from people attending the bookmakers in person going all the way up to $86 million.
New Jersey, Let’s Go Mobile
New Jersey has been a brave new frontier of all online betting action. With DraftKings expanding into the market with a mobile app, things have been shaping up pretty nicely for the state, which now lacks for naught.
Technologically, New Jersey is every bit as developed as any matured market could be. Maturity is another thing that may worry many. Though experts believe that New Jersey has more opportunities for growth the actual revenue for operators was $11.7 million, compared to $24 million a month before, in September.
But not all operators were disappointed with the results, if anything, although some registered 50% less than what they had handled in September. For instance, FanDuel’s Meadowlands racetrack raked only half of September’s 7 million.
Nevertheless, the company has been thrilled with the developments with FanDuel spokesperson saying that the company was pleased with its double-digit growth and that business was effectively developing and doubling in size 2.5 compared to September.
Meanwhile, another segment, casinos, also posted a not too shabby performance. With $200.6 million raked in October, the casino segment is still standing tall, but it’s clearly outpaced by the popularity of sports betting operations.
Still, casinos are not really seeing sports betting as a threat. If anything, they are allowed to assume much of the responsibilities of overseas bookmakers, as New Jersey and the United States in general use either racetracks or casinos to handle any type of sports wagers.
This is unlikely to change now, but one thing that is clear is that sports are more loved than gambling, in a sense.