$931 Million Wagered on Sports Bets in New Jersey
New Jersey bettors wagered over $931 million on sports in during November – the highest amount ever recorded across a single month in the U.S.
The New Jersey Division of Gaming Enforcement released the latest figures for gaming revenue in the state on Monday December 14, which revealed the massive uptake in sports wagering.
Throughout October, bettors gambled a combined $803 million on sports. But the latest figures for November well surpass that number and show an increase in sports betting activity for a fourth consecutive month in the Garden State.
The majority of the $931 million came from online platforms and sportsbooks as bettors placed a total of $832 million in online bets compared to just over $52 million in person.
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However, after payouts and expenses, horse racing tracks, sportsbooks and casinos only earned a combined $50.5 million profit from the bets placed throughout the month.
The shift in betting activity reflects the popularity of sports betting in New Jersey. Since the legalization of sports betting in June 2018, people have wagered nearly $11 billion on sports.
The figures for sports betting activity are the largest outside of Nevada and signify the growth of gambling on sports over the past two years in the Garden State.
Massive Uptake in Online Betting
The increase in sports betting represents a growing trend towards online betting amidst the ongoing COVID-19 pandemic in New Jersey.
Bettors are favouring online and mobile betting as opposed to visiting casinos, sports venues and horse tracks during the public health crisis.
Sports betting continues to be the beneficiary as the shift from physical to online betting takes place. But the trend is also reflected in other markets as more online betting activity via Atlantic City casinos online sites is taking place.
Throughout November, casinos gained $92 million in revenue from online betting, an 87% increase in revenue compared to November 2019.
Resorts Digital and Caesars Interactive-NJ, two of New Jersey’s internet-only betting platforms, also posted improving profit margins compared to November last year. Resorts Digital posted a 77% increase while Caesars Interactive made a 76% profit compared to 2019.
In-Person Betting Continues to Suffer
While online betting is becoming more profitable in 2020, casinos and the three-horse tracks in New Jersey continue to post declining profit margins compared to 2019.
With casinos permitted to open at a reduced 25% capacity due to COVID-19 restrictions in the state, fewer people are visiting physical betting venues.
As a result, New Jersey’s casinos, horse tracks and online services saw a 5.6% decline from November 2019. Overall, $289 million was wagered at physical betting venues in the state for November 2020.
Slot and table games inside casinos are also posting decreases in revenue as $146.5 million worth of bets were placed in November, which is down nearly 35% and a $77.3 million loss compared to November 2019.
Harrah’s and Caesars posted decreases of more than 50% compared to a year ago with both casinos posted decreasing revenue more than $10 million.