As the wave of legalized sports wagering makes its way across the United States, it looks as though New Jersey might well be its epicenter. This week, the New Jersey Division of Gaming Enforcement announced that authorized sportsbooks in the state brought in almost $1 billion in wagered amounts for November 2020. This and more are coming right up!
New Jersey’s Bountiful November
Ever since New Jersey’s government gave the green light for sports betting operators to begin functioning, back in 2018, the industry has seemingly grown in leaps and bounds.
This past week, the Garden State reported bountiful receipts from the various operators licensed there. According to the report, the licensed sports betting operators in New Jersey pulled in a combined $931.6 million for November. This number represents an approximately 16% increase over October’s figures.
In what has apparently become a norm, New Jersey’s sports betting numbers have increased every month since August this year. Here’s a breakdown of the numbers.
- August 2020: $667,979,150
- September 2020: $748,588,349
- October 2020: $803,096,172
- November 2020: $931,620,415
Notably, the numbers for all these four months went on to set national and state-level records for sports betting receipts.
With betting amounts like these, profitability in the state’s sports wagering sector is at an all-time high. Sportsbooks reportedly netted a collective $50.6 million in revenue in November alone. Simultaneously, the state government managed to reap more than $6 million in taxes for November.
Breaking down the numbers further, it appears that the share of the total collections contributed by online wagers has increased to 93.1% from 90.1% three months ago. This trend is attributable to the focus given to online and mobile betting to curb the spread of COVID-19.
Illinois Also Cashes Out
In keeping the record-breaking trend rolling, Illinois has also just reported huge wagering figures for the month of October.
The Illinois Gaming Board reported bets totaling $434 million for October – a new state record. Analysts across the board attribute this event to the state’s five licensed sports betting operators’ smooth operations in October.
Big players like PointsBet and William Hill were reportedly instrumental to this record performance.
Importantly, the reported figure represents a 42% increase over September (which, itself, saw receipts of $305 million). This is the highest month-over-month increase in sports betting handles by any major US sports betting market.
Operators went live in Illinois in March 2020.
California’s Tribal Sports Betting Agenda Shifts up a Gear
In the backdrop of the previous news, California‘s tribal groups banded together and submitted 1.4 million signatures aimed squarely at the legalization of sports betting in the Golden State.
As reported by state media, a coalition of 18 tribes in California handed over the signatures to the Secretary of State last week ahead of the November 2022 ballot.
In detail, the ballot seeks to approve the legalization of legal retail sports betting at California tribal casinos and horse racetracks. The proposed bill allows for wagers on competitions at the professional, collegiate, and amateur levels, but excludes betting on California-based college games.