The rise and rise of sports betting in New Jersey continued throughout October with the total handle (overall betting turnover) rising rapidly by greater than 40% month-on-month just more than $260 million.
Betting was formally legalised in the state in mid-June and since then more than $500 million has now been wagered in total in that time alone. The full total is $597.4 million with the figures escalating quickly; August was the first month of allowed gambling which saw a handle of $96 million followed by $184 million in September and $317 million in October.
Online betting grew by as much as 67% to over $174 million with on-track betting figured at $86 million. The market has not settled as yet however as sports betting revenue halved in the month to only $11.7 million versus $24 million in September.
Almost $9 million of the revenue was gained via digital forms with $5 million of that amount at Resorts Casino, home to DraftKings and BetStars. FanDuel, which saw its revenue halve to just $3.5 million at its Meadowlands Racetrack, said that in actual fact it was pleased with growth but suggested cuts were due to a good round for favourites in the NFL.
FanDuel in particular are said to be pleased with October with demand for their sportsbook continuing to outpace the firm’s expectations.
Total gaming revenue for October was $239 million compared to $206 million at the same time last year – an increase of 16% as the state looks to slake its thirst for gambling. Year-to-date the industry total gaming revenue was more than $2.4 billion compared with $2.2 billion in 2017 – a solid increase of 6%.
America has long been hoping for betting to be legalised with the majority of people finding no moral problems with it – New Jersey is showing the way.
Having been immersed in the worlds of sports betting and writing for the past 20 years, Gary Christie has vast experience on the subjects. He has produced content for various leading websites, including both TVG and Mr Green Casino. Contact Gary at email@example.com.