JUE 28 DE MARZO DE 2024 - 20:52hs.
In les than six months since legalization

New Jersey sportsbooks near US$1 billion in wagers

Wagers at New Jersey’s online and retail sportsbooks rose 27% in November to US$330.7 million, and revenue rebounded from October. State’s handle now sits at US$928.1 million in less than six months since legalization, an undeniable success. By comparison, the October handle in Nevada, the nation’s largest legal sports betting market, was US$528 million.

“New Jersey continues its march toward becoming the nation’s largest legal sports betting market,” said Dustin Gouker, lead sports betting analyst for PlayNJ.com.

“The main driver is online sports betting, which now accounts for the vast majority of all bets in New Jersey. The state’s embrace of mobile betting has shown the path forward for any other state planning on legalizing and regulating sports betting,” Gouker added.

New Jersey's online sportsbooks accounted for US$238.6 million, or 72%, of total bets in November, with retail sportsbooks making up the remaining 28%, according to official reporting released Wednesday. That compares to 67% of total bets flowing through online sportsbooks in October.

Overall, November revenue recovered from a weak October. New Jersey’s US$21.2 million in November gross revenue nearly doubled the US$11.7 million October win and fell just short of the state’s high-water mark of US$23.96 million in September.

New Jersey could soon face some headwinds, though. Momentum to legalize mobile sports betting in New York — a primary feeder market for New Jersey — is gaining. That could chip away at New Jersey’s growth. In addition, legal online sports betting could begin in Pennsylvania by early 2019.

“New Jersey's period of having the mobile sports betting market to itself is coming to an end,” Gouker said. “A lot of wagering takes place near the population centers in New York and Philadelphia. At this point it would be premature to estimate its effect, but New Jersey’s astronomical growth so far will no doubt slow if and when New York joins the market.”

Source: GMB