The Garden State’s online and retail sportsbooks handled in excess of half a billion dollars in a single month, reaching $562.7 million in November; a new record for the New Jersey sports betting market. And at the current pace, it won’t be long before the state reaches $6 billion, according to analysts from PlayNJ.com.
“New Jersey sportsbooks will remain the chief beneficiary as long as neighboring New York refuses to legalize sports betting,” said Dustin Gouker, lead analyst for PlayNJ.com. “New York City’s eight million residents continue to be a key ingredient that has propelled New Jersey into Nevada’s chief rival as the country’s largest legal sports betting market.”
This now marks three consecutive months of new records. In October, licensed NJ sportsbooks reported $487.9 million, up from $445.7 million in September. The previous record for New Jersey’s 18-month-old legal sports betting industry was January 2019’s $385.3 million handle.
New Jersey’s November handle will likely be close to Nevada, which collected $581.1 million in bets in November 2018. Regardless, New Jersey’s year-over-year growth has pushed its lifetime sports wagers to $5.3 billion, clearing yet another significant milestone in the state’s impressive first 18 months as a legal sports betting jurisdiction.
November revenue hit $32.9 million, down from the record $46.4 million generated in October, but up 110.9 percent from the $15.6 million won in November 2018. The state’s online and retail sportsbooks have now combined to generate $364.1 million in revenue since launch, yielding $47 million in state taxes.
Meanwhile, Atlantic City continued to see growth in the month of November, according to the most recent Division of Gaming Enforcement (DGE) gaming revenue results report. November marked 18 straight months of gaming revenue increases for Atlantic City casinos.
“November highlighted yet another month of gains for Atlantic City, primarily online gaming and sports wagering, as we approach the end of the year,” said Steve Callender, president of the Casino Association of New Jersey. “Sports betting and tourism are strengthening the city’s overall revitalization, and we look forward to continuing this progress in 2020.”
The DGE report released on Thursday shows that November gaming revenue for Atlantic City was over $288 million. This reflects a 16.5 percent increase over the same period last year. Other highlights from the DGE report include:
Online gaming revenue was over $49 million, up 82.4 percent from November 2018
Sports wagering revenue was over $15 million, up 34.6 percent from November 2018
The industry generated over $25 million in taxes and fees collected by the state in November 2019
“2019 has been a great year so far for Atlantic City with an increase in tourism, thanks to gaming, sports wagering and other positive developments across the city,” said Joe Kelly, President of the Greater Atlantic City Chamber. “The casino industry continues to serve as the backbone of the city, region and state’s economy, and these steady economic gains are an encouraging sign that the city is a top seaside resort destination.”
The casino industry continues to work to solidify the seaside resort’s comeback by diversifying Atlantic City’s offerings, as well as investing hundreds of millions of dollars in redevelopment projects and non-gaming services to attract new visitors. The industry’s efforts have advanced the revitalization of Atlantic City, transforming the city into a business conference destination and first-class resort that features great restaurants, entertainment and shopping.