Will Monthly NJ Sports Betting Handle Break $1B By Year’s End?

• New Jersey has set another national sports wagering monthly handle record for October 2020 with $803.1 million taken in combined bets by the state’s sportsbooks.
• The Garden State keeps entering a new bracket and setting new records since August when the range was at $600M+ to September’s $700M+ and now October’s $800M worth of sports wagers.

ATLANTIC CITY, N.J. – New Jersey continues to break their own glass ceiling of monthly records for sports betting handle not just in the state but nationwide. The October figures were released by the NJ Division of Gambling Enforcement (NJDGE) on Friday showing another surge in activity and breaking the previous record for highest handle collected in one month in sports betting history, which was last month for the Garden State.

The combined total for retail and mobile platforms statewide saw sports bets that tallied to a price tag of $803,096,172 for October.

Engagement Keeps Climbing For New Jersey Sportsbooks

The latest numbers show three consecutive months of a steady and astounding rise of sports bettors placing wagers with New Jersey sportsbooks. In August, the first national record was set in the state after taking in nearly $668 million in bets for the month. At the time, a number of wagers on the NBA games were taking place, adding the extra business that was seen and giving NJ $39.5 million in revenue.

But then NFL season rolled around and September went and broke August’s record, setting a new national record for the US for the amount of handle collected in one month.

September saw $748 million brought in by sports bettors in New Jersey. They collected $45.1 in revenue for the month, making it the third-highest revenue record for one month in the state since the sports wagering industry opened in 2018.

Now October has shown a clear trend in people plunking down tons of cash into NJ sportsbooks to get action in on all of the sporting events that are taking place, with the top events being all of the football games that are played each week.

The NJDGE reported $803,096,172 in October handle with a revenue of $58.5 million.

Of the over $800 million gambled on sports matchups in October, only $59.2 million of that was wagered at retail sportsbooks. The remainder of the money which happens to be more than the lion’s share of sports betting activity was done through the internet and mobile platforms available to sports bettors in the Garden State and New Yorkers that cross the bridge into New Jersey to use these applications.

NJ land-based locations are operating at 25% capacity because of the Pandemic. However, mobile sports wagering platforms were always the most popular to use because of their convenience but now they’re even more popular as evident from the total sports betting handle from online books – over $700 because of social distancing and the different health safety guidelines in place for COVID-19 at local retail establishments.

What’s Next For NJ Sportsbook Figures?

The NFL season is around its halfway point in the schedule which will lead to continued fan engagement for betting.

A number of football fans for the New York Giants, the New York Jets, the New England Patriots, and pretty much any team in the surrounding areas will be gambling on their favorite teams with the use of New Jersey sportsbooks.

As more people get comfortable with using legal sports betting apps, more handle will be seen in the Garden State leaving people to wonder; will New Jersey break the billion-dollar threshold for sports betting handle before the end of 2020?

News tags: Coronavirus pandemic | COVID-19 | NBA | New England Patriots | New Jersey | New York | New York Giants | New York Jets | NFL | NJ Division of Gambling Enforcement | NJDGE | Social Distancing