New Jersey sports betting operators saw an impressive surge in revenue in November, reaching the third-highest amount ever recorded. The strong performance helped offset a weaker October and propelled year-to-date profits beyond the entire 2023 total.
The Garden State's third-best sports betting revenue ever helped the house make up for a poor October. The New Jersey Division of Gaming Enforcement online and retail sports betting operators claimed $119 million in gross revenue, a 24.1% year-over-year increase and a whopping 53.6% higher haul over the previous month. The excellent run made up for lost earnings. With over $1 billion in year-to-date profits, operators also surpassed the market’s entire 2023 hold total with a month left in 2024.
November is typically a high-volume betting month with football season colliding with the start of college basketball and the first full month of NBA. However, the amount wagered for the month was down 24% year-over-year. Online sports betting accounted for $1.17 billion of the total handle. The 9.7% hold by all operators helped make up for that as the win rate was nearly four points higher than Nov. 2023. The Garden State hauled in $15.3 million in tax revenue for November’s big bounce back. The $376.5 million wagered in November on NFL and college football combined was up slightly from October’s $368.3 million. Operators’ hold from the sport remained 4.6% for the second consecutive month, leading to over $17.4 million in revenue. Better football results for the house led to a massive 86% revenue increase in parlays. Multi-leg wagers generated over $393 million in handle and produced a hold above 18%, the norm in the Garden State. All of that extra basketball led to $297.9 million in wagers, up from $110.7 million from the previous month. Other sports, including soccer, tennis, boxing, golf, hockey, MMA, and auto racing, accounted for $161.4 million of the total handle. FanDuel was one of the biggest benefactors of NFL less customer-friendly outcomes during November. The online operator went from $34.8 million in gross revenue in October to $49.4 million in last month and also surpassed $400 million year-to-date
SPORTS BETTING New Jersey Revenue November Football
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