New Jersey Reaches All-Time Highs in Sports Betting in November

We can add New Jersey to the pile of U.S. legal sports betting jurisdictions enjoying record handles in the fall of 2023, as our best sports betting apps had another strong month in November.

The New Jersey Division of Gaming Enforcement's November revenue report was released Friday, revealing a new record handle high for New Jersey sports betting apps and the state's retail providers.

Unfortunately, revenues for NJ sports betting providers did not follow the state's handle highs. Because of a poor win rate for the state's sports betting providers, November's monthly sportsbook profits were the fifth best the state has experienced in 66 months of operation.

New Jersey's November handle was the ninth-best ever reported in the broad and expanding U.S. legal sports wagering industry. November's figures also allowed the state to surpass $10 billion in yearly wagers for a third consecutive year as residents continue to take advantage of NJ sportsbook promos.

$1.62 billion for November

New Jersey state regulators are reporting $1.62 billion in betting activity for November, easily a record monthly handle for the state. The previous New Jersey sportsbook activity record came in January when $1.35 billion in wagers was reported.

The $1.62 billion represents a 20.3% month-over-month increase from the nearly $1.3 billion October handle and is an impressive 47.3% jump from the $1.1 billion in wagers taken in by Garden State sports betting providers in November 2022.

A whopping $1.5 billion of New Jersey's overall November take came from New Jersey sports betting sites. The remainder was made up of activity at retail providers.

So far, in 2023, New Jersey sportsbooks have taken in over $10 billion, an 8.1% improvement from the same 11-month period in 2022. New Jersey still leads the U.S. market in lifetime sports betting handle with more than $44.4 billion in bets.

Revenues underwhelm

New Jersey's best sportsbooks made $95.9 million in adjusted gross revenues in November. It ranks as the fifth-best sportsbook earnings month for the Garden State provider's lifetime, is just over a $3.5 million month-over-month improvement from October's $92.3 million, and is 19.2% better than the $80.4 million reported in November 2022.

Year to date, New Jersey sportsbook revenues sit at $897.2 million, a 43.9% year-over-year improvement from the same 11-month period last year.

The win rate for New Jersey sportsbooks in November came in at a poor 5.9%. It prevented record revenues resulting from the Garden State's record handle. By comparison, the win rate for New Jersey sportsbooks was 7.1% in October and 7.3% in November 2022.

In November, New Jersey sportsbooks collected $12.3 million in taxes, taking the state's year-to-date tax revenue to over $400 million lifetime. New Jersey is the only state to hit that milestone.

Meadowlands partnership rules revenues

The New Jersey sports betting apps partnership with Meadowlands racetrack was the most successful in New Jersey in terms of revenues in November. FanDuel New Jersey, PointsBet New Jersey, and SuperBook New Jersey combined to make $55.9 million in November, down from $57.8 million in October.

It was the second straight month that Meadowlands has surpassed $50 million in revenues. The partnership is the first and only to do that in the Garden State.

Resorts Digital, which primarily depends on DraftKings New Jersey, made $19.2 million in revenues, Borgata finished third with $7.6 million in revenues, and newcomer to the Garden State market, ESPN BET helped Freehold Raceway Park's sports betting revenue to a respectable $4.8 million.