The New Jersey sports betting handle in October was 9.5% higher than September’s total with mobile sports betting amounting to 85% of the total from online channels. Mobile sports betting apps contributed just north of 83% of the bets taken in New Jersey.
Overall, the State betting handle jumped 87.2% since last year to $487.9 million in October, easily eclipsing the record set in September. Revenues for sports wagering saw the biggest leap, rising 297% to $46.4 million.
So why the jump?
October is seen as peak season for sports betting in New Jersey with the NFL's New York Giants and New York Jets garnering a lot of the wagering attention. The World Series and the continuation of the NBA and NHL Seasons also contributed to the record numbers.
The NFL, which will eventually eclipse all other Major Sports is currently fourth with $507.1 million in completed event handle. FanDuel Sportsbook and DraftKings Sportsbook continue to be the biggest factors in the NFL's ascension. Basketball currently leads the way with $698.2 million in completed event handle while baseball sits at $698.0 million.
Are there any other factors that have contributed to the record numbers?
Yes! A streamlined betting system in New Jersey, one that allows bettors to easily access wagering platforms has also led to the handle increase as has the "accepted culture" of gambling in the State.
New Jersey has made it easy and acceptable to throw down on your favorite team and has quickly taken their rightful place at the front of the line of States that have already legalized sports gambling.
So, what does it all mean?
Sports betting isn't going away! In fact, the momentum gained since the Supreme Court's decision to strike down the ban on sports gambling in May 2018 is hard for States on the outside to ignore.
That said, States that haven't yet legalized sports gambling will certainly have an eye on the Garden State, the way they have been able to maximize gambling revenue and the way it has been able to attract betting dollars.
Bet-friendly States will continue to reap the financial rewards and States that have been slow on the legalization uptake are officially on notice.
The "New Jersey Model" has been a rousing success thus far – the numbers don't lie. For those waiting on your States to accept the inevitable legalization of sports betting, it makes sense that it won’t be long before you’ll be able to legally wager on your favorite sport