New Jersey’s gambling numbers — both sportsbooks and online casinos — soared to extraordinary heights in October. [Image: Shutterstock.com]
Gambling on the Rise in New Jersey
The gambling numbers coming out of New Jersey are unlike anything the US market has seen.
third monthly sports betting handful of over $1 billion this year
The Garden State produced its third monthly sports betting handful of over $1 billion this year, according to the New Jersey Division of Gaming Enforcement (DGE) and not only that, but online casinos set a state record for revenue generated in one month with $147.2 million. , an increase from the March 2022 record of $140.6 million.
Although shadowed by New York, New Jersey continues to be one of the biggest players in the US gaming industry. With popular events such as the World Cup, Super Bowl and March Madness on the horizon, even more records could fall in the next half year.
The success of sports betting
The October sports betting numbers were in all likelihood boosted by the Philadelphia Phillies’ appearance in the World Series and the Philadelphia Eagles’ undefeated start to the season.
Curiously, sports betting suffered a 7.4% year-over-year revenue loss and was down nearly $20 million from September’s total revenue. Meadowlands Racecourse provided the majority of revenue with over $45.4 million, while nine Atlantic City-licensed sportsbooks generated a total of $29 million.
Year-to-date, New Jersey sports betting revenue is nearly $600 million. Bookmaker FanDuel dominates a market that includes 27 online bookmakers and ten gambling sites.
New Jersey sports betting could still climb
Despite the tantalizing totals, New Jersey sports betting could still climb. The Eagles are 8-1 heading into Week 11 and have the best chance of winning the NFC and the third-best chance of winning the Super Bowl.
The Philadelphia 76ers are also considering a playoff run. The team got off to a slow start, but Joel Embiid’s stellar game against the Utah Jazz, in which he recorded 59 points, 11 rebounds, eight assists and seven blocks, instilled confidence in the fans.
On top of all that, the World Cup is set to kick off this weekend. The month-long tournament features a group stage and a knockout bracket, during which around 50% of sports fans will place at least one bet.
Online casinos continue to grow
Sports betting has been a hot topic across the country for the past few years, but online casinos in New Jersey have performed well above everyone’s expectations.
October marked the second time that online casinos in New Jersey generated at least $140 million in revenue in a single month, and that came with a 14.9% increase since the start of the season. year. Many experts thought the market would stabilize, but that is clearly not the case.
has already surpassed $5 billion in total revenue
As New Jersey’s online casinos approach their ninth anniversary, they have already surpassed $5 billion in total revenue. Borgata Hotel Casino & Spa, owned and operated by MGM, was the big winner of the month, claiming $40.9 million in revenue and bringing its total for 2022 to $408.3 million, up 19.6% compared to the previous year.
Only six states have legal, live online casino markets. Several, including New York, Illinois and Massachusetts, have begun discussions but have yet to formally pass legislation.
The success of online sports betting and online casinos in New Jersey goes hand in hand. Sportsbooks such as Bet365 have a universal wallet feature, which allows customers to access funds for both forms of gambling entertainment from one central location.