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The month of November is always a big one for the sports betting industry in the United States, and that was definitely the case in New Jersey. Not long after this state got passed up by Illinois in the sports betting numbers, sportsbooks have responded in a massive way.
The New Jersey Division of Gaming Enforcement recently announced the total sports betting handle for the month of November was over $1.6 billion. That easily eclipsed the previous mark set in the state, which was $1.35 billion back in January.
New Jersey continues to be outdone by New York when it comes to sports betting numbers, but things are starting to tighten back up a bit. New York just posted a total sports betting handle of $2.1 billion, but the Garden State is starting to close the gap.
There was a time this summer when it looked as if New Jersey was going to never hit the $1 billion mark in monthly handle again, but it’s now been three straight months over that number. As usual, more than 90% of the wagers were placed using the mobile apps in the state, even though the retail sportsbooks continue to see some solid action.
A Massive 2023
There is still one final report to come in for the 2023 calendar year, and December is expected to produce some positive results as well. It has already been a record-setting year for the state though as the total sports betting handle is already at $10.68 billion in 2023.
That number represents an eight percent increase over the 2022 numbers through November, and it’s even more impressive when considering how slow things were going throughout the summer. More importantly, the revenue is sitting at $897 million this year, which is over $130 million more than what was brought in during the first 11 months a year ago.
Depending on the hold rate in December, there is a chance that the sportsbooks in the state could end up generating $1 billion in one single year. The total revenue generated for the month of November was $95.9 million, and that was the third-best month of the year.
A Deeper Dive
One area of concern for the sportsbooks in New Jersey is the fact that the public appears to be making smarter wagers. The hold rate for the month was less than 6%, and that’s below the national average which sits at 7% each month.
ESPN BET was able to debut for sports bettors in the state back on November 14th, and that launch had a positive impact on the overall numbers that were reported. Since ESPN BET is not currently available in New York, bettors that want to use that site were forced to cross the border.
One trend that remains in the state of New Jersey is that the Meadowlands Group continues to put up the most impressive sports betting numbers each month. Led by FanDuel Sportsbook, those three sportsbook operators posted a total revenue of over $57.8 million for the month.
Parlay wagers typically account for a majority of the winnings that come from the operators, but that wasn’t the case in November. Bettors were able to cash in on some parlays, but the “other” category produced a significant jump in revenue with $44.8 million accounted for.
The Illinois Gaming Board will not post November totals until some point in January, but New Jersey should finish ahead of the Land of Lincoln yet again.
