New Jersey Sports Betting Hits New Record
New Jersey is one popular topic when it comes to gambling industry news. It is mostly because their state is a good example of seeing how sports betting and online gambling has allowed their market to expand, given the changes in legislation this year. The US sports betting market is growing, and any bookie pay per head provider will say that their signups have never been higher.
In the case of New Jersey, the numbers have been steadily climbing throughout the year. Year-on-year numbers are much higher, and with not even a complete season of the major sports leagues, the revenues on sports betting in New Jersey are pretty good.
New Jersey Sports Betting in October
The Division of Gaming Enforcement, or the DGE of New Jersey, released the numbers for October of 2018. Licensed betting operators have a total handle of $260.7 million worth of wagers for the month. This is a whopping 41% compared to September. It is also almost three times as high as the numbers for August.
Online wagers’ turnover are at $174.4 million, and retail sportsbooks are at $86.3 million. The onine turnover is higher by around 2/3 compared to September. Retail has an increase of only 9.2%. If anything, this shows a great demand for online and mobile wagering.
Betting revenue is at $11.7 million, which is less than the $24 million of September. Of course, this revenue also includes pending and also unclaimed wagers. Legal betting in New Jersey started in around mid-June of the year. The current year-to-date numbers on the handle is a bit more than $597 million. Out of that amount, $301 million are from digital sources.
Some sports leagues are still in the early stages of their seasons, so these numbers can change in the months to come. It will be interesting to see how much this new market will grow in the years to come, especially with more sports leagues and teams embracing partnerships with sports betting and gambling companies.
