New Jersey clears $1.6bn in November handle for new monthly record
Banner month spurs Garden State past $10bn mark in annual handle for third straight consecutive year
New Jersey’s regulated sports betting market reached new heights in November, with the state’s sportsbooks handling $1.62bn in total bets on the way to a new monthly record, according to data from the New Jersey Division of Gaming Enforcement (NJDGE).
The banner month, which easily surpassed the previous record of $1.35bn generated in January, represented a 47.3% year-over-year (YOY) increase from 2022 and a 25.5% surge from October’s tally of $1.29bn.
It also served to push overall 2023 handle past the $10bn mark to $10.69bn, the third straight year New Jersey has eclipsed that milestone.
Gross revenue for November amounted to $95.9m, a 19.2% YOY increase from November 2022 but only a 3.8% month-over-month (MOM) uptick due to a below-average hold of 5.9%. October’s hold, by contrast, was 7.1%.
A primary reason for the lower hold was a successful month of parlay wagering for bettors, as sportsbooks generated just a 6.1% win rate on the typically high-margin bets. For the year, the operator hold rate on parlays is 18.9%.
New Jersey continued to be an online-first market as 96.5% of statewide handle came via its mobile apps, with the state’s nine casinos and three racetracks combining to generate $55.3m in retail volume.
The Meadowlands Racetrack – headlined by FanDuel and also including PointsBet and Superbook as its online licensees – maintained its stranglehold on the market, accounting for $57.7m in revenue. Resorts Digital, which features DraftKings on its license, ranked a distant second at $19.2m.
Operators sent $12.3m in tax payments back to the state from the nearly $96m in total revenue.
For the year, New Jersey ranks behind only neighboring New York in terms of overall handle.