New Jersey is breaking records left and right with the state’s sports betting handle. The best sports betting platform experts all know of the potential of the US as a good and growing market. Of course, sports betting is not yet legal in all states in the country. But for those states that have legalized sports betting, the numbers have been steadily climbing throughout the year.
New Jersey Handle Record
The revenues for November is high enough that it almost doubles the October record. The New Jersey Division of Gaming Enforcement, or the DGE, is in charge of releasing the monthly report on gambling and sports betting in the state. The latest report shows a total wagering handle of $330.7 million, which is 23% higher than October. This is, of course, another new record set by the state.
Betting revenue is at $21.4 million. This is almost double than the $11.7 million of October. Despite the huge amount, it did not top the record of September’s revenue at $24 million. Online wagers, which is slowly becoming more popular, accounts for $238.6 million in handle. Meanwhile, land-based wagers is at $92.1 million. Online wagers are up by 37% while land-based wagers are at 6.7%. The sports betting revenue since June is $73.2 million. $54.1 million is revenue from completed events, while the total handle is at $928 million. The betting margin is at 5.9%, with $915.8 million of which are completed events.
The sports betting market began in the middle of June this year. This is due to the Supreme Court’s ruling on PASPA. Since then, a lot of changes has happened in the sports betting industry. First, states are scrambling to form laws that will regulate sports betting – from licenses, to taxes and fees. Then, there are also partnerships and deals between sports betting companies and sports leagues and teams. These revolve around data usage, sponsorships, and more.