According to the DGE, the Division of Gaming Enforcement of New Jersey, the state’s licensed group of betting operators handled a whopping $260.7 million in wagers and, that too in just one month, October. This seemingly rises by more than three times compared to August and up by 41% compared to September is an achievement that made it into a new record. This all-time record can be broken only accidentally.
Revenue is an indicator of how well the casino and betting businesses are doing in a region. It can be compared to other places, but it is not fair because of demographics and all. Thus, the revenue from New Jersey includes the pending and unclaimed wagers too. There was a steep descent in their numbers tumbling down $24 million to just over $11 million. Also, the hold dropped more than two full points on completed wagers. This was compared to September figures.
The rise of the NJ online sports betting market
Even in the case of betting businesses, the online wagering turned the volume up with a turnover of over $174 million. This crushed the offline retailer sportsbooks which managed to make around $86 million. There is a striking difference since the betting business has gone online with instant payment and other facilities that offline doesn’t have.
For the same reasons, there are more and more websites coming up online. They even allow betting with cryptocurrencies and Bitcoin. This leverages the retail booklets even more. Again, comparing to the figures from last month, in September, the turnover online was up by nearly two-thirds. There was an increase in the retail market too but just shy of a 9.2% increase. Either way, the boost from both divisions helped New Jersey enter into a new handle record for betting sports.
Resorts Digital with two of its partners reported single-handedly a revenue of $5.1 million in October. Similarly, actions from Ocean Resort, Borgata, and BetStars were all pretty active in the marathon. They contributed to the total revenue made last month.
It is to be seen what November brings forth. Only been legalized betting in mid-June by New Jersey this is an astounding record.