New Jersey Smashes U.S. One Month Sports Betting Record
December 22, 2020
In recent weeks, information about the success of sports betting operations around the country has been filtering into the news cycle. In states like Indiana, Iowa, and even Nevada, the numbers have been nothing short of amazing with records seemingly falling every month. While all of that is great news for the U.S. gambling industry, nothing could have prepared anyone from the November sports betting numbers that just came out of New Jersey.
At this point, there is no doubt that New Jersey is the reigning king of sports betting in America. They overtook Nevada last year and have no intention of relinquishing that crown.
For the month of November, the Garden State took in $931.6 million in betting handle. That far exceeds New Jersey's prior betting handle record of $803.1 million, which was recorded one month earlier in October. To the benefit of the state's bookmakers, the $931.6 million in betting handle translated into more than $50 million in revenue. For the state, that translates to more than $5 million going into the state's tax coffers.
For what it's worth, New Jersey bookmakers have now taken in more than $5 billion in 2020 with one month remaining.
What's driving This Growth
With the COVID19 pandemic still impacting the gambling industry throughout America, it's difficult to determine exactly what's driving these huge sports betting numbers in New Jersey. However, one thing is clear. The absence of online/mobile sports betting in New York is still helping New Jersey bookmakers.
Right now, New Yorkers only have access to retail betting options. That makes legal sports betting difficult for sports bettors who live outside of New York's metropolitan areas. For New York sports bettors who live close to the borders of states like Pennsylvania and New Jersey, it's easier to simply cross state borders and place bets. That is exactly why New Jersey's bookmakers are reaping such huge benefits.
Another thing that is likely driving the demand for sports gambling is the lack of access to other gambling options. With land-based casinos greatly impacted by the pandemic, gamblers are looking for other options. Since online sports betting is convenient, that's where the money has been flowing. It's also likely to keep flowing in that direction.
With the NBA starting in December, it will be interesting to see how U.S. bookmakers will fare with NCAA FB, NFL, NCAA BB, and the NBA all running at the same time. Is it possible New Jersey could see $1.0 billion in December?