U.S. Bookmakers Crush It in November

With all states where sports betting is legal accounted for, the sports betting handle and revenue for November are in, and the news is very good. After cracking the $3 billion mark in October for the 4th consecutive month of record numbers, the November number paints a clear picture that the industry continues on an upward trajectory.

For the month of November 2020, U.S. bookmakers took in a record $3.4 billion in the betting handle. That resulted in a collective $302 million going into state coffers in the form of tax revenues. That is exactly why so many states are scurrying to approve sports betting legislation.

One of the new entrants into the legal sports betting world was the state of Tennessee. Tennessee bookmakers brought in a very nice $131.4 million in the handle and $13.2 million in revenue. Those are terrific numbers for month number one from a state where analysts weren’t sure how good bookmakers would perform. Clearly, the state’s bookmakers exceeded expectations, something that is becoming quite common as more states join the fray.

When all was said and done, New Jersey reaffirmed that the state is king when it comes to sports betting activity. It is no small feat that New Jersey bookmakers account for almost 25% of the overall sports betting handle at just over $931 million for the month. That was good news for the government, which brought in over $50 million in revenue for the month. It is noteworthy that the revenue number did decrease by $8 million from October to November. As a way of an explanation, the bettors took a chunk out of the hide of bookmakers during November.

As for the ranking of the rest of the nation’s top sports betting states, they came in as follows:

• Nevada: $610 million in handle and $62 million in revenue
  
• Pennsylvania: $492 million in handle and $37 million in revenue
  
• Illinois: $449 million in handle and $41 million in revenue
  
• Indiana: $251 million in handle and $25 million in revenue
  

With December and January numbers not yet in, all eyes will be focusing on February. Why? Well, Super Bowl Sunday is coming on February 7, 2021, with a high-profile game between the defending champion Kansas City Chiefs and the Tom Brady led Tampa Bay Buccaneers. With as many as 25 states taking bets on this year’s game, analysts are expecting to see numbers that will blow away any previous expectations.