Record wagers, record revenue: New Jersey sees $1.3bn spent on sports betting for October
Performance attributed to a highly active sports schedule.
Records are being shattered in New Jersey: the month of October saw online and retail sportsbooks in the state reach $1.3bn in wagers, setting a record for the entire United States. The outsized amount of wagers led to record-revenue for the state as well.
Online casinos also had a record month, allowing New Jersey – alongside neighboring Pennsylvania – to assume title of first state in the union to generate over $1bn from online casino betting.
Online and retail betting exceeded September’s numbers handedly, representing 28.9% growth. The disparity grows even more pronounced when October 2021’s numbers are compared to the same month the year before: altogether, betting was up 62.3% from the $803.1m that had been the monthly take for the previous October.
October’s sharp rise in betting volume, a pattern that has been seen all over the country, is a reflection of an active sports schedule: both professional and college football came into full stride, the World Series was decided in favor of the Atlanta Braves, both the NBA and NHL seasons commenced.
The breakdown of sports is illustrative: football betting was just shy of $500m, while baseball reached $127.1m, and the NBA saw $156.9m of action.
According to David Danzis, analyst at PlayNJ.com: “Five weekends in October meant an unusual amount of NFL and college football to bet on, and plenty of free time for gamblers to visit Atlantic City, making fresh records inevitable.”
Optimism remains justifiably high: “But what will have a longer-lasting effect is if the market for sports betting and online gambling continues to expand while Atlantic City continues to recover following the pandemic. That combination is producing some jaw-dropping results.”
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