NJ sports betting revenue tops $550 million in November.

  • New Jersey’s reported numbers for sports bets in the month of November have gone up greatly since November 2018.
  • Atlantic City has also seen its best revenue performance since 2012.
  • These increases show just how much the popularity of the sports betting market has expanded within a year.

ATLANTIC CITY, N.J.New Jersey saw a record high of $563 million in sports betting handle for the month of November. That’s $76 million more than the month of October.

The jump in wagers being placed can be attributed to basketball, football, and hockey seasons occurring simultaneously. The start of both NBA and NHL games began in late October while the NFL schedule is ongoing.

Numbers On The Rise

Atlantic City was positively impacted by the jump as it allowed its annual profit numbers to go beyond the $3 billion threshold, a feat not met in seven years. At that time, they had a total of 12 casinos and are now down to nine when the city saw a steady decline in gambling after 2012.

Six of the nine casinos reported higher numbers while the other three were down for the month.

The Ocean Casino saw a 48% jump with $22.6 million in winnings. Caesars went up 27% with earnings of $28.3 million, the Golden Nugget had profits of $36.2 million having a 41% increase compared to the previous year.

The Hard Rock went up 15% with $26.1 million, Borgata had a 12.5% increase with $69.3 million and Harrah’s saw an extra $25.5 million with their 1.5% increase.

The Tropicana had winnings of $27.5 million, down 4.8% from last year. Bally’s had a profit of $14.1 million which was a 2.9% decrease and Resorts had profits of $13.9 million seeing the biggest decline with 16%.

Compared to last year’s November numbers, casinos statewide went up 16.5% in profits with $288 million. If both racetracks in New Jersey are included, that profit rises to $306 million. Combined, that is a 19% spike for the month in comparison to 2018.

For the year, New Jersey sports betting has increased by 15.7% since last year and has had winnings of $3.02 billion. Wagers on the internet are also on the rise by 82% resulting in $49.1 million earned.

These numbers are in line with how the legal sports betting market has expanded exponentially since New Jersey legalized it in 2018. Bettors are now fully aware of the legalities and take part in the activities which makes sense as to why the 2019 numbers have increased greatly when compared to the records of 2018.

The state of New Jersey continues to benefit from its decision to legalize sports betting. This year has seen $32.7 million in taxes paid to the state on sports wagers alone.

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