It has been announced that the state of New Jersey has set a sportsbook record for online and retail betting as its total bets hit more than $800 million.
According to reports, the state has experienced the best month and so far the best year on record in terms of sportsbook wagering compared with any other legal jursidiction.
Despite the challenging and unprecedented times, brought about by the ongoing Covid-19 pandemic, New Jersey seems to be surpassing other states in the US for its sports betting activity.
For the third consecutive month, The Garden State has set yet another monthly takings record following a strong month in October 2020 according to analysts at PlayNJ.
PlayNJ is a state-focused branch and a leading source for news, analysis, and research related to the market for regulated online gaming in the United States.
Reportedly, online and retail betting figures are up more than sixty percent compared with the same period last year.
Even with the disruption caused by the Coronavirus crisis, the state of New Jersey continues to see a steady pace being set in terms of people placing wagers on sports as last months handle was up from around $400 million in 2019.
Of these figures, more than ninety percent of wagers placed on sports were done so online and football dominated the majority share, with baseball in second and basketball in third, at approximately $90 million and $28 million respectively.
In the casino and poker product sectors, New Jersey experienced a rise of more than 100% compared with the same period, as revenue per month hit around $90m, with the Golden Nugget brand topping the charts at almost $30 million in takings with Borgata in second place at $22 million.
Lead analyst at PlayNJ Dustin Gouker commented on the gambling figures in New Jersey:
“The record-setting pace has now continued even as October’s sports schedule returned to something more resembling normal, which is a great sign for the industry’s near-term.
New Jersey is now clearly the standard-bearer among legal sports jurisdictions, and the state seems to only be widening the gap.
October represented a return to normal, of sorts, with a football-driven schedule spurring interest and operators announcing fresh investments
October’s results suggest a new permanent trajectory for New Jersey, with no apparent signs of letting up.”
Eric Ramsey, also of PlayNJ added:
“The pandemic has crystalized the difference between Nevada and New Jersey, where online betting is paramount.
New Jersey was almost certain to grow into the nation’s largest market. But with 90% of bets coming through online sportsbooks in New Jersey, it was simply better prepared for the events of 2020.”