New Jersey Breaks Yet Another Record in the Sports Betting Industry

With each passing year, the New Jersey betting industry sets new standards. The total gambling revenue for the month of October 2021 exceeded $1.3 billion. This result was higher than the previous month’s result, which set a new national record of $1.01 billion. Only nine casinos in Atlantic City and three horse racing tracks in the state are responsible for this amount of revenue, making the achievement even more impressive.

Putting the Pieces Together

Online sports betting led the way in October, accounting for nearly $1.2 billion of the total $1.3 billion wagered on sports. During the month, gaming operations in New Jersey, including casinos and racetracks, contributed more than $448 million. Gambling in person, online gambling, and wagering on sporting events all helped to generate this money. The figure represents a roughly 33 percent increase over October 2020.

Internet gambling generated a total of $127 million in revenue, representing a 36% increase over the previous year. Meanwhile, sports betting generated $84.1 million. When compared to the previous October, this represents a 44 percent increase. More than half of all wagers on sporting events were placed at the Meadowlands Racetrack in East Rutherford, New Jersey, which is close to New York City. More money was won at this location than at any other in the state, including nearly $7 million at Freehold Raceway and $4.5 million at Monmouth Park in Oceanport. At this location, the total amount won was more than $44 million.

Gamblers who visited land-based casinos during the specified time period took home a total of $237 million. This represents a 28 percentage point increase over the previous year. The Borgata came out on top of the list of casinos in October, earning a total of $108.5 million in revenue.

This represents a 61% increase over October 2020. The Golden Nugget came in second place with $14.3 million in revenue, which is approximately 35% more than the previous year. Resorts Digital earned $14.6 million, representing a 27% increase. Aside from that, Hard Rock brought in $44.3 million, a 25% increase; Harrah’s brought in $24.3 million, a 25% increase; Caesars brought in $8.9 million, a 14.6% increase; and Tropicana brought in $31.1 million, a 14% increase. Bally’s took in $13 million, up 13% from the previous year, and the Ocean Casino Resort took in $32.1 million, up nearly 10% from the previous year.

What Were Their Thoughts?

According to James Plousis, chairman of the New Jersey Casino Control Commission, Atlantic City has effectively maintained its momentum from the summer into the fall season. “Five casinos-hotels surpassed their brick and mortar results from October 2019 (before the pandemic), and the other four were within striking distance,” he continued. Every single operator possesses all of the resources required for successful competition in this market.

“October 2021’s record sports wagering handle proves that September was not a flash in the pan, but rather the first sign of a new level of sports betting participation,” said Jane Bokunewicz, director of Stockton University’s Lloyd Levenson Institute, which tracks gambling activity in Atlantic City. The Lloyd Levenson Institute keeps an eye on the gambling scene in Atlantic City. She believes that the NFL season is to blame for the positive shift in the state of New Jersey’s sports gambling environment. It’s fascinating to learn that so far in 2021, the state has received approximately $8.5 billion in revenue from wagers placed on sporting events.

Where Were All The Bets Placed?

According to the New Jersey Division of Gaming Enforcement, the most bets were placed on college football and National Football League games. Almost $499 million was wagered on football in the month of October 2021. This is an increase from the $400.8 million wagered on football the previous month. The start of the 2017 NBA season contributed to a total of $156.9 million in sports wagering. In addition to the $127.1 million wagered on baseball, bettors placed a total of $205.1 million on other sporting events. Parlay bets accounted for $316.9 million of total wagering revenue. During the month of October, sports betting operators paid a record $10.6 million in taxes to the state of New Jersey.

How New Jersey Compares to the Competition

The staggering total of $1,303,198,342 wagered in New Jersey in October 2021 vaulted the state to the top of the list of states that allow legal gambling. Pennsylvania finished second with a total of $776,277,954 in wagers at the end of the month. Tennessee came in third place with a total of $375,300,000, trailing Indiana in third place with a total of $461,131,242. Oregon came in seventh with $37.6 million, trailing West Virginia in sixth place with $77.7 million. Iowa finished fifth with $280.8 million.

New York came in second with $25.5 million, followed by Washington, DC with $26.3 million, and Montana rounded out the top ten with $4.4 million. When compared to October 2020, Iowa experienced the greatest change of any of the top ten states, with a 243% increase. The total amount of money handled in New Jersey was 62.3 percent higher than the total amount of money handled in October 2020, which was $803 million.

The City of New York Has Its Own Problems

Despite the fact that residents of New York have historically made up a significant portion of the total number of people who gamble in-person in New Jersey, it is expected that things will soon change. New York legislators have already completed the selection process and selected the permitted providers who will be able to offer mobile sports betting. The implementation and operation of mobile sports betting in New York is scheduled to begin well before the NFL postseason and the Super Bowl Championship game.

When mobile sports betting becomes a standard option for New York gamblers, it is likely that the figures in New Jersey will change. When you consider how much of New Jersey’s monthly handle comes from mobile wagering, you can bet that New York politicians recognize the value of incorporating it into their gambling environment. Mobile wagering accounts for a sizable portion of the monthly handle in New Jersey. There is no other way to put it after the mobile sports betting venues in New York go live than to say that there is a lot riding on the outcome of this situation.

A Few Final Thoughts

When it comes to sports betting, the state of New Jersey continues to set records. When compared to the relatively few locations in the state that are in charge of handling bets, the numbers generated are quite impressive. It should be obvious that the demographic base in New Jersey is made up of sports fans who are devoted to their teams.

Nonetheless, because neighboring New York is considering legalizing mobile sports betting, New Jersey’s figures are likely to suffer as a result. Even if the gambling handle in New Jersey continues to be excellent, it is possible that it will not reach record levels once New York gamblers gain access to mobile tools that will encourage them to stay at home and focus on betting within their own state.