The State of New Jersey has posted its October results for sports betting, generating some impressive figures over the period. The state’s sportsbooks managed to collected a total handle of $487.9 million. Total gambling revenue for the month in the Garden State hit $2.86 billion.
New Jersey Continues to Post Reassuring Gambling Results
New Jersey has managed to rake in estimated $46.4 million in revenue in October, 2019, posting a strong betting handle for the month as well. Sportsbooks in the state scooped up as much as $487.9 million over the period.
The latest figures surpassed results in September when operators reported $37.9 million in collected revenue. More specifically, the revenue was almost 300% higher than the figure posted in September, 2018, marking a tremendous progress since that time.
Meanwhile, total handle also went up and October saw total bets worth $445.6 million placed. This was 87.14% up from October 2018.
Can New Jersey Beat Nevada in Sports Betting?
The big question is whether New Jersey will manage to outpace Nevada’s own pace of expansion. Everyone knows that the Garden State has a slightly more accessible climate, but Nevada has been the world’s chief gambling hub for a while.
Commenting on these developments, sports and gaming analyst Dustin Gouker had this to say:
“If New Jersey is going to pass Nevada during the NFL season, it will be in large part due to the comparative popularity of basketball in the Northeast. In Nevada, football betting is king, and it’s nearly as popular in New Jersey.
Similarly, Mr. Gouker cautioned that New Jersey sports fans were more active compared to Nevada where the casino gambling industry was leading the way.
Meanwhile, there has been very little evidence to suggest that in either Nevada or New Jersey, online poker can gain any momentum, to the disappointment of poker enthusiasts in both states. Even the recent addition of Pennsylvania as an eligible state hasn’t helped.
The Total Handle in NJ in October
Nevada managed to amass $5.1 million and a total handle of $546.4 million. However, New Jersey has outperformed Nevada in every month leading up to September, definitely a promising sign.
New jersey also saw mobile sports bet to dominate all forms of betting. In fact, estimated $417 million worth of bets were placed online. FanDuel and PointsBet dominated the industry in October once again.
Next came Resorts Digital thanks to its multiple partnerships with leading operators such as The Stars Group and DraftKings.
Monmouth Park and William Hill’s efforts placed them third, generating $2.8 million or up 133.8% compared to October 2018.
Online Gambling Going Up
Official data by New Jersey’s Division of Gaming Enforcement (NJDGE) showed great results insofar as online gambling went. New Jersey posted a 69% increase YOY, with the total amount hitting $45.2 million.
In the conditions of an expanding online gaming and sports betting industry, the retail sector register a modest by reassuring growth of 0.8% at $202.3 million. Combined, the total gaming revenue in the Garden State for October hit $2.86 billion.
Big sports such as the NFL, NBA and MLB remain the chief drivers of all activities in New Jersey.