With a total of $1.1 billion, November was New Jersey’s second-best month for sports betting handling in all of 2022. The most recent monthly numbers were provided earlier today by the New Jersey Division of Gaming Enforcement (DGE).
Notably, when December figures are announced in early 2023, the Garden State will have handled over $10 billion annually, a significant increase from previous years. Currently, the yearly sum is at a little around $9.9 billion.
From a financial perspective, New Jersey’s sportsbooks made $80.4 million, which is down roughly 30% from the same time last year.
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The sum is still sufficient to rank second through the first eleven months of 2022, despite the considerable dip. The record monthly total for any month is $98 million, which was reached in September.
November’s total of $146.2 million in revenue from New Jersey online casinos was nearly equal to previous month’s record-breaking sum of $147.2 million. It’s only the third time in New Jersey’s 9-year gambling history that a single month’s earnings have topped $140 million. In addition, the three appearances have all occurred this year.
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This monthly revenue is up 23.9% over the same month in 2021. Check out this detailed look at the recent outcomes in New Jersey’s legalised sports betting and online casinos.
The amount wagered on sports in New Jersey in the month of November is third highest for all of 2022.
Though a large sum, $1.1 billion would not even put you in the top five of all time. Without a doubt, New York’s thriving mobile sports betting business is having a minor negative impact on the Garden State. Therein is the problem.
The good news is that for the fourth time this year, handling has topped $1 billion (with December most likely being a similar story). Therefore, November’s $1.1 billion is slightly better than October’s $1.06 billion, making it the third greatest betting month for 2022. Sales this year have peaked in January ($1.35 billion) and March ($1.12 billion).
Online gambling in New Jersey is still trying to hit $150 million in annual revenue. Those anticipating New Jersey’s first $150 million month from internet gambling casinos will have to wait a little longer. The goal is within striking distance, but the industry may have hit its ceiling at this point. This is the most developed of the legalised gambling markets in the United States.
In any case, a monthly revenue of $146 million is certainly not to be sniffed at, as it ranks in at No. 2 all-time. With a year-to-date total of $1.5 billion and rising, there is little denying that the sector is a significant contributor to New Jersey’s tax coffers. That’s a tax bill of $226.6 billion. The Best of New Jersey Online Gambling and Sports Betting
Three Observations on New Jersey Sports Betting in November 2022 Among the New Jersey sports betting license holders, the Meadowlands Racetrack (headed by FanDuel Sportsbook and PointsBet NJ) remains on top, raking in $48.8 million in November alone. While this is a massive increase over the $27.4 million earned by the nine Atlantic City casinos, it is still down 24.3% from the same time last year.
Resorts Digital has maintained its position as the AC market leader, with only two skins contributing $16.6 million to the total for Atlantic City (DraftKings Sportsbook and Fox Bet).
Borgata (BetMGM and Borgata) reported $7.7 million in AC revenue, making it the only other large revenue earner for the month.
Three Things to Know About New Jersey’s Online Casino Scene in November 2022 With four skins (the newest being PlayStar Casino), Ocean Casino Resort’s monthly revenue has increased by 109.7 percent year over year, from $1.62 million to $3.4 million.
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Even though it only has one brand operating under its licence at the moment (Caesars Casino), Tropicana Atlantic City earned $5.5 million in revenue in 2016, surpassing the combined totals of Ocean and Bally’s AC ($4.8 million) and Hard Rock Atlantic City ($5 million).
The top three casinos still account for a combined 85% of the market: Borgata ($44.3 million), Golden Nugget Atlantic City ($37.7 million), anchored by its namesake brand, and Resorts Digital ($37.4 million).
