Analysis

New Jersey closes in on $1bn in handle in November

New Jersey moved closer to $1bn in handle landmark in November with football leading the way.

Total handle in November hit $921.6m, representing a 16% rise of the October number and setting another monthly record.

The figures from the New Jersey Department of Gaming Enforcement show biggest sport was football at $433m.

Second was ‘other’ sports with $221.5m – which in New jersey means soccer, tennis and other niche sports – and then came parlays with $194.3m.

Revenue came in at $50.6m, up from $32.9m in November last year. This was 13.5% down on October’s $58.5m revenue total.

Leading the way

The record handle confirms New Jersey’s status as the leading sports-betting state.

Should current trends continue, the state will likely break through the $1bn handle barrier in a matter of months.

Partly due to this dominance in betting, New Jersey is the number one state on the Wedge Index and is helped by the competitive nature of the state.

There wasn’t such change in the operator standings in November, although market leader FanDuel/PointsBet fell back to $24.8m in revenues compared to $29.8m in October. The decline was in line with the market.

In comparison, the Resorts Digital skins – including FanDuel’s major rival DraftKings and also Fox Bet – was static at $14.6m.

In gaming Golden Nugget continued to lead the way with $26m in revenue. It includes among its online casino skins FanDuel and Betfair Casino, FanDuel’s Flutter Entertainment-owned brand stablemate.

Golden Nugget was followed by the Resorts skins with $21m.

Sky high

New Jersey led the way last month as the regulated states forged ahead with handle and revenue figures.

For NJ regulator David Rebuck the U.S. sports betting industry has only started scratching the surface when it comes to its potential.

The states most likely to challenge New Jersey on both counts in the short-term at least are Pennsylvania and Illinois. They are the fifth and sixth most populous states compared with New Jersey at 11th.

The other key state, of course, is New York. Should it get around to licensing online and mobile sports betting, it would likely soon eclipse New Jersey.

It would also have a knock-on effect on New Jersey. It is likely a substantially double-digit percentage of New Jersey handle comes from players crossing the state line.

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Scott Longley

Scott Longley has been a journalist since the early noughties covering personal finance, sport and the gambling industry. He has worked for a number of publications including Investor's Week, Bloomberg Money, Football First, EGR and GamblingCompliance.com. He now writes for online and print titles across a wide range of sectors.

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