New Jersey sets new sports betting handle record

new-jersey-sports-betting-handle-revenueNew Jersey’s regulated sports betting market set more records for handle in October.

On Thursday, the New Jersey Division of Gaming Enforcement (DGE) reported that the state’s licensed betting operators handled $260.7m in wagers in October, up 41% from September’s total and nearly three times August’s total.

Betting revenue, which includes pending and unclaimed wagers, hit $11.7m, a significant climb-down from September’s $24m as hold dropped more than two full points on ‘completed’ wagers.

Once again, online wagering turnover ($174.4m) crushed the volume of bets made at the state’s retail sportsbooks ($86.3m). Notably, online turnover was up by two-thirds from September while retail handle rose a comparatively paltry 9.2%.

Resorts Digital, the online division of Atlantic City’s Resorts Casino Hotel, and its two online betting partners – DraftKings and, more recently, The Stars Group’s BetStars brand – reported wagering revenue of nearly $5.1m in October, representing over three-quarters of the overall AC casino share.

The next closest casino competitor was Ocean Resort Casino, which generated betting revenue of $824k, while the Borgata casino was well back in third place with around $411k. The state’s two betting racetracks, Meadowlands and Monmouth Park, added $3.5m and $1.2m, respectively.

Since New Jersey launched legal betting in mid-June, gross betting revenue is sitting just under $52m, while year-to-date handle is over $597m, of which $301m came via digital channels.

Meanwhile, Delaware’s three casino operators reported sports betting revenue of $448k on handle of $14.7m in the month ending October 28. Handle actually declined from September’s $16.8m as the number of individual wagers fell by 60k to 287,050, while revenue took a dramatic tumble from September’s $3.15m. The numbers don’t include the Delaware Lottery’s parlay wagering product.

Delaware also launched its single-game sports betting market in June and the three racinos – Delaware Park, Dover Downs and Harrington Raceway – have since handled total wagers worth $54.5m, while bringing in revenue of $5.64m.

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