New Jersey Betting Handle Nears $1B With Steady Rise In Wagers
The sports betting market "continues to mature in New Jersey, as the total amount of money wagered rose for the fifth straight month since it was legalized on June 14," according to Stephen Edelson of the ASBURY PARK PRESS. Some $330.7M was wagered in November, a 21% increase over October. The total handle is approaching $1B, with $928.1M having been "wagered over the first 5½ months of sports betting" in the state, which equates to $73.2M in revenue. The growth of the online segment "continues to drive" the market, producing $14.4M in revenue last month, up from $8.8M in October. Meanwhile, since its inception, sports wagering revenues have generated $7.96M in taxes. The FanDuel Sportsbook at the Meadowlands Racetrack "continues to be the standard bearer for the state’s sports books, with its location, combined with the fact that sports betting has yet to start in New York, keeps it at the top of the charts." In November, the Meadowlands produced net revenues of $2.6M on-site, while generating another $4.3M in revenue online (ASBURY PARK PRESS, 12/13).