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New Jersey Wagering Reached New Heights

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The wagering handling for New Jersey has reached another level in November. However, the revenue didn’t show equal promise. On Thursday, the New Jersey gambling regulator released revenue details. As per the reports, the licensed online and land-based sportsbooks have registered whopping revenue of $32.9mn. The figure is 55% higher than November 2018 but fell well short of October 2019 when the revenue was $46.4mn.

However, the data by the New Jersey Division of Gaming Enforcement has indicated the tremendous growth of the wagering handle. The wagering handle totaled around $562.7mn. This is a 70% increase from the November 2018 figure. It is even $75mn more than October’s 2019 rally. Out of the total, $486.8mn was digital wagering confirmed the statistics. This is 86.5% of the total wagering and 1.1% more digital share than October 2019.

It will be a close contest between New Jersey and Nevada now. Nevada has generally worn the crown of wagering and it recorded $581mn in November 2018. However, the figure for November 2019 would be released late this month.

The year to date wagering has now exceeded $4bn for New Jersey. The digital wagering has been $3.35bn out of the total. The total revenue of the first 11 months of the year is almost $270mn. This is four times of the six months during which legal wagering took place in 2018. US Supreme Court struck down the federal betting ban after which the legal wagering was done.

The Meadowlands Racetrack and Fan Duel combination got the maximum of betting revenue in November. It recorded $14.86mn. It increased 111% on a year on year basis. However, what interesting is that $12.2mn of revenue was generated digitally.

Resorts Digital was runner up and recorded $9.2mn on a 27.3% year on year growth. The landbased sportsbooks added $51K of the revenue in this. This is less than one-third of November 2018.

The Ocean Casino Resort and the William Hill partner ranked third with $2.547mn out of which $2.05mn came online. The Monmouth Park recorded $2.525mn. The Borgata and BetMGM recorded $2.08mn.

Bally’s recorded $708K whereas the Hard Rock Atlantic City managed $537K. Golden Nugget recorded $255K, Tropicana $180K and Harrah’s $22,565 respectively.

Source: https://calvinayre.com/2019/12/12/business/new-jersey-record-sports-betting-handle-november/

About the author

Debopom Sanyal

Debopom Sanyal

Debopom is a web journalist and news enthusiast. He has been writing about world politics, science, health, finance, and technology. An avid sports enthusiast, Debopom has done his Masters in Finance and Bachelors in Engineering.

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