New Jersey continues to be a leader in the sports betting industry, and this November made state history with a $1.62 billion betting handle. This pushed the Garden State over $10 billion for the year and ranks the state second only behind New York nationally.
November marked the third consecutive $1 billion-plus month for the bookmakers, thanks in no small part to mobile wagering, which accounted for $1.5 billion of the monthly handle.
New Jersey sportsbooks saw 19.2% more revenue than the previous November, generating a whopping $95.6 million in November revenue.
The state charged the bookmakers $12.3 million in taxes, raising the amount of taxes generated through sports betting to $76.2 million collected thus far in 2023.
Mobile Betting Rules the State
The state bookmakers reported $1.5 billion in betting handle via New Jersey mobile betting apps. That earned the state’s online bookies $95.6 million in revenue, which was 19.2% more than the previous November.
Meadowlands through partners FanDuel, PointsBet, and Superbook led the state’s mobile betting revenue, generating $432.4 million in November. DraftKings generated $279.6 million, a 112.9% spike from November 2022.
Borgata (BetMGM), Hard Rock, and Tropicana rounded out the top five November revenue leaders.
Retail Sector Struggling
The retail sportsbook sector handled $55.2 million in November wagers. That was down slightly from the $56.2 million in New Jersey wagers accepted during October. Thus far in 2023, the brick-and-mortar shops have handled $477.4 million in Garden State gamblers’ sports bets.
Parlays Continue to Fuel Garden State Bookmakers’ Revenue
Bookmakers outside of Nevada rely heavily on their parlay cards and other gimmicks like Betting Ladders, same-game parlays, premade parlays, and other heavily juiced markets, and that’s how they generate so much income.
Parlay cards accounted for $486.1 million of the bookmakers’ $885.6 million gross adjusted revenue in November. That’s more than 50% of this month’s revenue and accounts for just over 25% of the year-to-date handle.
That is a staggering number, but what makes that number worse is the 18.9% year-to-date win rate, which is staggering compared to the win rates for football (3.6%) and basketball (3.7%), baseball (7.7%) with all other sports combining for a 5.6% win rate.
