New Jersey Sports Betting Revenue Sets New Record for October
New Jersey sports betting is getting bigger and bigger. Bookmakers just experienced one of the craziest months so far, totaling 46.4 million dollars in revenue. That’s a stunning 297% rise! The total sports wagering handle was even more, 488 million for October. That’s an 87% rise in comparison with the previous year. This means that New Jersey just beat her own record for sports wagering handle of September by 9.5%. In other words: business is booming. In this news article we will explain the factors that led to this crazy rise in revenue and what makes sports betting so popular in New Jersey lately.
Why is sports betting on the rise in New Jersey?
In this article, you will learn:
- Why tax advantages and favorable market conditions help to push NJ sports betting revenue
- Which sports and sport seasons are attracting sports betters
- Which sportsbooks, online casinos and other sports betting platforms generate the most revenue
What happened exactly with sports betting in New Jersey during October?
So, as we’ve just explained in the introduction, New Jersey bookmakers saw a stunning rise in revenue during October. September was already a crazy month, but October really took the cake. Apparently, loads of sports fans placed bets through their mobile apps. With regard to online channels, 85.5 percent of the bets were placed via mobile devices. The rise in the October month is partly due to the launch and improvement of some high-profile mobile sports betting apps.
- Resorts Digital (DraftKings sportsbook and Fox Bet) accounts for the biggest part of the revenue gained as NJ individual operator with a whopping 10.6 million (a 107% rise!)
- BetMGM launched together with Yahoo Sportsbook, two major sports betting platforms, to combine forces and integrate both sports betting information and odds into one superior platform.
New Jersey’s favorable market conditions push revenue growth
However, apart from the sudden rise in sports betting popularity due to the launching of major mobile sports betting apps, there are other factors at work which help to push NJ sports betting revenue. New Jersey has some very favorable market conditions and tax advantages which make it very attractive for sportsbook platforms to locate their base in our state.
- As you already know, you don’t have to be inside an online casino or horse racetrack when you are a New Jersey resident, just being located in the state is enough to place a legal bet.
This fact explains why so many people placed their bets via a mobile app. People in NJ are allowed to make in-person bets. When the sportsbook app verifies their location as New Jersey, they are allowed to place legal bets. It is suspected that many sports betting fans from neighbouring states such as Pennsylvania cross the NJ border in order to join the mobile sports betting craze. New York also requires their residents to place sports bets in one of their land-based casinos. To avoid having to do this, NY residents just travel over to the Hoboken train terminal and place their bets here!
- New Jersey has much more favorable tax conditions than neighbouring states
Pennsylvania, just north-west of New Jersey charges 34% taxes on revenue from sports betting. New Jersey charges only 8.5% on in-person bets placed at online casinos or horse racetracks and 13% taxes on mobile bets. This obviously creates a much more attractive environment for sports betting platforms to grow in NJ instead of neighbouring states.
Which sports and leagues helped the rise in NJ sports betting?
Of course, it is never just one or two factors that lead to such a rise in NJ sports betting revenue. Some sports are simply very popular and account for a lot of the betting enthusiasm.
- The return of the NFL and college football led to an increase in sports betting
Of course, few sports are as fantastic to watch as football and few leagues are as exciting as the NFL. College football is also attracting more and more sports betting fans, making football an increasingly popular sport to bet on. In October the NFL returned in full force at the same time as college football, which in turn led to more sports betting all over the country, but especially in New Jersey. September was already a very good month in part because of football, but as the league and games progressed October got even crazier. It is expected that this trend will continue towards the end of the year, when football will probably be the leading sport in sports betting.
- Basketball and baseball created the biggest part of the NJ sports betting revenue
Basketball just slightly surpassed baseball as being the most popular sport to bet on in the month of October. For total sports betting handle, Basketball generated 698.2 million dollars in completed event handle, with baseball following ever so closely with 698 million dollars. Football currently only generated 507.1 million in completed event handle, but as being said that’s expected to increase. In other words: October was sport-wise also a very exciting month and that naturally translates into more bets being placed.
FAQ October sports betting in New Jersey
- I would like to try the new and improved sports book apps myself, where can I find them?
Go over to our toplists with recommended sportsbooks in New Jersey or visit our online sportsbook review section to get in-depth information about the best sportsbook apps and sites of this moment.
- How does the app know that I am located in New Jersey?
You will have to allow the sports betting app to access your location. This will enable the app to verify your location. As long as you are within the New Jersey state borders, you will then be allowed to legally place sports bet on any sport you like.
- In which land-based casinos can I place sports bets?
There are nine different land-based casinos available in New Jersey. You can place sports bets in each of them. However, they also offer their very own sportsbook sites and apps which you can comfortably visit through our site without having to travel!