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New Jersey Tops Best Month With Over Half A Billion Handle In November

When the state of New Jersey legalized sports betting last year, everyone knew good things were coming. Well, things got even better again this month. The Garden State just set the record for the amount wagered in a single month in November, with a massive $562.7 million handle.

This also marks the third time in as many tries that New Jersey topped its previous record, which was set in each of the previous three months. This also pushes the state up over $4 billion.

Sportsbooks ended up keeping a whopping $32.9 million in gross revenue during November. That’s a hold percentage of 5.85 percent, which wasn’t too far from the 6.3 percent of dollars bet that the sportsbooks won for the year.

With that 6.3 percent hold for the year, all of the licensed operators have now earned a collective $250 million this year, which is about a $30 million tax revenue for the state.

Something for neighboring New York to keep an eye on is that $486.7 million of the $562.7 million wagered came in from mobile betting – that’s 86.5 percent of the money. New Jersey’s 11 retail sportsbooks had a combined $75.9 million at those locations.

New York, which accounts for about 25 percent of New Jersey sports betting, has limited legalized sports betting to retail locations. It does not allow mobile betting within the state’s borders.

Of course, the massive surge of betting has to do with professional and collegiate football and basketball being in full swing. These two sports are heavily watched by nearly all of the public, and having the benefit of numerous events at the same time certainly helps.

It’s interesting to note, though, that basketball has been the most popular sport for New Jersey residents to bet on – that has totaled out to $806 million. Football came in second at $718 million while baseball wasn’t too far behind in third with $698 million.

What’s even more surprising is that the “other” category, which consists of sports like golf and soccer, totaled just over $1 billion.

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Once again, it was the locations at The Meadowlands Racetrack raking in most of the dough. FanDuel Sportsbook and PointsBet are both operating there through partnerships with the location at the sportsbook. The Meadowlands Racetrack brought in $12.2 million in revenue during the month of November.

It’s disappointing that New Jersey no longer releases the exact betting handle for every online sportsbook. However, the FanDuel Sportsbook at The Meadowlands brought in $2.67 million in revenue from the retail location.

If you combine that with the $12.2 million from The Meadowlands, that’s almost half of the state’s combined operator gross revenue.

New Jersey continues to reap the benefits from its close proximity to New York City, accounted for about a quarter of its business. Even with losing some business recently from residents in Eastern Pennsylvania, it’s good to see New Jersey’s sports-betting business continuing to thrive.

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