New Jersey smashes its own national sports betting record in October with $1.3B

New Jersey reported its sports betting industry surpassed its own national record in October for the highest amount of bets taken in a single month, reaching $1.3 billion. Last month’s figure topped the $1.01 billion worth of bets that Atlantic City’s nine casinos and three horse tracks that offer sports betting took in September. 

Nearly $1.2 billion of the outlets handled in October was wagered online. Over the first 10 months of this year, the state has taken in nearly $8.5 billion worth of sports bets.

This number is also a reflection of how much will be at stake once New York offers mobile sports betting, which is underway as the state chose vendors to offer mobile sports wagering with the goal of having it up and running before the Super Bowl in February. 

More than half the sports betting revenue made in New Jersey in October was done at the Meadowlands Racetrack in east Rutherford, just outside New York City. It won over $44 million for the month, easily outpacing Freehold Raceway (just under $7 million) and Monmouth Park in Oceanport near the Jersey Shore ($4.5 million).

As reported by the Associated Press, Director of the Lloyd Levenson Institute at Stockton University, which studies the Atlantic City gambling industry, Jane Bokunewicz, spoke about these figures and said: “Sports betting has swelled with the start of the NFL season, and realized another month of over $1 billion in handle. October 2021’s record sports wagering handle proves that September was not a flash in the pan, but rather the first sign of a new level of sports betting participation at least during the NFL season”. 

Figures released Wednesday by the New Jersey Division of Gaming Enforcement show the casinos and tracks collectively won over $448 million in October, including in-person gambling, internet gambling and sports betting, which represents an increase of 33% in a year-over-year comparison. 

Internet gambling accounted for $127 million, up almost 36% from October 2020, and sports betting revenue was $84.1 million, up nearly 44% from a year ago. 

In-person casino winnings were $237 million in October, nearly 28% higher than a year ago:

• The Borgata showed the biggest increase, at nearly 61%, to $108.5 million.
• Golden Nugget was up nearly 35% to $14.3 million
• Resorts was up over 27% to $14.6 million
• Hard Rock was up over 25% to $44.3 million.
• Harrah’s was up nearly 25% to $24.3 million
• Caesars was up 14.6% to $8.9 million
• Tropicana was up 14.3% to $31.1 million
• Bally’s was up 12.6% to nearly $13 million
• Ocean Casino Resort was up over 10% to $32.1 million.

James Plousis, chairman of the New Jersey Casino Control Commission, commented: “Atlantic City has effectively extended its momentum from the summer into the fall season. Five casino-hotels surpassed their brick and mortar results from October 2019 and the other four were within striking distance. All of the operators have the tools that are needed to successfully compete in this market”.