Saturday, December 23 College Football Bowl Game Parlays
December 20, 2023
North Carolina Preparing for Legal Sports Betting
December 20, 2023
The sports betting market in New Jersey, which was once the hub of American sports betting outside of Nevada, hit a new record in November. After New York mobile betting began operations at the beginning of 2022, the Garden State lost the national lead to its neighbor last year. Before reaching their current record of more than $2.12 billion in November, New Jersey watched as the Empire State became the first to achieve $2 billion in monthly wagers received in October. However, New Jersey’s betting handle has rebounded during the fall months that coincide with the NFL season. The handles in September and October came very close to reaching $1.3 billion each time, which is only slightly less than January’s all-time record of $1.35 billion but still represents solid double-digit annual gains. Friday’s number was a 20.3 percent increase from October and a 47.3 percent increase from the $1.1 billion earned in November 2022. It breaks New York’s temporary hold on the top 10 and is now the ninth-largest monthly sports wagering handle in history nationwide.
Check out the latest sports betting odds at Caesars.
Because of this, New Jersey’s handle has topped $10 billion for the third year in a row and is on pace to wager a record amount—the handle as of now is up 8.1% from the first eleven months of 2022. Nonetheless, the $95.9 million in adjusted total income, which comes from a 5.9 percent hold that ranks 52nd, only ranks seventh in 66 months of all-time wagering. Despite a record-breaking $368.9 million in parlay handle, bettors kept the house to a 6.1 percent win rate, generating $22.4 million in revenue for the operator. It was the first monthly parlay hold below 10 percent since operators reported a 9.6 percent mark in August 2021, and it was the third-lowest monthly parlay hold since the DGE started disclosing handle and revenue numbers for parlays in September 2018.
The state’s total revenue from sports betting in 2023 is $897.2 million, up 32.9 percent from the first eleven months of the previous year. New Jersey became just the third state, after New York and Pennsylvania, to ever collect more than $400 million in total revenue when it brought in $12.3 million in taxes. Tax revenue, which is $115 million as of the last month of 2023, is $28.4 million more than it was the previous year.
The Meadowlands Racetrack-affiliated sports betting apps FanDuel, PointsBet, and SuperBook brought in $55.9 million in November, adding to their combined $57.8 million in October income. The first licensee to report $50 million in revenue in consecutive months was Meadowlands.
At $19.2 million, Resorts Digital trailed far behind, having toyed with consecutive $50 million months in August and September. With November’s total, Resorts—the anchor for DraftKings primarily—broke $800 million in revenue all-time.
With $7.6 million in winnings, Borgata’s license, which is home to BetMGM and its own mobile app, completed the podium seats. The launch of ESPN BET in the Garden State helped propel Freehold Raceway Park to a $4.8 million overall revenue. Its monthly total was at its greatest since November 2021, when it reached a record $7.6 million.
With $712,000 in winnings, Prophet Exchange had its greatest month since beginning operations in August 2022, wiping out a tiny deficit for the year and moving nearly $700,000 in the black. With a monthly loss of $348,003, rival betting exchange market SportTrade posted the largest loss among mobile operators. Golden Nugget, which is home to Betway and its own app, ended the month slightly worse than $25,000.
November’s revenue came from retail wagering, and the Meadowlands trio brought in just over $1.8 million, or over $3.5 million of that total. After finishing 2022 with $3.6 million in losses, the Borgata’s retail book surpassed $4 million in year-to-date income, a swing of $7.6 million to the positive. This came after the retail book topped half a million dollars for three consecutive months.
Operators discovered a new main source of income in November as parlays were not making up the majority of their income. A record $44.8 million in winnings were produced by the catch-all “other” category, which covers sports including hockey, golf, tennis, soccer, boxing, mixed martial arts, and motor sports in New Jersey.
The previous high of $17.5 million, set in June 2021, was almost tripled, continuing the yo-yo pattern in that category. Before the house recouped $11.4 million in October gains, bettors had made $19 million betting on “other” sports in September.
With $20.8 million in profits, operators enjoyed the greatest football month in the last two years despite a small hold of less than 4.2 percent. Football revenue above $20 million for the first time since a record $27.7 million in November 2021.
A complete month of NBA wagering along with the beginning of college basketball betting brought in $419.7 million in wagers, about five times more than in October. The $9.8 million in revenue was a 2.3 percent win rate, and the public narrowly managed to keep the house under eight figures in winnings.
Check out the latest sports betting odds at Caesars.
