It seems almost silly to point out that sports betting is on the rise. If you’re even slightly interacting in sports media you already know this, between the numerous advertisements and some sports channels even flashing lines and odds. While it’s not surprising that sports betting has gotten more popular, especially considering how easy it is from a mobile device, the actual financial numbers might surprise you. August and September are very different months for sports bettors, and that small time jump makes a huge difference for sportsbooks. One state just hit a major milestone in terms of how much was wagered on sports. Let’s take a look at how New Jersey is taking in some serious cash on sports bets and take a deeper look at some of the projected sports betting numbers.
New Jersey Sports Betting Hit $1 Billion in September
New Jersey bettors had themselves one heck of a September. Bettors in the state wagered $1 billion on sports throughout the month of September. The state is the first in the U.S. to pass the billion-dollar threshold in a single month. The previous record for a single state was $966 million in December of 2020. The money was taken in by nine casinos as well as three different racetracks. The establishments didn’t just take in the money, they saw some big wins as well. In fact, the Meadowlands Racetrack alone held onto $41 million of the money wagered throughout September. Overall New Jersey betting revenue is already up this year, with a 40% jump from 2020.
The timing of this makes sense, as September is a major sports betting month. Thanks to the kickoff of NFL football, as well as plenty of MLB and college football action, all eyes were on the sports action. With NHL and NBA starting in October, it’s not out of the realm of possibility that New Jersey could surpass their September numbers.
A Look at Sports Betting Numbers
While no other states hit $1 billion in September, there wasn’t a lack of cash bet across the U.S. Iowa hit $210 million in the month, while Indiana sports bettors placed a total of $355 million throughout September. Meanwhile, Michigan saw an all-time high number in sports betting, with $386.8 million throughout September, an 85% jump from the month before. However, that increase can’t compare to Delaware, which saw a 161.8% increase in bets from August to September.
Some More Numbers to Consider
Projections are pretty high on the sports betting industry this year. One estimate from the American Gaming Association suggests that 45.2 million Americans will bet on sports this NFL season. This number is up 36% from last year, meaning the spread of legalization mixed with increased advertising is working. Additionally, major leagues are embracing sports betting. This is seen with the NFL’s 180-degree turn on the subject, now partnering with four different sportsbooks. Total revenue from these bets is expected to be around $270 million for the sportsbooks throughout the football season.