New Jersey Breaks Record for Highest Sports Betting Handle in a Single Month

New Jersey Numbers

New Jersey continues to shatter the ceiling as it skyrockets past record after record when it comes to sports betting handle. In November, the Garden State recorded a sports betting handle of $931.6 million, beating the previous record that it set itself at $803.1 million. No other state can touch the amount of money being wagered in New Jersey.

New Jersey sportsbooks brought in a revenue of $50.6 million, and New Jersey will see $6.2 million of that revenue for itself in taxes. While this hold or percentage of handle turned into revenue was pretty low, when the state is turning out near a billion dollars of wagers a month, it really does not matter. New Jersey is setting the bar on how to do sports betting and how to see tons of money flow into the state.

This month’s total now gives New Jersey $5.02 billion in money wagered on sports, another new record as it now surpasses its 2019 total of $4.58 billion, with an entire month left.

How New Jersey is Setting Records

It is crazy to think about the fact that New Jersey is pulling in these record-setting numbers with the coronavirus raging. The pandemic has halted a lot of the travel that New Jersey relies upon for its tourism scene, and physical sportsbooks have seen a drastic decrease in revenue. However, despite all this, mobile sports betting has allowed the numbers to flourish.

One key point to remember when looking at New Jersey sports betting numbers is the fact that a huge amount of that money is coming from New York. As the Empire State continues to ignore online sports betting, New Jersey will continue to be the beneficiary.

One important point here is that New York is so close, there is not even a need to stay at a hotel or casino. New Yorkers need to simply be physically in New Jersey to bet. They could have gone to a restaurant, bar, or even cafe and placed their wagers. As long as New Yorkers continue to be the biggest chunk of money for New Jersey, it seems that nothing can really slow down the New Jersey betting handle except for a complete halt in any travel.

Where Bettors Are Placing Their Money

It should be no surprise to anyone that football is accounting for almost half of all wagers in the Garden State. Football, coming in at $433.3 million, is easily the most bet on sport in the state.

However, one place where the money is coming in and will show in future reports is basketball futures, which does not count for completed events. Basketball is the reason that many believe New Jersey will not only surpass the record once again in December but crush it. There will be just as much football played over the Winter Holidays; meanwhile, you are adding on NCAA and NBA basketball for December. Bettors will also have a full slate of games in the Premier League as it is the EPL’s busiest month every year.

The combination of these three, mostly headed by the NBA and NFL, will surely help New Jersey once again dominate the competition in December. With college football conference championships rolling in, that should be a nice source of handle as well.

All eyes are on New Jersey as it continues to set records in the sports betting world.