New Jersey’s $1.3 Billion October Betting Handle Shatters Records
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It’s a great time to be a sports bettor. More and more states are starting to legalize wagering on sporting events, with even Canada getting in on the action recently. The taboo on sports betting is beginning to disappear, with mainstream sports teams partnering with sportsbooks and commercials for betting platforms airing frequently in sports media. Well, if we’re judging by some recent numbers, it’s also a good time to be a sportsbook. The money is flowing in for sportsbooks right now, with major sports from professional football to college basketball and beyond heating up. Some numbers are back on October sports betting, and state records are being shattered. Here’s what you need to know about the sports betting handle for New Jersey, Indiana, and Pennsylvania.
New Jersey Breaks Records With $1.3 Billion October Betting Handle
It’s a massive understatement to say that sports betting has been successful in New Jersey. The betting market in the area is the largest in the U.S. outside of Nevada, and the popularity just keeps growing. It’s just been reported that the total handle for October in New Jersey was a whopping $1.3 billion. That number actually breaks the previous record set by Atlantic City in September, with a total of $1.01 billion. These numbers are especially interesting considering the impending legalization of sports betting in New York state, with both areas likely to continue bringing in plenty in terms of sports betting handle.
Online sports betting was king in October, as out of the total $1.3 billion total, $1.2 billion was placed online. According to one source, from January to October 2021, New Jersey has seen a total handle of approximately $8.5 billion this year. Interestingly, September is generally the most popular sports betting month due to the kickoff of the NFL season, along with college football and pro baseball action. However, as seen with a record-breaking October, the train is still rolling on wagering in New Jersey.
Casinos Are Winning Big
As you’d expect with such a huge handle, the sports betting operators are doing pretty well for themselves. According to the New Jersey Division of Gaming Enforcement, casinos and tracks alike had a profitable month, raking in a total of $448 million. These numbers represent online betting, in-person wagering and general sports bets. That number is up around 33% in comparison to October 2020. Online betting was overall responsible for $127 million of that number, a 36% increase from the previous year. Interestingly, over half of the sports betting revenue generated came from Meadowlands Racetrack, located in East Rutherford.
Sports Betting Success in October
New Jersey wasn’t the only state with a successful October when it comes to sports betting. Indiana saw a huge handle in October, with $461.1 million in bets throughout the month. That’s a 30% jump from September, and quickly broke the record made in the previous month. Pennsylvania saw its own records broken in October as well, with a $776.2 million handle. The number shows an overall 48% jump compared to October 2020’s handle in the Keystone State.
