The New Jersey sports betting market saw $95.9 million in revenue in November, a 19.2% increase from the previous month. This could be attributed to a number of factors, such as the recent launch of ESPN BET in the state. With another successful month, New Jersey continues to lead the U.S. in terms of sports betting handle and revenue.
New Jersey Sports Betting Sees Record November Handle As Revenue Jumps 19%
The New Jersey sports betting generated some strong numbers throughout the month of November. The state saw a total of $1.62 billion in sports wagering handle in November, which is now an all-time record for a monthly handle in the area.
Mobile sports betting was responsible for an impressive $1.57 billion of the handle. This massive handle led to big revenue numbers, with $95.9 million throughout the month, a 19.2% increase from October to November.
November is always a major month for sports betting, due in part to the sheer amount of different events going on at once. NFL games are plentiful throughout November, college football rivalry week attracts plenty of wagers, college basketball tips off, and there are hundreds of NBA and NHL games to wager on. For reference, New Jersey’s sports betting handle was $1.1 billion in November 2022, the state’s third-highest handle of the year.
ESPN BET Starts Strong In The Garden State
ESPN BET, the online betting site from ESPN, went live in New Jersey and 16 other states on November 14, 2023. This was essentially a relaunch of the now-defunct Barstool Sportsbook, which became ESPN BET after PENN Entertainment made a partnership with ESPN on the new mobile sportsbook.
Despite only being available for a few weeks, ESPN BET got off to a solid start in November of 2023. According to SBC Americas, the new online betting app was responsible for approximately 5% of the total New Jersey sports wagering revenue. This continues a week of positive news for ESPN BET, with the recent revelation that the platform has already overtaken Caesars Sportsbook in terms of Maryland sports betting handle.
New Jersey Continues To Lead The Sports Betting Market
In April of 2021, New Jersey officially passed Nevada in terms of sports betting revenue numbers. That’s been the case ever since, as the state leads the U.S. with $3.17 billion in revenue from sports wagering as well as $42.7 billion in handle.
However, New York is looking like it could take the top spot in the future, as it already leads the nation with $1.4 billion in tax revenue. Keep in mind this is partially due to the state’s 51% tax rate. But New York is also now second in the country with $2.91 billion in total revenue as well as third in terms of handle at $33.7 billion.
New Jersey is also one of a handful of states with legal online casinos, and iGaming in the state generated $171.6 million in revenue throughout November. Retail casinos are also popular in Atlantic City, which is known for hot spots like Bally’s Atlantic City, Resorts Casino Hotel, and Borgata Hotel Casino & Spa.
Despite a recent smoking ban controversy, physical casinos remain popular in the area and represent another area of the increasingly popular New Jersey betting scene.