New Jersey Sportsbooks Set Record Handle

New Jersey broke its own record as it became the first state in the country to record a monthly sports betting handle worth 10 figures.

According to numbers released by the New Jersey Division of Gaming Enforcement, Garden State sportsbooks handled a total of $1.01 billion worth of sports wagers in September. Online betting made up more than 91% of the total handle as online operators accepted $918.4 million, while the nine Atlantic City casinos and the state’s three racetracks took in the other $92.7 million.

Year-to-date, New Jersey sportsbooks have taken $7.15 billion in bets, with online operators accepting $6.5 billion of those wagers.

Last December, New Jersey reported a record handle of $996 million in its fifth consecutive month setting a new high-water mark for total amount of bets accepted. The record stood for nine months before it was broken.

The source of the increased demand for sports wagering likely came from the start of the National Football League. September was the first full month of football games, but with the NHL, NBA and playoff baseball taking place in October, it could start another streak of record-setting handle like the fall and winter did in 2020.

The sportsbooks netted a profit of $82.4 million from the total amount wagered, which comes out to a slightly better than 8% hold rate for operators.

The state’s overall gambling market showed strength in September as well as the gross gaming revenue was $453.6 million, good for a 40% year-over-year increase from the September 2020 and was a slight jump from the $426.7 million posted in August.

Atlantic City’s nine casinos won $248.5 million from gamblers in September, which was about a 23% increase year-over-year. Given that New Jersey reopened its casino market in July 2020, year-over-year comparisons are beginning to become more accurate in gauging whether the market is rebounding.

Each and every casino saw double-digit year-over-year gains in September with the market leader having the largest increase. Borgata experienced a 51.9% year-over-year revenue jump after posting $60.24 million worth of gross revenue in September. Golden Nugget was on the other end of the spectrum with $12.9 million in revenue, but those figures still represented a 13.2% bump from September 2020.

Slot machines made up the majority of brick-and-mortar casino revenue with gamblers losing just shy of $182 million at those machines.

The state government collected $46 million in taxes from the gambling activity.




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