Any lingering concerns about New York taking business away from New Jersey sportsbooks can officially be put to bed.
November also put a pin in pundits’ predictions (for now) that ESPN Bet would just be a repackaged Barstool Sportsbook.
Legal sports betting in NJ generated more than $1.62 billion in legal wagers last month, according to the Division of Gaming Enforcement. It is the state’s largest monthly handle (the total amount gambled) since legal sports betting was introduced in summer 2018.
NJ sports betting puts up best month ever
November’s handle bested the Garden State’s previous all-time monthly high of $1.35 billion set in January 2022 by nearly $275 million.
New Jersey sports bettors have wagered more than $10.68 billion in 2023, putting the industry 8% ahead of 2022’s record-setting performance. Sportsbooks in NJ have generated roughly $897 million in revenue in 2023, which is already $134 million more than they did all of last year.
According to the DGE, NJ sportsbooks generated $95.9 million in revenue last month, making it the third-highest-grossing month of 2023.
NJ sportsbooks no longer concerned about NY
In other words — the NJ sports betting market is thriving.
That is welcome news for an industry segment that, two years ago, was concerned about mobile sports betting in NY and would it would mean for operators on this side of the Hudson River.
No one in Jersey is concerned about that anymore.
Operators in the Garden State have exceeded $1 billion in monthly handle nine times since NY mobile sports betting went live in January 2022. By contrast, NJ sportsbooks only did it four times before that.
November was a good month for NJ bettors
November was good news for NJ sports bettors, too. The monthly hold (the amount won by bookmakers after paying out winning bets) of 5.9% in November was the books’ lowest in over a year.
Sports bettors in NJ also got to use a brand new sports gambling app in November: ESPN Bet NJ.
While the exact impact cannot be determined because of how state regulators publish financial data, the Nov. 14 launch of ESPN Bet undoubtedly played a part in the market’s strong overall showing.
ESPN Bet, thanks to a partnership with and PENN Entertainment, is one of 2023’s biggest storylines in the sports gambling world. It took the place of the failed Barstool Sportsbook, which PENN had operated for the sports media outlet.
And, for at least one sports gambling operator in the Garden State, ESPN Bet is already paying immediate dividends. Through October, Freehold Raceway — whose NJ sports wagering licensee is used by Barstool, BetPARX and PlayUp — reported $20.5 million in revenue. With ESPN Bet replacing Barstool in November, the licensee grouping generated $4.8 million.
Breaking down November’s NJ sports betting numbers
The online sportsbooks under the Meadowlands Racetrack – featuring FanDuel Sportsbook NJ, PointsBet Sportsbook NJ (aka Fanatics) and SuperBook – typically account for the largest amount of statewide revenue.
In November, they generated $57.7 million, with the retail book at the track only reporting $1.8 million in NJ sports betting revenue. It is widely understood that FanDuel Sportsbook is responsible for the bulk of the reported figures.
Resorts Digital Gaming (separate from Resorts Casino Hotel), which boasts DraftKings Sportsbook NJ, generated $19.2 million, based on the state data.
The Borgata Hotel Casino & Spa casino in Atlantic City and BetMGM Sportsbook NJ rounded out the market’s top three with nearly $8.2 million in monthly revenue.
| Licensee | Online Brand(s) | Total Revenue | Retail Revenue | Online Revenue | Total Tax Obligation |
|---|---|---|---|---|---|
| Meadowlands | FanDuel | PointsBet | SuperBook | $57,681,729 | $1,806,382 | $55,875,347 | $7,417,408 |
| Resorts Atlantic City | DraftKings | Fox Bet | Resorts | $19,197,588 | ($32,437) | $19,230,025 | $2,501,528 |
| Borgata | BetMGM | Borgata | $8,165,364 | $515,824 | $7,649,540 | $1,004,781 |
| Freehold | ESPN Bet | PlayUp | betParx | $4,865,888 | $102,377 | $4,763,511 | $627,974 |
| Hard Rock Atlantic City | Hard Rock | bet365 | Unibet | $2,399,947 | $75,148 | $2,324,799 | $308,783 |
| Tropicana Atlantic City | Caesars | Mojo | $1,678,629 | $89,580 | $1,589,049 | $206,576 |
| Monmouth Park | Caesars | BetRivers | $947,870 | $477,287 | $470,583 | $101,797 |
| Harrah's Atlantic City | Prophet | $621,543 | ($90,125) | $711,668 | $77,570 |
| Caesars Atlantic City | $355,254 | $355,254 | --- | $30,212 | |
| Ocean | Tipico | $273,860 | $85,743 | $188,117 | $24,496 |
| Golden Nugget Atlantic City | Golden Nugget | Betway | ($45,590) | ($20,154) | ($25,436) | --- |
| Bally's Atlantic City | Sporttrade | ($253,032) | $94,971 | ($348,003) | $8,073 |
| Total | $95,889,050 | $3,459,850 | $92,429,200 | $12,309,198 |
