N.J. Sportsbooks Rake in $562 Million: PlayNJ.com

PlayNJ.com

New Jersey’s online and retail sportsbooks collected a staggering $562 million in bets in November, and the industry has now taken in more than $5 billion in bets since the first was legally accepted in the state in June 2018. And at the current pace, it won’t be long before the state reaches $6 billion, according to analysts from PlayNJ.com.

“New Jersey sportsbooks will remain the chief beneficiary as long as neighboring New York refuses to legalize sports betting,” said Dustin Gouker, lead analyst for PlayNJ.com. “New York City’s 8 million residents continue to be a key ingredient that has propelled New Jersey into Nevada’s chief rival as the country’s largest legal sports betting market.”

New Jersey’s sportsbooks collected $562.2 million in bets in November, crushing the record $487.9 million handle in October, according to official reporting released Thursday. November’s handle represented a 70% increase from $330.7 million in October 2018.

New Jersey’s year-over-year growth has pushed its lifetime sports wagers to $5.3 billion, clearing yet another significant milestone in the state’s impressive first 18 months as a legal sports betting jurisdiction.

November revenue hit $32.9 million, up 110.9% from the $15.6 million won in November 2018. The state’s online and retail sportsbooks have now combined to generate $364.1 million in revenue since launch, yielding $47 million in state taxes.

Authored by: Jerry Milani

Jerry Milani is a freelance writer and public relations executive living in Bloomfield, N.J. He has worked in P.R. for more than 25 years in college and conference sports media relations, two agencies and for the International Fight League, a team-based mixed martial arts league, and now is the PR manager for Wizard World, which runs pop culture and celebrity conventions across North America. Milani is also the play-by-play announcer for Caldwell University football and basketball broadcasts. He is a proud graduate of Fordham University and when not attending a Yankees, Rams or Cougars game can be reached at Jerry (at) JerryMilani (dot) com.

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