The $1 billion mark is where New Jersey sportsbooks belong and intend to stay.
For the second consecutive month and third of the last four, the Garden State surpassed $1 billion in total sports betting handle as official figures for the month of November were released Friday afternoon by the New Jersey Division of Gaming Enforcement (NJDGE).
November’s total handle eclipsed $1.101 billion, up a nice 3.9% from October’s $1.060 billion. However, the number was a 12.4% decrease from November 2021 ($1.258 billion).
Wagering on mobile New Jersey sports betting apps was up 4.6% from October’s $987.60 million, posting at $1.032 billion. The number was down 9.8% from November 2021 ($1.144 billion).
Online usage was still king for the month at 93.7% of the sports betting market, a flick upward of 0.5% from October’s 93.2%. It marked the sixth month in a row above 90%.
November’s sports betting revenue posted at more than $80.42 million, up 3.2% from October’s $77.90 million. It did go down a not-so-nice 29.9% from November 2021 ($114.78 million).
The playoff pushes of the New York Jets and New York Giants in New Jersey NFL betting certainly have helped the state sports wagering market, along with the hot start by the state’s lone professional sports team, the NHL’s New Jersey Devils (21-7-2), who are currently in first place in the Eastern Metropolitan Division.
Internet, Total Gaming Revenue Down Ever So Slightly
For the most part, New Jersey online casinos stayed close to where they were a month ago.
November’s internet gaming win was more than $146.15 million, down a tick by 0.7% from October ($147.18 million). It was up a solid 23.9% from November last year ($117.95 million).
Total gaming revenue for the month generated more than $441.12 million, down 1% from October ($445.70 million) and up 0.3% from November 2021 ($439.63 million).
“The industry could be facing strong headwinds finishing out 2022 and beginning the first quarter of 2023, as a traditionally slow seasonal period aligns with ongoing broader economic concerns,” said Jane Bokunewicz, faculty director of the Lloyd D. Levenson Institute of Gaming, Hospitality and Tourism (LIGHT) at Stockton University School of Business, on November’s findings.
“While impossible to predict, it may be reasonable to expect a slowing of internet gaming revenue growth and modest, if any, growth in brick-and-mortar revenues because of these external pressures. Depending on their business models, each Atlantic City gaming property may weather these challenges differently.”
Bokunewicz has done a Q and A with TopNJCasinos.com.
She went on to add today: “It is important to keep in mind that, despite these challenges, the Atlantic City industry, as a whole, is still trending ahead of total 2021 gaming revenues and is on track to generate near-term record total gross gaming revenue records by year-end.”
Check out TopNJCasinos.com for monthly state revenue reports and for the best N.J. online casinos bonuses.