New Jersey posts another sports betting revenue record
There weren’t many people who thought that regulated sports betting wouldn’t be successful in New Jersey. But it’s safe to say that almost no one had any idea exactly how successful regulated sports betting would be in the Garden State. In October, Jersey bettors set a new record for wagers by putting down nearly $800 million in bets for the month, breaking a record that was set just last month.
According to figures released by the New Jersey Division of Gaming Enforcement, Jersey sportsbooks took in $803.1 million in wagers in October. That’s more than $50 million more than the previous record, $748.6 million that was set in September. The October number is likely higher because NFL and college football were both in full swing after shaky starts in August and September. (College football had an extraordinarily slow start with plenty of major teams and conferences sitting out the early part of the season.)
Not surprisingly, the vast majority of those wagers came from mobile betting. In fact, all but about $50 million was placed online. This supports the idea that Americans would embrace regulated sports betting, but it sure doesn’t help the land-based casinos of Atlantic City in the way lawmakers intended. Sure, the casinos get additional revenue and stay open, but they’re not exactly hiring new staff to help with the crowd of people heading to those beleaguered AC casinos.
Lawmakers are, however, interested in giving Jersey bettors increased wagering options. They’re currently discussing a bill that would undo their previous prohibition on wagering on college games that are played within the state. For those of you who love wagering on the Rutgers Scarlet Knights, this is big news.
There’s no doubt that regulated sports betting in New Jersey will continue to grow at an astronomical pace as the years go by.
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