New Jersey’s red-hot sports betting market continues to set and shatter records as Americans continue to wager on football in record numbers. Garden State sports betting operators took in an astonishing $1.29 billion worth of wagers during the month, setting records for both handle and revenue records.
According to numbers released by the New Jersey Department of Gaming Enforcement (DGE) November’s massive handle marked a 35.2 percent leap over the wagers placed in November 2020. According to Legal Sports Report, NJ’s total handle for 2021 is $9.7 billion. That makes the possibility of a $10 billion year very likely.
On the revenue side of the equation, things were looking even better in November thanks to some bad bets placed by the general public. Garden State sportsbooks banked a record $50.6 million for the month, a jump of 127 percent over November 2020. Of that $50 million, approximately $14 million will go into state coffers in the form of tax revenue. So far, 2021 has produced $321 million in tax revenue for New Jersey. And that is exactly why the state fought so hard to make regulated sports betting a reality in the United States.
David Danzis, an analyst for PlayNJ.com, described the NJ sports betting scene, and its success, to SBC Americas saying, “The key to New Jersey’s consistency and its advantage over most every other market is its ability to draw interest on such a wide variety of sports. We’ve seen over the last three years that when football and basketball converge, as they did in November, it produces a groundswell of bettor interest for sportsbooks.”
Regulated sports betting has produced $1.5 billion in tax revenue for the State of New Jersey since it was introduced in 2018, and looks to produce a whole lot more as the years roll on.