New Jersey Sports Betting Hits Record High Revenues
Recently updated on December 17th, 2019
It seems gambling in New Jersey revenue is on a roll and cannot be stopped. New Jersey sports betting revenues reached record highs in the previous month of November. In 2019 New Jersey’s online gambling revenue as a whole has been surpassing all previous records. Sports gambling operations in the state seen to be on the good fortune which online operators have been experiencing. The revenue figures for NJ sports betting operations were released last week the New Jersey Division of Gaming Enforcement. The stats combined both licenced online and land-based sports betting sites in the state. The figures for this month in comparison to the same period in 2018 have shown tremendous growth. If there ever was a case to be made in favour of the legalization of sports betting and gambling in general this is it.
Follow along as we layout the numbers and see the specifics of NJ sport betting revenue growth in terms of dollars.
New Jersey Sports Betting Revenue Stats
In New jersey alone gamblers wagered almost $562.7 million in November. This an impressive 70% growth in comparison to the same month in 2018. Not only did this figure grow improve year on year, it is nearly $75 million more than the amounts wagered in October this year. Over 86% the $562.7 million wagered in November was bet online.
The actual profit made from these operations is nearly $33 million. That is more than 50% better than the revenue made in 2018 November. The revenue accounts for both online and land-based sports bettor locations. Strangely enough though, despite the fact that the total wagered amount was higher than last years the revenue made is lower than the revenue collected in October 2019. Although this year’s wagered amounts are a record high, it still is not as high as what Nevada collected in November last year. Nevada is yet to reveal is gambling stats but it will be interesting to see whether they surpass New Jersey’s streak.
Essentially New Jersey sports betting operators online and land based have had over $4 billion in wagers over the past year to date. Of that massive figure, $3.35 billion came through digital channels. We are excited to see what the state will do in the coming year. Keep up to date with these and more casino gambling stories on our blogs.
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