What to Know
- New Jersey has beat its own national sports betting record for the highest number or bets in a month- $1.3 billion worth.
- The previous record was $1.01 billion that nine casinos and three horse tracks in Atlantic City had collected.
- More than half the sports betting revenue made in New Jersey in October was done at the Meadowlands Racetrack.
New Jersey’s red-hot sports betting industry smashed its own national record in October for the highest amount of bets taken in a single month, topping $1.3 billion.
That figure easily surpassed the $1.01 billion worth of bets that Atlantic City’s nine casinos and the three horse tracks that offer sports betting took in September.
And it also emphasizes just how much is at stake in a looming cross-border war for sports betting dollars once New York state offers mobile sports betting. Earlier this month, New York chose vendors to offer mobile sports betting with the goal of having it up and running before the Super Bowl in February.
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Nearly $1.2 billion of the $1.3 billion New Jersey outlets handled in October was wagered online.
Over the first 10 months of this year, New Jersey has taken in nearly $8.5 billion worth of sports bets.
Figures released Wednesday by the New Jersey Division of Gaming Enforcement show the casinos and tracks collectively won over $448 million in October, including in-person gambling, internet gambling and sports betting. That represents an increase of nearly 33% from October 2020.
Internet gambling accounted for $127 million, up almost 36% from a year ago, and sports betting revenue — after winning bets were paid out and other expenses accounted for — was $84.1 million, up nearly 44% from last October.
“Atlantic City has effectively extended its momentum from the summer into the fall season,” said James Plousis, chairman of the New Jersey Casino Control Commission. “Five casino-hotels surpassed their brick and mortar results from October 2019 and the other four were within striking distance. All of the operators have the tools that are needed to successfully compete in this market.”
More than half the sports betting revenue made in New Jersey in October was done at the Meadowlands Racetrack in east Rutherford, just outside New York City. It won over $44 million for the month, easily outpacing Freehold Raceway (just under $7 million) and Monmouth Park in Oceanport near the Jersey Shore ($4.5 million).
