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New Jersey Sports Betting Handle Reaches New Record in November

Home » New Jersey Sports Betting Handle Reaches New Record in November

New Jersey sports betting operators reached new levels of success after collectively processing more than US$562.6 million in bets in the month of November. The figure eclipses the previous record of US$487.9 million, which had been set in October, which suggests that the activity is definitely on the rise in the Garden State.

new jersey sports betting industry breaks records

It has been suggested that of the US$562.6 million processed, the house was only able to hold on to a net profit US$32.9 million following failed bets.

New Jersey Sports Betting Profits from Mobile Betting

New Jersey sports betting has seen an incredible rise since the legalization of mobile betting. About 86.5% of all wagers (US$486.7 million) were made on the platform in November despite such bets being taxed at a higher rate. (In-person bets are taxed at 8.5% whereas mobile bets are taxed at 15%.)

So far this year, sports betting has added quite a bit of tax revenue to the state’s coffers. A total of US$4.3 million was generated from in-person sports betting, whereas a total of US$65 million was generated from mobile sports bets.

November a Good Month for Atlantic City Casinos Too

November also proved to be a pretty good month for Atlantic City casinos. Slot machine earnings increased by 5.7%, table games by 10.5% and internet gaming by 82.4%. Overall, gross gaming revenues has increased by more than 14.4% since last year.

Speaking on the rise of revenues, Casino Control Commission Chairman James Plousis stated, “All areas of the business, including slots, table games, internet wagering, and sports wagering out-performed last year, and contributed to a combined increase.”

It seems that the gambling industry is a growing industry in New Jersey that may even allow for new parties to enter the market if Plousis statements are to be believed. For more on this story and more, make sure to keep visiting CasinoUS.com.