New Jersey online and retail betting hit the $ 800 million mark for the first time in October, leading the state to have the best year since the legalization of the market.
According to PlayNJ experts, the record is an achievement in such an unusual year. Online and retail bets combined managed to break their record for the third straight month, with $ 803 million, spending $ 748.6 million in September and are 64.6% above the average of $ 487.9 million in the year.
“The record pace continues even with the October sports schedule coming back to something more like the usual, which is a big sign for the industry in the short term,” said Dustin Gouker, chief analyst at PlayNJ.com.
“New Jersey is now clearly the highlight among legal sporting jurisdictions, and the state appears to be just increasing its numbers,” he added.
New Jersey betting market could beat Nevada record
Even with the closing period for retail bets and breaks in traditional sports, New Jersey bets have already moved $ 4 billion in 2020. This leaves the state close to breaking the Nevada record of $ 5.3 billion, obtained in 2019.
The reason for these expressive brands, according to PlayNJ, is the success of online betting in the region, corresponding to 92% or $ 743 million in October, which was $ 678.7 million in September and $ 417 million in October 2019.
“The pandemic showed the difference between Nevada and New Jersey, where online betting is key,” said Eric Ramsey, an analyst at PlayNJ.com.
Ramsey stressed: “New Jersey was almost certain to become the largest market in the country. But with 90% of the bets coming from online systems in New Jersey, the state was simply better prepared for the events of 2020 ”.
So football made $ 278 million in guesses for the month, while baseball made $ 93.9 million and basketball made $ 28.5 million. However, retail bets yielded $ 59.2 million in bets, down from $ 69.8 million in September.
“October represented a kind of return to normal, with a program focused on football generating interest and operators announcing new investments. The results for the month suggest a continued trajectory for New Jersey, with no apparent signs of slowing down, ”concluded Gouker.
