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The Garden State has one of the ‘oldest’ American legal sports betting markets outside of Vegas, the New Jersey sports gambling scene having launched in 2018 shortly after the Supreme Court overturned PASPA, now setting an all-time revenue record in November.
Last month, New Jersey gamblers generated a sports wagering revenue of $114.8 million, becoming the first state to ever surpass the $100 million mark in operator revenue in a single month, a sign that the sports betting market in that state is continuing its growth.
The record revenue stemmed from a $1.26 billion November handle, that total itself almost breaking the country’s single-month record high of $1.3 billion that the New Jersey sports wagering market set back in October.
Just one year ago amidst the worldwide pandemic, New Jersey’s November 2020 sports betting revenue was just $50.6 million, the latest record numbers representing a 125% increase in what was already a lucrative market.
One pro sport, in particular, was a favorite of New Jersey bettors last month.
Currently, New Jersey has four teams from major professional sports leagues playing in the state, with only one team identifying themselves as solely being from the state:
The Brooklyn Nets were once the New Jersey Nets and that could be one of the many reasons why the NBA was the most popular betting choice for New Jersey sports bettors in November, a first, followed by football and then baseball.
Now no other state accepts more wagers on sporting events than New Jersey, and that even includes Nevada, essentially making the Garden State the sports betting capital of the US, at least until New York’s market has reached its full potential.
One thing is certain, in New Jersey and elsewhere, online wagering is king.
Ease of use makes online gambling a favorite of most bettors, and in New Jersey, it was the most popular choice for placing wagers in November.
Mobile betting made up 90.9% of the overall market share in New Jersey’s November with $1.1 billion in bets during that month, totals that surpassed the prior November’s in 2020 by nearly a third but were down 3% from this October when Jersey took in $1.2 billion in online bets.
There is no telling how much this New Jersey sports betting revenue stream will ebb and flow, especially once New York becomes a worthy competitor for those same bets, but as the world’s sports fans begin to recover from their pandemic-based financial woes, expect more and more of them to place wagers on their favorite teams to win.
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Mike Lukas is a retired standup comedian turned freelance writer now living in Dallas, Texas, originally from Cleveland, Ohio. His love for the game of football and all things Cleveland Browns turned Mike into a pro blogger years ago. Now Mike enjoys writing about all thirty-two NFL teams, hoping to help football gamblers gain a slight edge in their pursuit of the perfect wager. Email: [email protected]More info on Mike Lukas
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