In November, New Jersey enjoyed its third-largest sports betting revenue ever, helping the house make up for a lopsided October. This week, the New Jersey Division of Gaming Enforcement reported online and retail operators combined for $119 million in gross revenue. That was a 24.1% year-over-year increase and a solid 56.3% higher than their figures in October.
New Jersey’s haul in November helped compensate for lost earnings in 2024. They have over $1 billion in year-to-date profits. With December’s numbers yet to be released, New Jersey had already surpassed the total amount wagered in 2023. In November 2024, residents from the Garden State wagered $1.2 billion on sports betting. This was the third consecutive month that their handle was over $ billion.
November is typically a month when online and retail sportsbooks see a lot of action. College football and the NFL have been in swing for months. Additionally, November is the first full month of the NBA and collegiate basketball seasons. However, New Jersey’s amount wagered in November 2024 was down 24% year-over-year. Online sports betting accounted for $1.17 billion on New Jersey’s entire handle. All online and retail operators combined for a 9.7% hold in November 2024.
What sports did Garden State residents bet the most on in November?
Last month, the Garden State saw $376.5 billion worth of wagers in November on the NFL and college football. That was up slightly from their $368.3 million in October. Operators combined for a 4.6% hold for the second consecutive month. This led to over $17.4 million in revenue. Higher outcomes for football helped New Jersey see an 86% revenue increase for parlays.
Multi-leg wagers accounted for over $393 million in the handle. Additionally, parlays produced a strong 18% hold. Basketball in November led to $297.9 million worth of wagers. That was up from the $110.7 million in October. Soccer, tennis, boxing, golf, hockey, MMA, and auto racing accounted for $161.4 million in total handle.
Which New Jersey sportsbooks were the most profitable in November?
In October 2024, the public routed major sportsbooks. However, that did not stay true when November’s figures were released. FanDuel went from $34.8 million in revenue during October to $49.4 million in November. They surpassed $400 million in year-to-date revenue in the Garden State. DraftKings’ $35.6 million hold was a 60% month-over-month increase.
