New Jersey Sets National Record for Four Straight Months in Sports Wagers

Gamblers in New Jersey wagered over $931 million in November, setting a new record for monthly transactions ever since business resumed in June. According to the figures released by the Division of Gaming Enforcement this week, New Jersey’s sports betting industry set a national record for the most amount wagered for the fourth month in a row.

New Jersey posted total revenue of $803 million in October, and the figures are rapidly closing in on the $1 billion a month mark. Casinos in Atlantic City, the 3 horse racing tracks, and online operators posted combined revenue of $289 million, and the amount does not include the sum wagered on horse races.

The figures represent a 5.6% decline since November 2019 when the casinos were operating at full capacity. The scenario is vastly different today as the nine casinos are running at 25% capacity with additional restrictions on restaurants and bars after 10 PM. These mandates are expected to help curb the spread of the virus.

Business is Booming

“The immediate public health crisis adversely affected business in Atlantic City during November. I applaud every individual connected to the industry for their continued diligence in holding up the Governor’s virus mitigation directives for the safety of the staff and the patrons. I tour the properties regularly and am pleased to see the continued efforts being taken to maintain a clean and safe environment,” said James Plousis, the Chairman of the New Jersey Casino Control Board.

Brick-and-mortar casinos continue to witness a stark decline in revenue due to the restrictions. And the figures from table games and slot machines were down by 35% since November 2019 to a paltry $146.5 million. Hard Rock posted a positive figure at $34.6 million, up 32% since the last year, while business at Ocean Casino Resort was up by 5.2% to $24.7 million compared to the same period.

The Impact of Online Gambling

Internet gambling continued to be the silver lining for New Jersey’s gambling industry as it posted over $92 million in revenue during November 2020. The figures jumped almost 87% from 2019, thus offering a massive boost to the finances during the pandemic. Online gambling continues to be the rage as a significant portion of gamblers prefer betting online.

The shifting trend is obvious as two online-entities witnessed a steep revenue gain last month. While Caesars Interactive-NJ posted $8 million in revenue, up 76% since 2019, business at Resorts Digital was up by 77% to $35.6 million. Despite the massive sum wagered, profits were a modest $50.5 million.

Nearly half of the amount went to the Meadowlands Racetrack neat New York City, which posted $24.8 million in sports betting revenue. The operators partnered with FanDuel for sports betting. Rival DraftKings, which partnered with Resorts Digital, posted $14.6 million in revenue.

Monmouth Park Racetrack near the Jersey Shore posted $3.1 million in sports betting revenue, while Freehold Raceway reported nearly $144,000 during November. The operators are yet to commence online services in the state. Over 80% of sports wagers in New Hersey are placed on the internet.


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