New Jersey has done it again, setting new US sports betting record for the monthly handle. New Jersey was the first state to go over $1 billion in September, but now the new record is $1.3 billion after a huge month of October.
The biggest reason for another new record is the fact that the NBA and NHL began their seasons in October, and football was still taking place. Another reason for the potential jump was the fact that there were five weekends of betting that took place.
The total revenue for the month of October was $84.2 million, which was also a sports betting record for the state. New Jersey was able to collect $10.6 million in tax revenue in October, which was also a new record.
All three of the figures above represented year-over-year growth of at least 42 percent, and October 2020 was a record-setting month as well. With three major professional sports still taking place for the remainder of 2021, another record could likely fall in the next two months.
Football Attracts Attention
Football, both professional and college, accounted for just under $500 million in wagers for the month of October. This sport is the most popular throughout the United States, but football betting also hurt the sportsbooks when it came to revenue.
The hold for football was just 2.4%, easily the lowest hold rate out of the other popular professional sports to wager on. Parlay bets accounted for more than $317 million of the state’s action in October to finish in second place.
These parlay wagers had a hold percentage of 15.0%, and the revenue from these bets accounted for nearly 55% of the total.
Meadowlands Leads the Way
There are two casinos that continue to bring in the most action in New Jersey, but much of that action is down online. The Meadowlands had total sports betting revenue of $44.1 million, while Resorts Digital was next on the list with $15.9 million.
FanDuel, PointsBet, and the SuperBook all offer sports betting under the license from The Meadowlands. Resorts Digital offers its own sports betting, but it also has DraftKings and FOX Bet under that license as well.
Pennsylvania In Second Place
Not all of the states in the US have reported October sports betting numbers, and it will take some time for the figures to come in. At this time, Pennsylvania is currently in second place, but the state of Nevada will likely move into that spot.
Pennsylvania did have an impressive month of October of their own, posting a total sports betting handle of $776.3 million. This state has now brought in more than $10 billion worth of wagers since launching sports betting less than three years ago.
A large percentage of states have already shattered previous records as well, but New Jersey is going to be safe on the top spot. New York is set to launch mobile betting soon, and that is when things could start to shift at the top.