New Jersey Sets Monthly State Sports Betting Record With $748.6M

The state of New Jersey set a new monthly record for all states with $748.6 million in September sports betting wagers.

September Record: The total is up 68% year over year and passes the $668 million total from August, which was a monthly record at the time.

Through the first nine months of the year, New Jersey has taken in $3.3 billion in sports wagers, up from $2.96 billion in the same time period last year.

Online sports betting continued to dominate the market with 90.7% of all wagers placed. Retail betting was $69.8 million in September, up from $66 million in August.

Online casino and poker wagering totaled $87.6 million for September, a 113% year-over-year increase.

Related Link: Why New Jersey’s August Sports Betting Record Hints At Future Strength

The Return of Football: September marked the return of NFL games, which was the largest individual sport bet on for the month with $159.5 million. The other category, which includes hockey, was the leader with $208.3 million in wagers.

“September was a once-in-a-lifetime moment on the sports calendar when all four major U.S. sports were playing meaningful games all at once,” said PlayNJ.com lead analyst Dustin Gouker.

October could be a real test for sports betting as it will come after two straight monthly records and will not have all major sports competing. 

New Jersey Companies: Individual results were not shared for the many online sports betting companies that operate in New Jersey.

The FanDuel Sportsbook at the Meadowlands was the top-performing retail property with $3.1 million in revenue for September. FanDuel, which also operates an online sportsbook in the state, is owned by Flutter Entertainment PDYPY. 

DraftKings Inc DKNG has been one of the largest sportsbooks in New Jersey. The strong performance in September for New Jersey could help boost shares, which have fallen since a stock offering.

Other operators in the state include Fox Bet, owned by Flutter and Fox Corporation FOX, BetMGM from MGM Resorts International MGM, Caesars Entertainment CZR and PointsBet.

Lancadia Holdings II LCA could be a company to watch on the strength of New Jersey. The SPAC is merging with the online gaming business of the Golden Nugget, which had the top-performing online casino in September with $26 million in handle. The Golden Nugget also has sportsbook operations in New Jersey with plans to launch in Michigan and Pennsylvania.

Penn National Gaming PENN co-owns the Freehold Raceway in New Jersey, which started taking sports wage Sept. 24. Freehold has three online skins, which could bring Penn’s co-owned Barstool Sportsbook brand to the state sooner than later.