New Jersey Breaks Sports Betting Record With $1B In September: Stocks To Watch

The state of New Jersey set a new sports betting record in the month of September with $1.01 billion placed in wagers. The record came with the return of the NFL and College Football games.

What Happened: New Jersey is the first state to hit the $1 billion mark, according to PlayNJ. Legalized in the state in 2018, the September betting handle was $184 million, $445 million and $748 million in the previous three Septembers, respectively, according to Joe Pompliano.

Online gaming revenue hit a record $453.6 million in the state for the month of September.

The previous sports betting monthly record was $996.3 million set by New Jersey in December 2020.

“The state’s gaming industry has seemingly run out of ways to surprise, but sportsbooks reaching $1 billion in the monthly handle is a reminder that there is no gaming market in the U.S. that is playing on New Jersey’s level,” PlayUSA.com analyst Eric Ramsey said.

Football wagers represented $400.8 million of the total, followed by baseball with $185.2 million in the betting handle.

The state saw 90.8% of the sports betting handle come online totaling $981.4 million, the second-highest state total all-time.

Annual records for New Jersey have already been set with $7.1 billion in wagers placed through the first nine months of the year. PlayNJ sees a potential $10 billion in wagers for 2021 in New Jersey thanks to NBA, MLB Playoffs and College Basketball still to come.

Related Link: Michigan September Online Sports Betting Heats Up: DraftKings Passes $100M, Do Profits Matter? 

The Winners and Losers: Gross gaming revenue for the sportsbook operators in New Jersey was $82.4 million, up 82.9% year-over-year and just shy of all-time monthly highs of $82.6 million set in January.

The leader in gross gaming revenue in the state was the combination of Meadowlands, FanDuel, PointsBet and SuperBook with $36.6 million. Flutter Entertainment - ADR's PDYPY FanDuel brand continues to place first or second in many of the legalized states.

Draftkings Inc DKNG and Fox Corp FOX partnered brand FoxBet were second in the state with $13.2 million in revenue.

BetMGM, a joint venture between MGM Resorts International MGM and Entain, was third in New Jersey with $10.8 million in revenue.

Barstool Sportsbook from Penn National Gaming, Inc. PENN was fourth with $4.1 million in gross gaming revenue for September.

BetMGM led the way in the online casino market with $38.2 million in revenue for September.

Golden Nugget Online Gaming Inc GNOG was second with $31.1 million in revenue and became the first company to pass $1 billion in state lifetime revenue for the online casino segment.

Photo: Mostafa Meraji via Unsplash