New Jersey closes in on $1B milestone in sports betting handle

  • New Jersey sportsbooks generated $931M in wagers in November to smash the prior record of $803.1M set in October and increase a brisk 54% from last year's level even as the sports world goes through daily COVID-19 disruption.
  • Mark it down in ink - New Jersey is now the nation's largest sports betting market.
  • Notably, interest in NFL remains sky high with New Jersey bettors to more than offset a large number of canceled college football games and a dormant period for the NHL and NBA. Sportsbooks were also aggressive in generating interest in new sports.
  • "When the traditional major betting sports went quiet, most of the major online sportsbooks were really good at engaging their customers with an array of offerings, from golf to table tennis," notes PlayNJ.com lead analyst Eric Ramsey. "What is surprising is that those efforts continue to pay dividends even as the major sports have returned," he adds.
  • For the month, FanDuel Sportsbook/PointsBet topped online operators in gross revenue followed by Resorts Digital/DraftKings/Fox Bet, Ocean Casino/William Hill, Monmouth/William Hill/Sugarhouse/TheScore, BetMGM/Borgata, Hard Rock/Bet365/Unibet, Caesars Sportsbook/888sport, Tropicana/William Hill and Golden Nugget/BetAmerica.
  • Related stocks: William Hill (OTCPK:WIMHY), Caesars Entertainment (CZR +3.1%), MGM Resorts (MGM -2.2%), DraftKings (DKNG +1.4%) and Flutter Entertainment (OTCPK:PDYPY).
  • Earlier: Penn National Gaming races to new high as investors see long-term edge

https://seekingalpha.com/news/3644191-new-jersey-closes-in-on-1b-milestone-in-sports-betting-handle