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New Jersey Sportsbooks Set Handle Record For Third Consecutive Month

New Jersey Sportsbooks Accepted $803 Million In Sports Bets, While The Overall Casino Industry Raked In $338 Million

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New Jersey sportsbooks set a national record in monthly sports betting handle for the third consecutive month after Garden State gamblers wagered more than $803 million on sports in October.

In August, gaming operators set a record by accepting $668 million worth of sports bets. That number only increased in September when bettors placed $748.58 million on September’s slate of events before peaking again in October.

With football in full swing, an elongated baseball playoff series, and the end of both the professional basketball and hockey playoffs, sports bettors had plenty to wager on in October. With three of those sports taking a hiatus in November, it’s likely that October was the peak for a while.

The overwhelming majority of the bets were made through online sportsbooks with $743.9 million wagered virtually. Through the first 10 months of 2020, $4.089 billion has been bet on sports with $3.729 billion bet online.

Sportsbooks profited $58.5 million on the record-setting October handle.

Overall, New Jersey gaming operators won $338.1 million in October, according to numbers released by the New Jersey Division of Gaming Enforcement. Those figures represent a 15 percent year-over-year increase.

Despite the COVID-19 pandemic still wreaking havoc on New Jersey, it’s the second straight month with a year-over-year increase in total revenue. In September, when casinos posted an increase for the first time since the virus made its way to America, it was thanks to internet gambling.

In October, that sector of the gambling economy continued to pick up the slack with casinos reporting $93.5 million from online gambling. Compared to October 2019, that is good for a 106.7 percent increase in online revenue.

Brick-and-mortar casinos, which are now restricted from serving food and beverages overnight, reported $186.1 million million in gross gaming revenue, which represented an eight percent year-over-year decline.

While online gambling revenue more than doubled and sports betting revenue was up 26.1 percent with record handles, the brick-and-mortar industry continued to struggle through the pandemic. Slot machine revenue was down nearly 10 percent and table game revenue was down 2.8 percent.

Borgata was the most successful of Atlantic City’s nine casinos with $41.2 million in revenue. Hard Rock Atlantic City was its closest competitor with $28.8 million in reported revenue. From a brick-and-mortar standpoint, Golden Nugget was the worst of the group with $10.5 million, but it has one of the most successful online casinos and netted another $28.12 million from online gamblers.