New Jersey’s sports betting industry is quickly approaching the $1 billion milestone after less than six months since its inception.Data released by the state Division of Gaming Enforcement on Wednesday reveals that the state’s casino and racetrack-based sportsbooks recorded over $330 million in bets in November.
Since the launch of sports betting earlier this year, bettors in the state have placed a total of $928 million in sports wagers.Jeff Gural, the operator of the Meadowlands Racetrack in East Rutherford, near New York City, is impressed by the rapid growth of the market.
“I was there Sunday, and the place was packed,” he said. “So many of those games came down to the wire; It was truly thrilling.”
Gural anticipates even greater success for the track’s sportsbook once self-service betting kiosks are introduced around New Year’s Day to expand the availability of betting outlets.FanDuel, which operates the Meadowlands sportsbook, described November as “a record-breaking month” with revenue doubling compared to the previous month.
New Jersey is now entering the same league as Nevada in terms of sports betting performance. Nevada, a long-time hub for legal sports betting, saw $1.8 billion in sports bets placed from mid-June to the end of October. Delaware recorded $54.4 million in bets.
Mississippi, which began offering sports betting in August, saw $70.8 million in bets between August and October, while West Virginia handled $9 million in bets from mid-August to mid-October.Pennsylvania and Rhode Island have recently joined the sports betting landscape, with New Jersey setting the precedent after winning a U.S. Supreme Court case in May that opened the door for all 50 states to legalize sports betting if they choose to do so.
