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New Jersey becomes first state to produce over $100m in revenue for one month

New Jersey has become the first state to produce more than $100m in revenue for one single month off of nearly $1.3bn in wagering for November.

New Jersey Gardenstate

In total, the state’s online and retail sportsbooks handled $1.26bn in bets for November, making this the third consecutive month with wagering over $1bn. Betting volume showed a 35% increase year-on-year, with the previous month’s handle being $1.3bn.

Sportsbooks generated $114.8m of November’s bets, up 26% from $84.2m for October, with revenue increased by 127%. The month’s revenue, however, produced $17.3m in state and local taxes.

New Jersey’s sportsbooks have now accepted $20.9bn in wagers, which yielded $1.55bn in revenue since the betting market first opened in June 2018, making it the only state to surpass $20bn in bets and $1.5bn in revenue over that time.

Online sportsbooks represented 91% of the state’s handle for November, with FanDuel leading the market again (with $59m in gross revenue, up from $39.6m for October).

DraftKings came in second with $22.5m (up from $15.9m for October), and BetMGM was third with $8.4m (up from $7.8m).

Retail sportsbooks generated $114m for November, down 9% from the previous month’s record of $124.2m. FanDuel also led the retail market, with $5.4m in revenue.

The state’s online casinos generated $118m in gaming and poker revenue. November’s revenue increased by 29% year-on-year; however, October had generated a record of $127m.

In the last three months, New Jersey sportsbooks brought in $3.6bn in wagers and $281.4m in operator revenue. Football is considered the key reason for the boom in action over the last three months.

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