The Garden State's third-best sports betting revenue ever helped the house make up for a poor October. The New Jersey Division of Gaming Enforcement reported online and retail sports betting operators claimed $119 million in gross revenue, a 24.1% year-over-year increase and a whopping 53.6% higher haul over the previous month.
The excellent run made up for lost earnings. With over $1 billion in year-to-date profits, operators also surpassed the market’s entire 2023 hold total with a month left in 2024. New Jersey bettors wagered $1.2 billion in November, the third consecutive month and sixth time year-to-date the handle surpassed $1 billion.
November is typically a high-volume betting month with football season colliding with the start of college basketball and the first full month of NBA. However, the amount wagered for the month was down 24% year-over-year. Online sports betting accounted for $1.17 billion of the total handle.
The 9.7% hold by all operators helped make up for that as the win rate was nearly four points higher than Nov. 2023. The Garden State hauled in $15.3 million in tax revenue for November’s big bounce back.
Back to normal
The $376.5 million wagered in November on NFL and college football combined was up slightly from October’s $368.3 million. Operators’ hold from the sport remained 4.6% for the second consecutive month, leading to over $17.4 million in revenue.
Better football results for the house led to a massive 86% revenue increase in parlays. Multi-leg wagers generated over $393 million in handle and produced a hold above 18%, the norm in the Garden State.
All of that extra basketball led to $297.9 million in wagers, up from $110.7 million from the previous month. Other sports, including soccer, tennis, boxing, golf, hockey, MMA, and auto racing, accounted for $161.4 million of the total handle.
FanDuel reaches $400 million
| Operator | November Revenue | YTD Revenue |
| FanDuel | $49.4 million | $429.7 million |
| DraftKings | $35.6 million | $273.3 million |
| BetMGM | $9.4 million | $64.6 million |
| bet365 | $5.9 million | $40.9 million |
| Caesars | $4.8 million | $34.4 million |
| Fanatics Sportsbook | $3.7 million | $106 million |
FanDuel was one of the biggest benefactors of NFL less customer-friendly outcomes during November. The online operator went from $34.8 million in gross revenue in October to $49.4 million in last month and also surpassed $400 million year-to-date.
DraftKings also had a favorable November as its $35.6 million hold rose 60% month-over-month. BetMGM’s $9.4 million haul was good enough for third while bet365 finished fourth with $5.9 million to go over $40 million in revenue this year. Meanwhile, Prime Sports and betPARX reported six-figure losses for the month.
iGaming does it again
The NJDGE reported total gaming revenue from in-person casinos, racetracks, iGaming, and sportsbooks reached $556.9 million in November, a 15.4% increase year-over-year.
Online casinos accounted for $214 million, up 24.7% from Nov. 2023. November’s iGaming revenue set a record for the third consecutive month and surpassed October’s previous record of $213.6 million. Year-to-date, online casinos produced $2.16 billion, a 23.8% increase from this time in 2023.
