NJ Sportsbooks See Record-Setting $1.6 Billion In Bets For November

The New Jersey sports betting market has reached a new milestone as sportsbooks report record-setting handle for November. Operators took in $1,623,072,184 in wagering handle, the single largest sports betting month in NJ history. Online betting remains the driving force behind the strong NJ sports betting market.

New Jersey November Sportsbook Report Breakdown

The November betting handle beat out the previous all-time handle by more than $274 million. The previous mark was held by January 2022 with $1.35 billion in betting handle. New Jersey’s market was expected to see a decline in action with the launching of New York sportsbooks. However, since NY went live with mobile betting apps, NJ has reached more than $1 billion in monthly handle nine times.

The sports wagering report for November 2023 shows that operators saw $95,889,050 in revenue during the month. This is a 19.2% increase yearly compared to the $80.4 million reported in November 2022. New Jersey has seen consistent growth in its betting market.

During the year, sportsbooks raked in $10,687,761,333 in YTD wagering handle and $897.2 million in gross revenue. This represents a 32.9% increase in revenue year over year compared to the $675.3 million recorded last year. New Jersey’s growth with betting handle and revenue is apparent. NJ has a hold rate of 8.3% on the year. Sportsbooks contributed $12,309,198 in taxes to the state.

Online Sports Betting Dominates

Mobile sportsbooks were responsible for 96.5% of the wagering handle for November, seeing $1,567,779,583 in bets. The remaining $55,292,601 came from local retail sportsbooks. FanDuel was the dominant sportsbook, responsible for $55,875,347 of online revenue. DraftKings saw $19,230,025 of the online revenue for November.

Rounding out the top three was BetMGM, seeing $8,165,364 of the total online revenue. These three operators have remained NJ’s three most popular sportsbooks since the market went live in 2018. With the booming online market, New Jersey Sportsbooks continue to thrive as the nation’s No. 2 sports betting state. The Garden State is showing no signs of slowing down.